You wouldn’t think that someone in their 50 would be the best candidate for buying a franchise. But as the economy keeps pushing the retirement age up, more older Americans are considering franchise options:
According to a survey conducted by Franchise Business Review, there is a real senior franchise boom taking place today. Back in 2007, the percentage of franchise owners at least 55 years of age was roughly 20 percent. Today, in 2013, statistics show that 28 percent of all franchise owners in America are 55 or older.
Part of this is due to how much harder it is to find a job over 50 with all of the younger, more technologically advanced competition. Another aspect is that even more older Americans are being let go for the same reasons. This is a great reason to invest into a franchise opportunity instead of building your own business, and here’s why:
• A proven business concept that works
• Instant brand name recognition
• Help finding the best location
• Classroom education before you open
• Onsite training and guidance when you open
• Continuous support when you are established
• Advertising and marketing assistance
• Help with financing
Being older means not only means more experience and wisdom but it also means less distractions. Someone in there 60’s isn’t going to be thinking about a big party on the weekend or playing online. This shows that investing in a franchise at an older age is actually a really smart way to continue earning an income and staying involved with an evolving community.
Young and old, I would like to know what your opinions are on waiting to invest tell closer to retirement or starting a franchise at a much younger age?