It has often been mused that youth is wasted on the young. The implication is that health, freedom and opportunity abound at an age when one is too young to have any idea what to do with it or to truly appreciate it. By the time a citizens crosses the grey line on the other side of 50 it is a much different story. Mistakes have been made and perhaps fortunes have been both won and lost. Whatever the outcome, what remains is an individual who has reached an age where they truly know how to get things done. With a certain natural wisdom and maturity that only comes with age, this population finds themselves in a prime position to take on the thrilling venture of entrepreneurship through franchising. So perhaps it’s time to put that wisdom to good use and find the opportunity that will carry you into the future during this golden season of life.
A 2nd Career When It Matters Most
Somewhere in around the age of 50, most individuals reach a milestone that recognizes at least 30 years in the workforce. Granted, some learn to hustle at a much younger age and they might have even earned a living for over 40 years doing everything from delivering newspapers as a kid to closing major deals in the boardroom as an adult. Whatever the case may be, if that is you then you are entering your prime and you have the capacity to revolutionize your future with franchising.
This is not about getting a 2nd job where you grind your days away just when you should be relaxing and hitting the golf course. This is about putting your life and professional experience to bear for your future. Whatever career you have found yourself in by the time you hit your mid 50’s doesn’t have to stop. Many successful entrepreneurs manage a full-time career as they set up their franchise operations. However, it is a fair question to ask yourself what you want to be doing when that primary career comes to an inevitable halt.
You might think you want to spend your days in front of the TV without so much as even putting on a tie ever again. You might then be surprised to find that retirees often report and overwhelming sense of boredom and isolation after retirement. Perhaps it is your belief that you are set financially for retirement and you plan to spend everyday on the golf course. Then again, you might find that your nest egg wasn’t quite as big as you thought as you carry yourself into your 70’s, 80’s and even 90’s. Right now is the time to take action that will pay social and financial dividends through it all.
So Let’s Talk About Franchising
At this point, some might be doubting whether they have what it takes to kickstart a second career. If that’s you then let me speak to your skepticism. Regardless of where your career has taken you I assure you that you have the capacity to start your first franchise. The first step is simply finding one of the many thousands of franchises out there that stirs your passion. Perhaps it is a restaurant, fast food joint, tool shop, clothing store or you name it. If there is a good or service that people pay money for then it is likely that there is a franchise options for you. The next step is simply doing a little research or perhaps reaching out to the franchise to see if there is a market for it in your area. You might have a passion for selling ice, but if you live in Alaska that might not be the best venture.
Franchises are heavily invested in the success of their name and brand. As a result, they are not going to open up a franchise in an area if the market will not sustain it. So right from day one, you know that you have a good chance for success if the franchise is willing to put their name on it. Next, you just need ask yourself if the sum of your life experience has taught you anything about managing others. Running your own business might sound daunting, but overseeing a couple kids making your Lenny’s sub sandwiches isn’t exactly rocket science. At this point in your life, can you lead, manage and influence others for good?
Finally, you simply follow the plan. As we mentioned, most franchise have the data down to show what works and what doesn’t. Most can even give you a fairly accurate prediction as to when you can expect a return on your investment. If you follow the model and use what life has taught you over 50 years of life you are primed to succeed. Then, if you should so choose it is simply rinse, recycle and repeat from one franchise to the next. Certainly there is more to it than what was just mentioned, but if you think it overwhelming you might need to consider just how simple it could be.
A Future of Passion and Profit
So now, rather than look towards retirement with an uneasiness about finances or purpose you can sit back and relax like you always intended. The truth is that you can start a series of franchises when you are 50 and manage them for 30 years and still only be the ripe young age of 80. Whereas you might be more active with the franchise in your 50’s by your 60’s you can turn them over to a capable manager while it still creates revenue. Then when you are 80 and you are looking to buy the corner lot on Golden Acre Estates you can always sell them or pass them down to family. Passion, purpose and profit are closer than you think if you can make the leap to join the ever growing world of franchising.