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Thinking of a change in the new year? Franchising might be for you. It’s where age plus experience makes for the perfect mix.
When the over 50s buy a franchise, it is like a great cocktail, the perfect mix of age and experience.
Older franchisees naturally come to the table with a wealth of life and work experience. The franchisor equally has many years of experience running their business and supporting their franchisees. Together, these two make a wonderful combination, respecting each other’s knowledge and experience as they do in their respective fields.
50 today isn’t what 50 was 10 or even five years ago. 50-year-olds today are often vibrant, fit, healthy and for many, just getting into their stride. They’re taking up running and plunging into ice cold waters, playing padel and cycling for hundreds of miles. Over 50’s aren’t afraid of much. They’ve seen and faced down adversity and they’re generally ready to take on the next big challenge.
For someone who started work at 18, hitting their half century means they might have had a long career and maybe looking for a change, but they certainly aren’t ready to give up work, which is where franchising can offer an appealing career option.
The over 50s franchisee is wise enough to recognise that buying into a business model where much of the hard work has already been done for them is a big bonus. Even though they may never have set up a business themselves, they are aware of how much work it takes from establishing a reputation, doing all the marketing and advertising, building the website, negotiating with suppliers etc and they know it’s not for them. They’ve also seen many businesses start and fail, so they aren’t blinded by the enthusiasm of youth, rather tempered by age and experience.
And when they learn that according to the last National Franchise Survey carried out by the BFA, less than 1% of franchises fail after five years, they nod their heads as they can see the wisdom of a business built on a repeatable model.
Did you know that franchising is the one commercial sector in the world where the less experience you have, the better?
Franchising relies on all the franchisees following a ‘franchise model’, which some people may find hard to do if they have previous knowledge of the sector. As we all know, old habits die hard; if you are likely to say ‘I used to do it like this’ then you probably won’t enjoy being a franchisee (in that sector) and choosing something completely different will probably suit you better. Used to work in education? Try pet care. 25 years in the Police? How about storage units?
James Arthur (65 – pictured above) had a varied former career from events organisation in the Far East to being a professional yachtsman. When looking for a new role in his mid-50s James wanted something that would give him flexibility and control over his working life and keep him physically active. He bought a BFA member OvenClean franchise and is now very happy, spending his days whizzing around his territory, cleaning ovens, interacting with customers, keeping fit and, according to his doctor, lowering his blood pressure. Read the full story here.
In 1977 the BFA (British Franchise Association) was formed to raise the standards of the industry in the UK. Today they have 350+ franchises listed on their website, all of whom have passed their strict membership requirements and pledged to comply with their code of ethics. Anyone interested in buying a franchise needs to exercise caution, do plenty of research and have all paperwork checked by a franchise specialist solicitor.
*This article was written by the BFA. For more information visit www.thebfa.org