While many franchisees plan for economic downturns,...
Since there are so many franchise opportunities out there it can be difficult to evaluate them all and decide on the best one for you, especially if you are over the age of 50. Fortunately, there are plenty of franchise opportunities for the 50 plus entrepreneur. Perhaps this brief overview will give you some new business ideas that you could research and pursue!
The best franchise opportunities for the 50 plus entrepreneur are ones that are based on the entrepreneur’s past business experience, skills, liquidity, and personal desires. Generally, franchises benefit significantly from 50 plus franchise owners because of their experience in the corporate world, knowledge, and investment ability. One really interesting fact about baby boomers and franchise opportunities is that these individuals can be extremely successful with a franchise that has a proven business model but a product they know nothing about.
For example, a baby boomer who has thirty years of corporate experience in banking, as an executive, or many years in sales and marketing may find that a franchise that sells art, hamburgers, or shoes is the most profitable franchise for them. Why? Because that particular franchise has all the proven methods for successfully doing business and this is what is important to the entrepreneur. The final product is not really important, but the way that product is marketed and sold is.
An entrepreneur over 50 might find certain franchises lucrative based on their successful business models and they don’t need to be age old franchises either. Some entrepreneurs might be interested in buying a McDonalds franchise just because it is so well known and successful. However, other entrepreneurs might want to invest in a franchise that is new to the market but has a well planned model for doing business.
Many over 50 entrepreneurs are finding plenty of business opportunities on the Internet. Since these individuals are becoming more technically savvy they search the web and find out what franchises are new to the market, how they work, their return on investment and more. This allows this special group of entrepreneurs to invest in a franchise they believe has the best chance for success in a particular market and the actual product or service being offered or sold is not of top importance.
The reason over 50 entrepreneurs can do this is because they are experienced and understand that their number one goal is to make money. So, the most important thing to do is find a franchise that is capable of making money- not one that sells a product or service that simply looks appealing. That can help the entrepreneur enjoy the business more, but it is not a priority. In fact you will see many franchisers looking for new franchisees and state that experience in the business is not necessary. Over 50 entrepreneurs already know this because they are often times more flexible than young entrepreneurs, and are generally more willing to work with an established franchise’s business model in order to make money.
A senior businessperson with great experience is definitely a welcome fit for many franchise business opportunities today!