Keys Steps for Starting a Franchise in Your 50s

October 15, 2022

The process for starting a franchise is similar whether you are 25 or 50. However, being older has some advantages. With prior careers, established franchisees bring years of experience to their new businesses.

A franchise can be a great option for those looking to retire, but it is important to match your retirement plans with your franchise goals. This might be your last career change, so take the time to research and find a franchise that you will enjoy operating while also meeting your personal needs later in life.

Research Diligently

Before making any decisions, consider advice from multiple sources. Use reliable guides provided by government organizations such as the Federal Trade Commission and the Small Business Association.

With so many options out there, researching can be tedious and time-consuming. However, speaking to somebody who is an expert in franchise contracts and operations will ensure that you’re making the best decision for your future. These professionals include an experienced attorney to look over any Franchise Disclosure Agreements as well as a helpful franchise accountant that will evaluate a brand’s financial strength. By gathering together a strong team like this, you’ll increase your chances of finding the perfect franchise for you.

Pursue Your Passion

Working for someone else’s dream instead of your own can be frustrating, but a franchise let’s you change that (finally). Instead of looking at what offers the most money, look at what you enjoy most. If coaching your kid’s teams was more satisfying than your job in banking, then a child-centric or coaching franchise could be more appealing than one in finance. When you care about and enjoy the work, success as a franchisor is much more likely.

Another crucial step that is often overlooked is self-evaluation. This includes considering your working style and preference, such as whether you prefer to work remote or alone. By identifying these factors, you can established a baseline standard for comfortability with not only the product but also the consumer and work environment.

Protect Your Retirement

If you want to retire comfortably, don’t bet everything on a single card. But if owning a franchise is how you plan to make that happen, each decision will get you closer — or further away — from your goal.

Unlike when you’re 25, at 50 your nest egg becomes more of a concern because you have fewer working years ahead to make up for any mistakes. Before franchising, ask yourself if retirement is something you want to touch or not. No matter what your decision is, keep your plan in mind because it’s coming sooner than later.

If you select your franchise wisely, not only will you find financial stability, but  you will also have the opportunity to work in an industry that interests you– leading to a successful franchising experience. If you want to learn more about what goes into owning a franchise, give UNITS® Moving & Portable Storage a call today! We can help you fulfill your dreams of becoming a business owner with our moving and storage franchise opportunities across the country. Start your evaluation today and join the UNITS® family!

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