Despite all you may have heard about the barely-out-of-high-school techie crowd in Silicon Valley, the folks most likely to start a franchise are in midlife. Related: 9 Key Questions To Ask Franchisors You read it right! That’s according to a recent study by the Kauffman Foundation and Legal Zoom, which found that, in 2013, 35% of all new businesses were started by people over the age of 50. In fact, people over 50 started businesses at a higher rate than those between the ages of 20 and 34. That’s not really surprising, considering the wealth of experience these seasoned members of the workforce bring to the table, not to mention access to capital and networks. So if you’re one of those folks stagnating in an unsatisfying job or if you’ve been downgraded or downsized by a company in decline, you might want to consider one of the simplest ways to start a new business, a franchise. Franchises have a multitude of advantages over independent businesses, including a network of support, training, and a proven system intended to help people achieve success even though they may have little experience in the field. Opportunities in franchising abound —75 industries are represented, and a franchise coach can help get you started with your research. The fastest growing sectors franchising are business to business and consumer services. These areas are perfectly suited to the executive and managerial backgrounds of most of today’s new franchisees – much more so than fast food or retail that often come to mind when people think about franchises.
April 09, 2016