Starting Over at 50 Might Not Be So Bad
As baby boomers start to turn 60, they may be feeling nostalgic about the early days of their careers, when job security actually meant something and a person could retire comfortably at 65.
Unfortunately, today’s reality for many workers over the age of 50 is downsizing, difficult job searches and the very real prospect of working past 65. Fortunately, this generation is healthier and better trained than any prior generation. They have more opportunities for self-employment than ever before and are increasingly considering that option as they head into their golden years.
According to AARP, nearly half of the self-employment population is over 50, and about one in three self-employed workers age 51 to 69 made the transition to self-employment at or after 50.
The franchise market has proven to be an excellent opportunity for downsized professionals or career changers to pursue after the age of 50. New business opportunities – particularly in the franchise market – can be a very rewarding and flexible career path for business professionals who have valuable experience that can help them be successful in a new business venture.
Motives for starting a new business or choosing to go the entrepreneurial route are often different for the over-50 business owner. Many have the financial means to buy into a franchise and look at their business as an investment that not only generates income but allows them to have more flexibility and personal freedom.
Franchises are a good place to start when researching whether you’re ready to make the leap to become an entrepreneur. Because they often have long-term strategic plans to build their brand, a tested model and a support structure to help franchisees, they are generally more successful than an independent small business.
Another challenge for baby boomers is knowing what they like to do. Even someone who’s been in a career for 25 years may have trouble determining what their dream job is or what career direction to take. Many may have begun their careers with something different in mind, and decades later, when they’re ready to pursue a new venture, have lost sight of what they envisioned years ago.
Ninety-five percent of the people helped by our company The Entrepreneur’s Source become an owner of a business they would never have considered on their own — or had already discounted.
We recommend using a unique “discovery process” that allows people to explore business options — and uncover possibilities that are in sync with both their personal and income goals.
Our clients look to us to tell them what would be best. But my job as a consultant is to find what motivates them, understand their goals, needs and expectations, and help coach them through The Entrepreneur’s Source discovery process, so they can evaluate options for themselves and determine works best for them. .
Whether you’re looking for a more flexible schedule, a home-based opportunity or more time to travel, it’s a good idea to weigh all of your options.
Frank Morrison, owner/president of The Entrepreneur’s Source, based in Miami, Florida, works with individuals considering franchising or business ownership as a career and businesses considering franchising as a growth strategy. For more information, he can be reached at 877-229-0380 or locally at 305-387-7476, Frank@EsourceCoach.com, or www.TheESource.com/FMorrison