Tips to Start a Franchise Business in Your 50s

Franchise Opportunities

Kenneth Terrell from AARP has posted a very interesting article, showing those over 50s how to start their own franchises. The writer gives the example of Monica Eboda who worked in the banking industry for over 25 years. She decided it was time to pursue her own ambitions.

She knew that she wanted to start a human resources business, matching the right workers with the right employers so both could grow together. But she also knew that becoming an entrepreneur at her age (or any age, really) could be risky.

“When I started my business, I was already in my 50s,” says Eboda. “When you’re in your 50s starting a business, you’re not in your 20s anymore. You really don’t have the luxury of trying things out, then figuring things out, and starting and failing and starting over. You want to get it right.”

After exploring a variety of options to start an HR business, Eboda decided to buy a franchise business. In 2015, she opened a PrideStaff franchise in Wilmington, Delaware. PrideStaff was founded in 1978 and currently has more than 80 franchises in North America.

“For me, I needed to go the franchise route starting out because I wanted something that I could take to market and gain traction quickly, where I wasn’t alone and creating everything from scratch,” Eboda says. “To have the support of a franchise system, I needed that and that was very helpful so I was able to go into the marketplace and be recognized.”

For many aspiring small business owners, purchasing a franchise business can be a fast lane to their entrepreneurial destination. Currently there are more than 3,000 franchise brands operating in the US, 900 in the UK, and 13,500 in whole of Europe – to name a few. On top of that, 97% of franchises in the UK are profitable.

There are an abundance of business opportunities that could match the passions of almost anyone looking to start.

The initial investment to purchase a franchise business can be equally wide-ranging, stretching from $1,795 (a Dream Vacations travel franchise) to $3.7 million (a Wendy’s restaurant).

Enjoy reading the rest of the article here where the author shares her own tips to make it happen. Source

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