Silver Franchisee’s

  More people, uncertain of the future of pensions and long-term care, are faced with the challenge of finding creative ways to ensure they maintain their standard of living into their “Golden Years”.

  The IFA (international Franchisee association) suggest that those approaching retirement age consider investing in a Franchise, especially if they do not want to completely stop working. Investment in the right Franchise minimises risk and can provide a good income. Consideration should be given to a partnership Franchise, perhaps with a younger family member*. Quote from the IFA President Don Debolt “ Buying a Franchise is good investment, creating a meaningful second career can raise self-esteem and even life expectancy”. A Franchise that is home based or does not require exhausting hours or heavy manual labour is a good fit.

  *Going into business with a relative or friend can have its downside, it is essential to write some hard and fast ground rules from the start, and get each partners to sign agreement to these rules. Try to envisage all possible scenarios, including death or bankruptcy.

  Franchising can provide a secure and successful route to running a business for people with entrepreneurial drive who have not had exposure to the business or financial world.

  Franchising is a growing area of self-employment in the UK and has a key role following recession and changes in the structure of employment. According to the 2004 NatWest/British Franchise Association report, franchising in the UK generates an annual sales turnover of £9.65 billion and directly employs over 330,000 people. It is a viable option for those who have money to invest (from savings, redundancies, early retirement’s etc.) who want the independence of self-employment coupled with the support of the franchisor.

  Franchising has proven to be five times more likely to succeed than other business start-ups. In 1999, 90% of franchisees reported profits as opposed to 70% in 1991, but in 2005  an impressive 95% report profitability. With figures such as these the future of franchising looks profitable as we move further into the next millennium.

  Barclays Bank reports, that more over 50’s entrepreneurs are starting their own business. Older company owners are responsible for 50% more business start-ups than 10 years ago, starting an estimated 60,000 new businesses in 2005.

“That’s 1 in 7 of all new business start-ups.”

  Barclays say “ These companies are likely to fare better because older entrepreneurs are more inclined to research their business before starting and are better at drawing up Business plans, and the over 50’s work harder than most ”

  Over 10% of small businesses started in the UK this year will be owned by the over 50’s and 70% are expected to be still trading in 10 years

"In your Senior Years and considering a Franchise?

Here is Advice from someone who knows"
   A growing number of retirees are being drawn to franchises. They have the cash and want to do something that gives structure and purpose to their lives, says Jim Amos, president and chief executive officer of the Mail Boxes Etc. franchise and chairman of the International Franchise Association (IFA, www.franchise.org).

  Since retirees have the necessary cash and seeking ventures with structure and purpose, many are buying franchise businesses, said Jim.  Before signing on with a franchise, an individual should identify his goals, considering how much he is willing to invest, how much income he needs, how much time he wants to spend working, and how he expects to hire and manage employees. A prospective franchisee should also assess his risk, because while franchising can be less risky than starting his own business, he will be largely responsible for his business. He should also perform the necessary research, evaluate several franchises, and search for suitable franchises that will fit his aspirations.

  PERFECT EXAMPLES, Tony Thomas, Cottage Industries oldest franchisee who at 63 had many years business experience and has operated the Lincolnshire Appletree Cottage franchise for over 10 years now. AT 62 Don McKay started a new small specialist tour company taking climbing enthusiasts to the Himalayas. Peter Ellis at 78 runs a £150,000 a year business from his home in Bath producing copies of old masters, impressionists and family portraits.