It's Never Too Late to Start a New Business
Becky Martin, writer
Published at 30/03/2020, Updated on 04/05/2022 , Reading time: 5 min
If you’re fed up with your current job but think it’s too late to start a new business, think again. The reality is, it’s never to late to start a franchise unit. If you’ve always dreamed of being your own boss and have never been able to make a living from your passions, here’s your opportunity to try a new adventure.
Starting a new career over 40 can seem daunting, but many franchises report high numbers of entrepreneurs joining their networks in their forties and fifties. This could be because you’re at a stage where you can more comfortably afford the investment cost, you’ve got a wealth of experience behind you or having a good work/life balance feels more important than ever. Today, we consider why it’s never too late to start a new business and hopefully by the end you’ll feel inspired to take yourself to new entrepreneurial heights.
> Read more:
- You're Never Too Young to Become a Franchisee
- Becoming a Franchisee: 8 Things You Must Know Before Getting Started
- 3 key traits of a successful franchisee
- Five Great Reasons to Become a Franchisee
- Are you ready to become a franchisee? Check out our checklist
- Top 10 things you should know before you become a franchisee
As long as you have the drive and determination to succeed, it should never be too late to start a new business. But if you’re not convinced, we can take a look at some statistics about Ovenclean. 80.8 percent of Ovenclean franchise owners were aged 40 or older when they bought their business, with the average start age of a new franchisee being 47 and the oldest being 67. So, why might starting a business later in life actually be advantageous?
- Time of financial security
It’s thought that there is a correlation between age and cash savings, based on priorities. Research suggests that over-40s often have no mortgage and have extra capital for a new business, while ages 18-34 are more likely to save for large purchases like a car or a house.
- Life experience
When it comes to a new business start-up, what an individual might lack in youthful energy they can make up for in experience. You are seasoned in the ways of the world and will have a level of business acumen that you couldn’t have possessed in your early twenties.
Although you might not have hands-on experience in the field (which is often not necessary for franchising), it’s likely that you will have an understanding of business plans and market research and how important they are.
After working in operational management for over 25 years, I turned to franchising because I wanted a career that offered financial security and had the potential to generate a great income. - Richard Metcalfe, Ovenclean franchisee
- You know more people
It’s quite likely that, at a later stage in your life, you will have connected with a diverse network of individuals. Think back to different people who have been part of your life and use their expertise to your advantage; for example, financial planners, designers, lawyers and real estate agents.
It will be hard for people at a much younger age to replicate this support network. Don’t worry if you don’t think your network of peers and colleagues will, in fact, come in that handy, as franchises have years of experience and expertise to support you with.
We are seeing an increasing shift towards franchising, especially in the over-40s. With full training, marketing and business support – franchising is the perfect solution for an over-40s career change. - Tim Harris, Managing Director of Ovenclean
- You’re self-confident
As a seasoned professional, it’s likely you will have experienced many successes and setbacks during your career that have helped increase your confidence and ability to overcome any challenges you face during your path to business ownership.
- Receive training and support
One big plus of taking the franchise route is that you often don’t need any previous experience in the sector. With the comprehensive training packages and ongoing support network, franchising is a fantastic way to try a completely new career with the expertise of an established brand to guide you.
>> Read more:
- Franchising 101: 7 Steps to Take After Attending a Franchise Show
- When to consider starting your own business
- Basic guide to franchising
- Conquer your fears and start a franchise
- Reasons not to start a franchise
- Healthier work/life balance
This is an attractive perk of franchise ownership for all ages. Being able to manage your own diary means you can spend more time with friends and family, or on a hobby you’ve never had time to fully explore. You might be at an age where you have children or grandchildren, and being your own boss allows you attend all the important events.
Some food for thought…
The iconic wedding dress designer Vera Wang didn’t start designing clothes until she was 39 and she’s now got a net worth of $420 million. Let’s take a look at five other highly successful business owners who prove that entrepreneurship isn’t only for the young.
- Cher Wan founded HTC – 39
- Gordon Moore founded Intel – also 39
- Leo Goodwin founded GEICO – 50
- Reid Hoffman founded LinkedIn – 35 (43 when it went public)
- Hugo boss founded, you guessed it, Hugo Boss – 37
But why franchising?
Well, according to the 2018 BFA-NatWest Franchise Survey, the UK franchising industry is worth around £17.2 billion and contributes 710,000 jobs to our economy. It’s seen a significant surge in the past few years, with the number of franchising units increasing by 25 percent since 2011 to reach an impressive 48,000. What’s more, six in 10 franchise units turned over more than £250,000 and 93 percent claimed profitability.
These statistics suggest that the franchising industry is stronger than ever and, chances are, your new business venture will become fruitful.
Start a new business today
If you’ve always had the itch for a complete career change, franchising is the perfect opportunity. Here are our six tips for starting a franchise in the UK.
Becky Martin, writer