Age is just a number, and when it comes to embarking on the exciting journey of franchise ownership, there’s no magic number that dictates when you should take the first step.
Over the years, I’ve had the privilege of working with and placing individuals in franchises spanning the age spectrum, from ambitious twenty-somethings to experienced professionals in their seventies.
The optimal age to buy a franchise isn’t determined by the year on your birth certificate; rather, it’s a matter of being ready, both mentally and financially, to seize the opportunity.
The Average Franchise Owner
Franchise owners come in all ages and from diverse backgrounds. Being younger or being older doesn’t help or hinder a person’s success in the franchise industry. More important than a person’s age is their background, personality, experience, motivation, and goals in determining if they are ready for franchise ownership.
That being said, most commonly, franchise owners are between the ages of 35-55, with the average age being 44. In this age range, many people have saved some assets, build up skills in the workforce, experienced a layoff, or have become less enamored with corporate America, making them well suited for franchise opportunities.
Think You’re Too Young?
Just because you’re young (let’s say in your 20’s or 30’s) doesn’t mean you can’t be a successful business owner. Millennials will make up 75% of the workplace by 2025, and the ranks of working-age Gen Z individuals continue to grow. An increasing number of these younger generations are diverging from traditional molds and gravitating toward more fluid and flexible professional paths.
I once worked with a very intelligent 20-year old man who had an interesting story. He went to college and thought they would teach him how to make money, but all they taught him was how to get a job. He dropped out and began exploring franchise ownership. Growing up in an entrepreneurial family, he didn’t just want a job, he wanted to build a business. This is the case for many people with entrepreneurial roots– they want to do their own thing.
If you think you’re too young to be a franchise owner, you’re not. No matter what your age, several key points to owning and operating a franchise are:
- Confidence to build a business
- Ability follow and implement a system
- Having the financial means to start a business
Younger entrepreneurs often have more energy and enthusiasm for starting a business, as well as a higher risk tolerance. Also, owning a franchise early in life can potentially mean more years of reaping the rewards and building substantial wealth.
Think You’re Too Old?
As Baby Boomers reach retirement age, many of them consider semi-retirement, or retirement from their corporate job, allowing them to continue to build wealth past standard working years. More cash flow is needed as people are living longer, and many individuals want to stay mentally and physically active as they age.
Also, not everyone’s idea of retirement is staying at home watching day-time TV or traveling across the country in an RV. Many people don’t want to stop working, they want to continue working on their terms.
It is possible to for retirement age individuals to trade in the rat race of 50 hours per week for a more relaxed 15 or 20 hours per week. With franchise ownership, you can have a steady cash flow coming in with whatever level of involvement you choose.
Another reason franchise ownership is great for those over 50 is you want to get it off the ground and gain traction quickly. You want to get it right the first time. That is possible with the proven concept of the franchise model.
If you think you’re too old, you’re not. People with work and life experience are more likely to have:
- Accumulated significant work experience.
- Honed a more diverse set of skills that can translate to franchise ownership.
- A more stable financial situation that makes it easier to secure loans and support their lifestyle in the beginning.
What it Takes to Be a Successful Franchisee at Any Age
No matter what your age, what’s most important as a franchise owner is that you have the energy and excitement to put forth the effort to reach your goals.
The determining factors in becoming a successful franchise owner are the same for people of all ages. Whether you’re younger or older, it’s important to:
- Build strong relationships
- Be able to follow a system
- Have the capital to start a franchise
- Have hustle, determination, and persistence
If you have what it takes to be a successful franchise owner, then your age doesn’t matter! There are franchise opportunities for all types of people – no matter what your age, gender, race background, or goals.
Don’t let worry of your age stop you from pursuing your entrepreneurial ambitions. Reach out to get started today.
