The rise of the “boomerpreneur” and “olderpreneur” has lastly put paid to that previous saying, “You may’t educate an previous canine new tips”.
It was once uncommon for somebody of their fifties to arrange their very own enterprise, however now these of their sixties or older are turning their again on ideas of retirement – both via want or necessity – to enter enterprise for themselves.
For some, it’s not only a query of cash, however a want to realize a long-held ambition to be their very own boss.
The pandemic has had an adversarial influence on the roles of youthful individuals and the over fifties. In keeping with the ONS, three in 5 over fifties left the workforce ahead of anticipated after the pandemic began and it might be this older era that struggles to return to salaried employment.
Many “olderpreneurs” flip to a franchise operation as a manner of changing into their very own boss in an space that they don’t have an present skillset. Others have re-evaluated their lives and need to match work round their life-style and households, fairly than the opposite manner round.
At our firm, now we have franchisees of all ages and backgrounds and there are quite a few examples that assist the maxim “age isn’t any barrier’ when working a profitable franchise operation. Between 2020 and 2025, the federal government estimates there can be an 8.2 per cent improve in these between 50 and retirement age (1.1 million individuals) – all effectively positioned to make the most of this fast-growing market.
‘Being my very own boss permits me to construction my working life round my household and never the opposite manner round’
As well as, the ONS stories there are round 1.8m self-employed over fifties within the UK – a rise of 21 per cent since 2008 – which represents the best determine of any age group.
Anybody not sure about embarking on a brand new profession route ought to do not forget that older individuals have many transferable abilities, which can be utilized to their benefit.
Years of expertise and experience imply this age group is extra prone to succeed, with over 70 per cent of these organising impartial start-ups lasting greater than 5 years, in contrast with 28 per cent of youthful entrepreneurs, in line with analysis by over-50 enterprise starter assist charity PRIME.
Many older individuals come to us with no prior expertise of the oven valeting business, however regardless of this, their enterprise could have a 99 per cent likelihood of success when coupled with a tried, examined, and trusted franchise operation.
As we’re a longtime model, we offer the coaching, instruments, advertising and networking assist which has actually paid off for our rising band of individuals.
Case research: Greg Clark, golf membership supervisor turned franchisee
Greg Clark spent greater than 40 years within the hospitality business, most just lately as home supervisor at a golf membership, earlier than organising his Ovenu franchise within the autumn of 2021.
The pandemic and ensuing lockdowns created uncertainties round his earlier position and was the impetus he wanted to go it alone.
Greg, who’s in his sixties, was skilled to an ISO normal and benefitted from the induction, which included a variety of recommendation on working a enterprise, from advertising and bookkeeping to pricing and knowledge storage.
He says: “Reasonably than beginning a brand new enterprise from scratch, and all the chance that incurs, I made a decision {that a} sturdy franchise was the most effective and most simple, choice.
“I’d at all times wished to be my very own boss and Ovenu supplied me with the coaching bundle, assist, and robust model id that solely a longtime franchise can supply.
“The continuing tried and examined assist and the energy of the community of franchisees is important for anybody beginning out in enterprise, no matter their age or background. It has given me the blueprint for fulfillment.
“Having labored in hospitality for thus a few years has meant I’ve missed out on many essential events, however being my very own boss permits me to construction my working life round my household and never the opposite manner round.
“I’ve already constructed a robust buyer base and I’m actually having fun with the job satisfaction this enterprise brings.”
Whereas it’s an enormous step to strike out by yourself, significantly if you happen to’re used to the soundness of a daily wage, our franchises report overwhelmingly constructive experiences.
Most of the franchisees are contemplating growth by taking over a brand new sub-contractor, getting a further liveried van, and even shopping for a neighbouring franchise.
Age has been no barrier to their success with essentially the most profitable having taken fully totally different profession paths till they began their franchise. Franchising has given them the chance of a second profession, and the prospect to turn out to be their very own boss.
Rik Hellwell is managing director of Ovenu Franchising Ltd
