Whatever your age, making a career change can be a viable, profitable option for you. Especially when that career change takes you into the thriving franchising industry. For people in their 40s, franchising is a reliable and low-risk way to pursue new passions and opportunities.
If you’ve always been interested in running your own business, but you’ve never taken that leap, franchising in your 40s might be a great next step. As a franchisee, you’ll be a business owner, but you won’t be out there on your own. In return for your investment, you’ll gain access to franchisor support, a proven business model, and existing brand recognition. Profitability will be more likely, and more quickquicker to arrive.
In this article, you’ll discover how to make a career change in your 40s, and you’ll find out exactly why franchising at this time in your life is such a good idea.
Franchising as a career change
The average working person in the UK reaches their highest average hourly earnings amount at the age of 41 for women, and 44 for men [Office for National Statistics]. If, by this time, you’re not making the kind of money you’d like to be, it might be time to consider a career change. To embark on a new professional nother journey. One journey that you might choose? Franchising. Life as a franchisee comes with many benefits, including:
- Access to training and expert support - This will enable a transition from one field or sector into a completely different one, at any age.
- Flexible working hours - This might particularly suit busy parents.
- Support with marketing and advertising - This, again, negates the need for prior marketing experience in most cases.
- Opportunities for expansion and growth - Your franchise business develops as you do, and there’s always another challenge ahead.
If you're contemplating how to make a career change in your 40s, you should:
1. Identify your skill set
What experience do you have that will be valuable regardless of your role? What transferable soft skills do you possess?
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2. Ask yourself the right questions
What type of career will you find fulfilling at this point in your life? What would you ideally like to be earning? What would you like to be doing each day?
3. Do plenty of research
What can you find out about each opportunity? Which sources can you turn to once you’ve found everything you can online? Can you reach out, for example, to current franchisees within a franchise that you’re interested in?
[By your 40s] you have typically made plenty of mistakes to learn from, built great networks but still have passion. You know what you’re good at and what you’re not.
—Duncan Cheatle, Rise To
Five advantages of franchising in your 40s
When you’re franchising in your 40s, you’ll be in a better position than most, as you’ll be benefitting from the following five advantages...
1. You’ve probably accumulated more capital to make an investment with
Obviously, this is dependent on the individual, but generally speaking, people in their 40s are more financially stable than people in their 20s or 30s. Franchise investments can cost a lot upfront, especially when made with more recognisable brands.
While many brilliant low-cost investment options are available, the average cost of establishing a franchise in the UK is £42,200 [British Franchise Association]. As a person in their 40s, you’re more likely to have the capital you need to make a solid investment in a reputable, established franchise.
2. You’re fully aware of your professional strengths, weaknesses and interests
In your 40s, you will likely have gained enough experience and confidence to assess your own skill set accurately. When you know your own strengths and limitations, you’ll also know which kinds of franchise opportunities will best suit you.
You’ll also know how to accept support and franchisor advice, rather than barrelling ahead or assuming that you always know best. You’ll do your due diligence, invest in the right place, and be more successful as a result.
>> Read more:
- 5 Advantages of Franchising for Young People
- 9 Things to Know Before Becoming a Franchisee
- Mythbusters: Common Misconceptions About What Makes a Successful Franchisee
- 5 Great Reasons to Become a Franchisee
- Franchising 101: Are You Ready to Become a Franchisee?
- Franchising 101: 6 Things to Know Before Becoming a Franchisee
3. You’ve nailed the balance between your professional life and you personal life
Many parents in their 40s have school-age children, and have worked for years to perfect the balance between work and home. If you’re a parent in your 40s, you know what it takes to create a good work/life balance.
If you have that knowledge in your head, you’ll be able to carry it forward when you become a franchisee, in control of your own hours. Managing competing priorities and demands is a key responsibility and undertaking of any successful franchisee.
4. You’re comfortable with having a lot of responsibilities
Having taken on many responsibilities in life already, you’ll probably be more comfortable than a younger person with all the choices and decisive burdens that come with franchising. When you invest, you’ll sign a franchise agreement that legally binds you to certain terms, and if you breach them, you might cause yourself some financial and legal suffering.
You’ll need to keep track of your business’s finances, adhere to franchisor regulations, and keep your unit ticking over. You might also be in charge of hiring staff and handling payroll, depending on the franchise investment you’ve made. As a 40-something, you’ll be prepared for this level of commitment.
5. You know what makes a good employee, and you know the value of a good employee too
Spending time in the workforce and encountering colleagues and employees, both good and bad, will have equipped you well for a career change into the franchising industry. You’ll know which traits you value most in members of your team, and which traits you’re likely to find abrasive.
Hiring a trusted team of employees (to whom you can confidently delegate) could make a world of positive difference to your franchise operation, and as a person with around two decades of working experience, you’ll know what you’re looking for.
Figuring out how to make a career change in your 40s isn’t easy
Running a franchise in your 40s means using all your existing knowledge and experience to your advantage while simultaneously learning many new and exciting things. As a franchisee, you’ll never be bored, and you’ll be highly likely to succeed. Find the right franchise opportunity for you by browsing Point Franchise’s UK franchise directory.
Lily Sweeney, Point Franchise ©