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In the past year, the turmoil from the pandemic has made all sorts of changes. Many types of businesses relocated to home offices while others went out of business. Most industries had to rethink their operation to stay afloat. Layoffs and furloughs were commonplace, and we are still experiencing higher unemployment rates than a year ago.
For laid-off employees of the gray-haired set, 2020 was especially difficult. For the most part, employment for younger workers is bouncing back more quickly. Fortunately, this situation creates an unmatched opportunity for franchisors.
Seniors who change careers and move into franchising bring numerous benefits to the franchisor.
Their experience combined with the franchisor’s expertise makes for an excellent business partnership.
Franchisors Benefit from a Wealth of Transferable Experience
Older franchise prospects often have a deep well of experience that transfers to franchise ownership.
Even without direct experience in a particular industry, senior workers bring business acumen, people skills, and a firm work ethic. They have seen enough to understand the ins and outs of keeping things running smoothly. Few challenges will surprise them, and they provide a cache of relatable work experience to help them manage something new.
The newness of a franchise is not as big a leap for seniors as for younger entrepreneurs. For those whose work was in finance or marketing, sales or human resources, their skills will be utilized regularly in running a franchise operation. From the start, they will ask better and more informed questions that will launch a franchise quicker and perform well sooner. Seniors simply provide franchisors with a wider platform of knowledge to build a successful franchise together.
Senior Franchisees Benefit from More Career Options and Lifestyle Choices
Franchisors know that the qualities of a good franchisee are not related to age.
Determination and desire reap financial rewards more than knowing a particular skill. For seniors considering a career change, there are many industry options, and age will not be the hurdle it is in with traditional employers. Choices expand for franchisee prospects. Just because someone worked in construction for decades does not pigeon-hole that person into a construction franchise. Rather, any determined senior can open a pet franchise to work with animals or a food franchise to nurture their inner chef. The choices are wider than a corporate job could offer.
No experience is required in a specific industry, giving prospective franchisees freedom to explore old ideas and new opportunities.
Looking for flexibility? Some franchises are seasonal or can operate part-time. Hoping to build a family business? Franchises have proven models that can be part of a longer-term family plan. No matter the goals, senior franchisees can choose a brand that suits their interests and preferences while meeting personal needs.
Successful franchising takes many forms in numerous industries. Franchisors and senior franchises have the experience and expertise to build a successful franchise operation. The two sides make a good partnership that will benefit franchisors and franchisees.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.