Making the most of retirement may mean turning your savings, company buyout, or retirement into income by starting a business after 50. For a variety of reasons, more and more workers aged 50 and older are starting new businesses. In fact, a recent study that analyzed trends in entrepreneurship shows that 25.1% of new business owners in 2019 were between the ages of 55 and 64. This is definitely not your parents’ retirement!
So why are so many people starting a business after 50? Consider that older entrepreneurs who have already had successful business careers typically have a few advantages over their younger counterparts. For many this includes a strong work ethic, management experience, a robust network of social and business contacts, and often access to capital.
Franchising can be an attractive investment for experienced executives, prior business owners, retired military professionals and individuals with a variety of life experiences who have the proven leadership skills needed. And with low start-up and operating costs, franchise ownership may be the most straightforward path to owning a business and becoming your own boss.
If you are one of the 29 million Americans between the ages of 50 and 70 who are interested in starting a business, but don’t know where to start, we have a few tips and proven systems to get you started - quickly.
Consider your passion and your skill set to define your new business venture - While you certainly should be passionate about this next phase of your professional journey, it also is important to be realistic about what starting a business after 50 entails.
- Consider which of your skills will make you successful.
- Spend time each day working towards your goal of launching your business
- Take advantage of the resources available to strengthen the foundation of your business.
As a franchise owner of The Growth Coach, you can be assured that we will be with you for every step of your journey. Our proven model guides people to leverage their existing resources, skills, and abilities to help small businesses through affordable group coaching and accountability.
While many Growth Coach franchise owners have experience in a specific industry, becoming a successful Growth Coach franchise owner doesn’t necessarily mean you were a corporate titan. It means you have a heart for business coaching, a desire to serve, and a willingness to guide business owners, managers, and salespeople to new heights of success.
An essential ingredient to success, however, is, “with The Growth Coach, you’re never going it alone,” says Growth Coach franchise owner, Kurt Treu. We’ve invested the time and resources you need to become successful in your coaching endeavors.
Be patient - Starting a new business can take time. Even if it takes off as you planned, you likely will have hiccups along the way similar to many other small business owners. This is when a solid mentor by your side can be so important.
The Growth Coach provides franchise owners the support of highly effective marketing, training support, and the technology systems necessary to make good on the high potential for significant income and profits. Sherrell Smith, a new coach with The Growth Coach of North Indianapolis says, “Anyone considering The Growth Coach can rest assured that they will be well-prepared, well-taken care of, and well-supported to launch their business.”
Is your time now? If you’ve had a successful career and are ready to share your knowledge and experience with others, owning a Growth Coach franchise could be the most rewarding chapter of your career. With a specialty in group-style business coaching, The Growth Coach offers a proven system designed for strong growth and meaningful engagement. When combined with the support and resources provided to its franchise owners, The Growth Coach is a perfect fit for someone interested in starting a business after 50.
When you are ready to explore this possibility to own your own business coaching franchise, learn about the next steps in this life-changing journey, and let’s get started.