What’s the Best Age to Own and Manage a Franchise
A recent survey from the British Franchise Association and NatWest has revealed that the typical franchisee is in their mid-40s. If you’re below this age, you might wonder, ‘am I too young to start a franchise?’ or ‘is there a minimum age to starting a company?’
The answer to both these questions is simply ‘no’. The statistics also showed that the number of young entrepreneurs managing franchises is increasing, with 18% of all owners under the age of 30.
When it comes to successfully running your own business, personal circumstances are a much bigger factor than age. Here, we explore the ones you should consider.
Part of the reason there is no concrete best age to start a business is because qualifications aren’t necessary. This means that going to university isn’t required, which is particularly advantageous to those whose forte is not academia. Running a franchise is therefore open to those of any intellectual level and age.
Having a degree does have its benefits though. It’s useful for paving the way for other career options, and it provides a number of transferable skills that are valuable in the business world. Some courses also offer forms of work experience. You may find that, years down the line, perhaps if you’re thinking of a career change at 30, 40 or 50, university proves helpful in your franchise business application.
Running a franchise rests more on experience than education. Whilst many don’t require sector practice, like the specialist cleaning and restoration industry, there is an emphasis on a specific professional history. These include the capabilities you’d expect in managing a business, including leading a team and being able to take the initiative.
If you’ve got many years of experience behind you, then it’s more likely that you would have acquired these. However, you can still have them under 30 – provided you have the motivation to gain them. If you are lacking any abilities, then it’s never too late to take the steps to attain them through online or local courses.
Those in their later careers may not have secured the skills and development they anticipated when first starting out in the professional environment. They may have expected other rewards to have been earnt by this stage as well, such as a higher salary. Often this is a case of no opportunity presenting itself. When running a franchise, you are the one in control, meaning that there is a whole new world of possibilities.
Young entrepreneurs may find that being under 30 is the best age to buy a franchise because they have power over their career from the start. For some, being an employee may not appeal, and so owning a business is great for paving the way to a long-term career.
What may potentially hinder starting a franchise at a young age is knowing other big life transitions await. These include getting married, having children, and becoming a property owner. All of these require significant financing and take up time. This often means a stable job is opted for instead, and starting up your own business is deferred.
Whilst this has its benefits, as being in your 40s and 50s offers you the time and money to put your all into the franchise, this doesn’t stop those in their 30s. You could get the business off the ground prior to these life transitions. Focusing and building an established business can make it easier to maintain a work-life balance when these landmark moments do come around.
A successful work-life balance can also be more easily achieved, as having the option to work from home means aspects like childcare are less of a challenge. Therefore, a work-life balance at a younger age is possible – something you may have otherwise missed out on if you postponed running a business until later life.
Image Credit : Natwest Franchise Survey
You might actually have more funds available for these life transitions than if you didn’t own a franchise. This is because you have the opportunity to earn more. When it comes to managing a business’ finances successfully, this will depend on how you approached money over the years.
In terms of gaining capital, if you’re younger you may simply not have enough. You just won’t have as many years of money-making behind you as someone who is older. However, a franchisor can help you explore the options to assist with business financing.
Whilst certainly not true in all situations, being young is often seen as not being able to manage finances properly. Those slightly older will have learnt from any previous money mistakes and may find budgeting much easier. This is particularly beneficial as financial skills are a key requirement of running a franchise successfully.
Partner with Rainbow
It’s evident that the answer to ‘what’s the best age to start a business?’ really is dependent upon your personal situation. If you’re considering buying a franchise, make sure to take these circumstances into account – along with the type of opportunity you want.
It should be one that fits your needs. Rainbow is the perfect match – it’s both the best franchise for young entrepreneurs and those with a long-term career behind them. You’ll benefit from our established brand and reputation, and be given all the training and support to make your franchise business soar.
So stop questioning whether you can buy a franchise at a young age or older age, and take advantage of one of Rainbow’s opportunities today. Request a callback and discover which territories we currently have available.