More and more people are starting businesses or becoming self-employed in later life. The number of self-employed people aged 65 and over has more than doubled in the past five years.
For people over 50, self-employment or starting your own business can be a way of using your knowledge and skills to earn money or turn a hobby or passion into a way of life. It also allows you to work flexibly and decide on your workload. For example, you may choose to work part-time or only during certain times of the year if that’s what you want.
One in five companies don't however make it through a five year period so you may wish to consider an option that statistically has a far higher chance of success.
Setting up a franchise
Setting up a franchise is a good options if you want to start your own business.
There are lots of different types of business franchises available. The advantage of a franchise is that the product has already proved itself and may be well known to people. Famous franchises include The Body Shop and the fast food chains McDonalds and Subway.
You can find franchises for all kinds of businesses, including education, care, recruitment, health and fitness, as well as food and drink.
There may be disadvantages in the constraints of the legal agreement you make, and you should take independent legal advice if you’re considering a franchise.
You can get more information on The British Franchise Association website.