Frank Santo

Goal No. 30 on the Eons top 100 list of LifeDreams is "Start my own business." For some that might be opening a small coffee shop, while for others is could mean launching a large-scale business. But whatever your passion, starting a business is not just for twenty-somethings. And it's not something you have to do all on your own.

According to a recent survey, 15 percent of baby boomers expect to own their own business in retirement. This percentage will likely grow as the work force ages and more vibrant adults work well past typical retirement age. For many, the time is right because they have been downsized out of corporate jobs, have a financial need to continue working, and/or have chosen this time of life to turn a dream or hobby into a business. It is never too late to follow your dream of starting a business.

Being in business for yourself, not by yourself

No matter what your business interest, chances are someone has already created a model like it. This is good news. You can go it alone without going out on your own. How? By working with a franchise.

Historically, 95 percent of all franchises are thriving after five years of being in business, compared to 5 percent of independent start-ups that survive the first five years of operations. The reason for this is not complicated: franchises are successful business models that grow.

Franchises are not limited to food service outlets or retail store chains; they are businesses of every shape and size. There are more than 2,500 different franchises available in the United States. From business services, to health care, to consumer goods - there is an established business model available to help make a successful transition into a business owner.

The franchisor provides proven and tested business formulas that remove the guesswork and baptism by fire that defines most independent startups. Complete, time-tested business templates are provided, taking the guess work out of finding the right formula for making your business a success. Other business owners have worked out the bugs and are providing you with security and a better chance of success. You benefit from the experience of others who may have made all the start-up mistakes and eliminated them from the business mix.

This is an amazing benefit for someone looking to follow the dream of owning a business and it comes with minimal risk. The older entrepreneur can take comfort in a franchise that allows you to "be in business for yourself not by yourself." Franchise businesses are perfect for mature Americans.

The team behind the curtain

As with all business ventures there are always risks involved, but with franchises these risks are considerably lower. Still you must be prepared to commit the time and money necessary to start up the company.

But consider the advantages: First, you will be in business faster with a turn-key business plan to follow. Faster in business means faster business success. Next, being part of an established business operation will allow you to reach your break-even point sooner, develop a customer base faster, have less risk and be more profitable - all the things you went into this business for.

Many older entrepreneurs understand the benefits of working with an established business model - the shorter establishment times, the smaller financial risk, and the support of a corporation behind you makes going out on your own easier and more destined for success.
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Take the first step

Is franchising right for you? Do the research and find out. Explore the different franchises available and what their packages offer. Are the models compatible with your business design? Does the business plan address the issues and areas where you need the most support?

Franchising can be the opportunity for you to live out your dream while minimizing your risk. You could be running your own business sooner than you think.