It’s Never Too Late To Be A Female Entrepreneur

It’s Never Too Late To Be A Female Entrepreneur

by Susan Scotts

If you’re over 50, chances are the decision to leave a job won’t be yours. A new data analysis by ProPublica and the Urban Institute shows more than half of older U.S. workers are pushed out of longtime jobs before they choose to retire. The analysis found that between the time older workers enter the study and when they leave paid employment, 56 percent are laid off at least once or leave jobs under such financially damaging circumstances that it’s likely they were pushed out rather than leaving on their own. As the world around us changes, and existing industries and companies are disrupted, careers will be disrupted as well. Chasing corporate careers to the top is certainly not the only way to achieve success.

There are many reasons why a woman in her 50s might choose to forge a new career path. As life expectancy rises, there is a whole new phase of life that people look forward to, like staying active and keeping the brain stimulated through work. There is also a financial imperative to make sure the future is secure as you live longer. Many have been laid off, and others have always had a desire to become self-sufficient or reinvent their careers. According to The Guardian, “A fifth of new businesses are being founded by over 55s. It is a boom time for middle-aged entrepreneurs. Barclays Bank reported a 67 percent increase in women over 55 opening business accounts in the last decade; for those aged 65 and older, the number is put at 132 percent, the biggest rise of any demographic.” Whether you are laid off or downsized or have always had an entrepreneurial desire and choose to begin something new, you have options you may have never thought about. You can begin a business from scratch. While many have succeeded in this path, it takes considerable time and money, not to mention an idea that is unique, coupled with the marketing to get the business off the ground, and you are likely working alone unless you have considerable working capital to invest.

Instead of starting an untested venture, choosing a franchise can be more appealing for women later in life. Since they may have been out of the workforce for a while to take care of the kids, many may be thinking they missed the boat to business ownership. But with more time on their hands with children who are grown, franchising is a much shorter path to ownership than starting from ground zero.

A franchise is simply a proven system of doing business with tools, technology, training, marketing materials and ongoing support. You’re not alone, because although you’re in business for yourself, you’re not by yourself. And you don’t have to have experience or background or knowledge in an industry. You can find something in your wheelhouse that uses your skills or interests even though it may not be the same industry that you were previously in. And the upside: at a more mature age, you will have more experience and contacts to draw from.

Women are investing in franchises at a rate far faster than men. In fact, women flock to franchising, according to The Wall Street Journal December 2, 2019 report. “As of May, women own or co-own 35 percent of the franchise outlets in the U.S.—around 265,000—according to the Franchise Business Review research firm. That represents outlet growth of 25 percent from a decade earlier, and in the two years ended in May, 41 percent of new franchise outlets opened have been owned or co-owned by women. The growth reflects women’s growing prominence in the corporate world. As women gain access to more resources and connections, they are starting businesses of their own.“

Martha Stewart is just one of the many entrepreneurial women who decided later in life to reinvent herself.

Some examples of women who decided later in life to reinvent themselves include Ariana Huffington who created the Huffington Post at the age of 55; Martha Stewart, who published her first book ‘Entertaining” after the age of 41; Joy Behar, former co-host on The View, a high school English teacher who didn’t launch her show business career until after age 40; Laura Ingalls Wild, who was 65 years old when Little House in the big Woods was published; Vera Wang who didn’t enter the fashion industry until the age of 40, and is now one of the world’s most respected names in fashion; Julia Child, who worked in advertising and didn’t release her first cookbook until the age of 50 which then catapulted her into stardom; Mary Stuart Masterson, who didn’t start her film studio and production company until the age of 50; and Nina

Zagat, who turned 42 before giving up a legal career to write the first restaurant guide with her husband.

Of course, there are many examples of men as well. Colonel Sanders was 65 before he franchised his company KFC. Ray Kroc, founder of McDonalds, was 52 when he purchased the burger and shake franchise. And a man by the name of Sam Walton was 44 before he opened the first true Wal-Mart.

and working nights, evenings and weekends. Even though I was in the franchise industry in an executive role, I did not own my own business and knew I had plateaued. So I decided to take the leap of faith and begin my own franchise. It was the best thing I ever did! I earned three times what I was making working for someone else, and I had complete control over my schedule. I even joined a women’s competitive tennis league and play several times during the week!

Another example is yours truly. At age 42, I was tired of rushing to work, sitting at a desk all day and then fighting rush hour traffic again to get home where there was more work waiting for me like cooking dinner, doing laundry and housework. Not to mention, I constantly faced the aggravation of out of state travel

If you have an entrepreneurial drive just waiting to come out, you owe it to yourself to take the first step toward franchise ownership. Who knows, maybe one day your success story will written about in this magazine!

Susan Scotts is a multiple award winning career transition coach with The Entrepreneur’s Source® and possesses three decades of experience in helping empower individuals to become entrepreneurs through franchise business ownership. For a complimentary consultation, she can be reached at 561-859-9110 or SScotts@EsourceCoach.com.