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More people between the ages of 55 to 64 are opting to become franchise owners or entrepreneurs after decades of working for someone else, according to research by the Kauffman Foundation. Three new franchise owners and an entrepreneur in this approximate age group talk about their decision to take the plunge and how it's working out so far.
Some older entrepreneurs keep working in the industry where they've spent their entire careers. That was a big confidence booster for Lori Ames, who started her public relations company, The PR Freelancer, in 2010. [via Joyce M. Rosenberg, AP]
Ames goes on to say that hiring her first employee and becoming responsible for that person's salary was more stressful than starting her business.
One franchisor takes note of the trend to older franchise owners:
The Nurse Next Door company notes that it is attracting older franchisees. In the last six to nine months, the average age of new Nurse Next Door franchisees is 56, up from 45. CEO John DeHart says the company is getting more inquiries from older prospective franchisees than in the past.
There are a couple of dubious statements in the article, such as this one:
A lot of older entrepreneurs turn to franchises. They appeal to them because they can start making money sooner than they would by building a company from the ground up.
But all in all it's an interesting look at what some people have to say about their personal change from salaried worker to owner.