{"id":4201,"date":"2020-02-11T12:06:35","date_gmt":"2020-02-11T12:06:35","guid":{"rendered":"https:\/\/www.franchiselocal.co.uk\/news\/?p=4201"},"modified":"2020-02-11T12:16:27","modified_gmt":"2020-02-11T12:16:27","slug":"feeling-finished-at-40-now-is-the-perfect-age-to-buy-a-franchise","status":"publish","type":"post","link":"https:\/\/www.franchiselocal.co.uk\/news\/feeling-finished-at-40-now-is-the-perfect-age-to-buy-a-franchise\/","title":{"rendered":"Feeling Finished at 40? Now is the Perfect Age to Buy a Franchise"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

80.8% of Ovenclean franchise owners were aged 40 years or older when they bought their oven cleaning businesses. The average start age of a new Ovenclean franchisee is 47, with ages ranging from 28 to 67 years old when they became part of the Ovenclean network.<\/p>\n

In 2019, the number of self-employed workers increased by 90,000 to reach a record high of 4.93 million in the three months to March 2019. [1]<\/a><\/p>\n

Changing careers over 40 can be a daunting life decision, however this research suggests the most popular age to start a franchise cleaning business is in your fifties, followed closely by forties.<\/p>\n

This is likely dependant on a number of factors including investment, experience, work life balance and franchise support. For most, forties and fifties represent a time of financial security. Statista UK notes a correlation between cash savings and age, due to individual priorities. [2]<\/a> \u00a0Ages 18-34 are more likely to be saving for large purchases such as a car or house, whereas over forties are likely to have no mortgage and spare capital for a new business.<\/p>\n

Richard Metcalfe, Ovenclean franchisee since 2016 commented:<\/strong> \u201cAfter working in operational management for over 25 years, I turned to franchising because I wanted a career that offered financial security and had the potential to generate a great income.\u201d<\/em><\/p>\n

An additional explanation for 40+ being the most popular age to buy a franchise is down to the work, life balance aspect. Owning a franchise allows the franchisee to manage their own diary, permitting more time for family, holidays and hobbies.<\/p>\n

The final explanation relates to the support franchisees receive from a franchise company. Starting a business alone over 40 comes with risks, especially if there is no prior experience in the industry.<\/p>\n

60% of new businesses in the UK will fail within three years, and 20% will close within just 12 months.[3]<\/a> This statistic could be linked to a lack of training, experience and support. Whereas reputable franchise companies, like Ovenclean offer full ongoing technical, business, sales and marketing training, so no experience is necessary.<\/p>\n

Tim Harris, Managing Director of Ovenclean commented: <\/strong>\u201cWe are seeing an increasing shift towards franchising, especially in the over 40s. With full training, marketing and business support – franchising is the perfect solution for an over forties career change.\u201d<\/em><\/p>\n

In the UK alone, the number of franchisee-owned businesses has increased by 14% in two years with most of the businesses, on average, turning over more than \u00a3250,000 every year[4]<\/a>. It is therefore little surprise that individuals who are facing critical career change decisions now view the option of franchising as a viable alternative to full-time work.<\/p>\n