Women Over 50: Consider Starting A Business To Jump Start Your Career

How often have you heard that women over 50 are getting left behind in the job market? Related: 10 Tips For Job Seekers Over 50 Whether it’s women who were laid-off mid-career from high-paying corporate jobs during the recession or women who took some years away from the workforce to raise their children — many report finding it almost impossible to land a job. Turns out, it’s not their imagination. Women over 50 have been disproportionately left behind by today’s economy, according to a recent report from the Federal Reserve Bank of St. Louis. In a study that compared two-year periods before and after the Great Recession, a far greater percentage of women after the recession had joined the ranks of the long-term unemployed. Whereas in 2006-7, women over 50 accounted for less than a quarter of the long-term unemployed, by 2012-13, they had risen to half the long-term unemployed. Of course, in that same period, the long-term unemployed rose among all age groups. It’s just that women over 50 were disproportionately affected. Many of these women, highlighted in a recent New York Times article are highly skilled, from experienced attorneys to PhD holders. At least one has been told by employers that they’re looking for someone younger. So what is a highly experienced, talented person still in the prime of life to do with all she still has to contribute to society? How about embarking on a new business to call your own. Opportunities abound to make money and explore one’s interests, but one way you may not have considered is in the growing franchise industry, where you can find a business to suit your interests from thousands of franchise companies. By the middle of 2015, franchising grew faster than the rest of the economy for the fifth year in a row, according to a forecast by the International Franchise Association Educational Foundation. Certainly, franchising is a lot more than car dealerships and fast food restaurants. You can find good opportunities in business or personal services. And even if you have no direct experience in the industry, the beauty of franchising is that the operation comes with a support team and training to help you succeed. The best thing of all about starting your own business is that the fruits of your labor go directly to your own pocketbook. No more working your tail off for an employer who, unbeknownst to you or unrelated to your own productivity and success, has decided to cut your department. To make the best match to capitalize on your skills and experience, consider consulting a franchise coach or two who can help you narrow down your options and show you opportunities in fields where new businesses are flourishing. So take control of your career and resolve to start 2016 by investigating your options for owning your own business.

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-5489. 

Learn what you need to succeed before you start your business

It seems every time you look at the business bestsellers list, there’s a new book for how to get rich quick, become a successful entrepreneur or take control of your own life.

We all seem to be searching for some version of the same thing: a chance to reach your potential in a career where you’re in control. For most of us, the idea of starting a business of one’s own inspires more fear than excitement, and the incipient desire remains an unfulfilled dream.

Yet, there is a great way to go into business for yourself without all the unknowns. That is with a good franchise, which comes with a tried-and-true system, as well as training and support for you and your staff to help you get across the finish line to smooth operations and profitability.

Before you sign any contracts, you have the ability to know exactly how much money you’ll need and what you’ll be getting for your money. That’s because franchise companies are required by federal law to disclose a virtual guidebook to their product in the form of a franchise disclosure document (FDD).

Not all franchises are created equal. Some are better than others, and you have to delve deeply to find out the truth of what they’re offering and how their promises match reality. So rather than rely on some cursory preconceptions you may have about a well-known brand, commit to doing a thorough due diligence on any business you seriously consider.

What you need to know:

  • The franchisor’s track record

Do an Internet search. You can find history of litigation, bankruptcy and information about their top executives in the FDD. (Items 1-4). You want a company in good standing that can stand behind you all along the way.

  • The costs

You should get a very good picture of all your startup costs, from the initial franchise fee through the cost of setting up your office/store, ongoing marketing and any ancillary costs like insurance and legal fees.

  • Details about the franchise system. How does it work? Is it easy to follow?

Franchisees are your best source for answers to these questions. The franchisor can tell you how it’s supposed to work, but the franchisees will tell you if it’s working. Find a list of franchisees in the FDD.

  • The nuts and bolts of what it takes to run the business

What skills are required? What experience may be helpful? What is the day-to-day life of the owner like? Does this suit you?

  • Do you like the management staff?

You need to have a good rapport with the people you’ll be dealing with on a regular basis. Do you feel comfortable talking to them? Are they receptive to your questions, concerns, etc? Do you trust them? You should have multiple conversations with key personnel on the phone and in person before you sign any contracts.

  • Is the franchisor’s training program and support sufficient?

This is critical information, especially if you’re entering a business in which you have little experience — which is the beauty of a franchise. You can change your careers and try something different. So make sure the training and support are up to par by checking in with franchisees.

  • Would franchisees buy their business again?

This question seems the ultimate test of a franchise’s merit. Don’t forget to ask this question of franchisees.

Whether you start a business from scratch or buy a franchise, the decision should be preceded by a deliberate methodical process of review. You can be sure with the huge array of franchises available, you can find one that suits your needs.  And when you make a good match to a franchise with a great record of success, you can start your new business with the wind at your back.

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business.

Dan spent 27 years as a successful entrepreneur and coach.  In 2010 he started the next stage of his career – he bought a franchise. And what does Dan say about his decision to buy a franchise?  He’ll tell you “It’s the best business decision I ever made.”  You can reach Dan at [email protected] or at (484) 278-4589.

© Dan Citrenbaum 2025

Wondering when the profits will start rolling in? Find out before you invest in a new franchise!

So you’ve selected a franchise and have your initial investment capital saved and now you want to know: How much money will I make? To answer the question you’ll need to weigh your costs against expected potential revenues.

The beauty of a franchise is you actually have a good shot at figuring all these numbers out. Between the financial disclosure document (FDD) and information available from existing franchisees, you can get a good feel for expenses, as well as potential revenues, so long as you factor in differences related to location, local market and, not to be forgotten, the range of talents and experience individual franchisees bring to their businesses.

Why is it so important to do this math upfront? In a phrase, operating capital.

Lots of folks eager to become entrepreneurs for all the usual reasons —  to control your own schedule,  achieve work-life balance, be your own boss, and make more money — may neglect to factor in all the capital requirements.

At the beginning of a new business comes the transitional stage. This means you need money to run your business until you learn your way around a new market, new procedures and customer care. During this transition, you won’t generate enough revenue to cover expenses. So it’s essential you have enough capital to keep the circuits humming.

Your first task is to get a realistic sense of how much capital you need to get started. Fortunately, the FDD will provide this view of your costs. Some companies will even provide an idea of potential earnings. A franchise coach can help guide you through the process, but it’s never too early to start your research.

Three Keys to Understanding Your Potential Earnings

Know your Timetable

Most businesses take three to 12 months to start earning profits. The slowest to become profitable are franchises with a lot of costs or ones that take longer to build a customer base. And if the margins are thinner, you need to generate more volume. For example, a document shredding franchise, which requires expensive equipment, may take as long as 18 months to run in the black but can eventually become quite lucrative. Retail franchises can be among the quickest to turn a profit because a good location will quickly draw customers.

Accurately Estimate Your Fixed Costs

The franchise disclosure document provides a list of all your costs — everything you need to open — which are far more extensive than just the initial franchise fee. Examples of the types of fees you’ll find under Items 5 and 6 in the FDD are: IT and system setup and initial marketing. Then comes ongoing fees, such as local marketing additional training, ongoing IT or software costs, costs for audits, insurance, and on and on.  In short, all of the costs you would expect to encounter.

In your calculations, you should also factor in the cost of consulting an attorney and accountant, which we strongly recommend.

Estimate Potential Income

Flip now to Item 19 of the FDD to read if the franchisor has made any earnings claims. Only about one-third of franchisors make earnings claims, and how franchise companies address this issue varies.

To fill out the picture, your most important information can be found in Item 20, where you’ll find a list of franchisees. You want to call as many franchisees as possible, preferably those operating in locations similar to yours, to verify all the information in the FDD and get an idea on profits. Word to the wise, avoid the question: How much money do you earn? Instead, try a softer approach, such as: “How long until I can expect to make $100,000.” Then try out different income amounts.

All three steps are essential to your preparation. Doing the due diligence required to choose the right franchise upfront will help you experience the pleasure of being your own boss for years to come.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484)278-4589.

How To Start A Business Without Quitting Your Day Job

Starting a franchise business can be an attractive option for people who have always wanted to have their own business, but may not be ready to quit their day jobs just yet. Being able to profit directly from your labor, increase your independence, and gain better control over the future of your career all prove compelling incentives for folks like John Baldino and his wife, Kathleen, of Milford, Delaware. Baldino and his wife, both with corporate backgrounds, spent some time researching franchises, and the one that rose to the top of their list was a beauty salon business. They liked its business model and that it was a “manager-run” business, in which the owner manages the manager, who runs the store. “I was already a customer for probably five years before I actually bought one,” he said. The idea of starting with a small operation that offers future growth has great appeal, especially for folks who may be anxious about venturing out on their own. A franchise system like the one the Baldinos chose can help ease the transition. The way this franchise system is designed, the owner is the people manager and the cheerleader, whose job is to check the numbers and be involved in recruiting, training and marketing, as well as scoping out the next business opportunity. After deciding to purchase a salon, Baldino said they went through a six-month evaluation — a type of mutual vetting period — before they were able to sign the contract. “The process of how to run this business is very well-defined,” Baldino said. “There was a clear understanding of what it takes to be successful.” Baldino particularly liked how the company’s procedures and technology all worked together. For example, this franchisor offers its owners an iPad app, through which franchisees can get real-time data on what’s going on in their salons. Owners can actually sit in their office (at their job) and watch the salon. They can see which stylists are currently cutting hair and which ones may be on a break. Many of this company’s franchisees come from corporate America, and the quality they tend to share is an interest in conservative growth. They want their own businesses but don’t want a lot of risk, so they prefer to start slow. And over time, franchisees are encouraged to purchase additional salons because a multi-unit operation offers economies of scale, as well as greater management flexibility. For example, managers can shift stylists around to different stores to meet demand The Baldinos started with one franchise two years ago, opened their second a year later and are now actively scouting for another location. “I have a great general manager. She runs both salons,” he said. “I just have to mix in the right people.” Baldino estimates he puts in about 10 hours a week, and his wife, who left her job to devote more time to the business, works 25 to 30 hours a week. Their growth mode increases the time commitment, he noted, since opening a new salon requires an extensive ramp-up period and intensive marketing to encourage people to change their habits. Since their managers handle the nitty-gritty of day-to-day operations, he and his wife can think about the bigger picture, such as marketing and growing their business. While Baldino isn’t ready to leave his corporate job, he can imagine the day he will transition completely to small-business owner. By then, it may not be such a small business. As for now, they’re looking at one franchise at a time.

About the author

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484)278-4589.  

Choose a franchise for the long run: Growth opportunities for the 21st century economy

While everyone’s always looking for the next big thing, the smart money is on the long term trend — in franchising as much as any other business.

So rather than cruising your neighborhood in an effort to ascertain the types of businesses most in demand, look to the larger economic trends to guide your search for a new business.

While great opportunities abound in the wide world of franchising, you have to research market trends to winnow down your choices to those that work for you and offer the best long-term growth.

The decision on what type of business to invest your hard-earned savings and labor requires as much of your business acumen as you will have to apply in operating your future business.

Plan on spending up to six months or longer on research, beginning with general reading in business and trade magazines then eventually getting specific materials from various franchise companies. Your job is to peruse these, possibly with the assistance of a good franchise coach, then move on to interviewing franchisees who can show you the way or possibly warn you off.

We like two main categories for today’s economic climate: businesses that succeed even in economic downturns and those that capitalize on our new economy.

Businesses resilient during hard times offer conveniences time-strapped families can’t do without or services that cannot be postponed. These include:

Services Always in Demand

Senior Care

As we all know, the Baby Boomers are swelling the ranks of senior citizens, setting a great growth trajectory for senior care. Franchisors galore operate and thrive in this segment.

Companies that retrofit homes for accessibility and child-proofing

Firms like 101 Mobility capitalize on the trend for more older people to stay in their homes well into their very old age. And with Millennials now having babies, you can find good opportunities with firms that child-proof homes.

Property Damage Repair

No matter the rate of unemployment or growth in GDP, natural disasters will continue to occur, and families whose homes have been damaged by fire, flood and hurricane will require clean-up.

Services that capitalize on economic trends

Temp Staffing

In this age of downsizing, many companies now routinely use contract workers and temp staffing project by project.

IT Support

As an integral aspect of 21st business, most small businesses outsource their IT support, and many franchisees have had success fulfilling this need.

Business Coaching

Along the same trend line, as people now have to reinvent their careers on average every three years, a sizable number require assistance to help them determine their next strategic move. If you have read this far, you know what I mean!

Digital Advertising

As the “Mad Men” age of advertising fades into distant memory and social media is now king, lots of established businesses need help in reorienting their advertising strategy toward the digital sphere.

You can find plenty of opportunity in franchising in all these economic sectors. And a franchise coach can help you navigate the crowded field.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484)278-4589.

© Dan Citrenbaum 2024

Three Ways a Franchise Can Lower Your Risk

Tired of the 9-to-5 grind?

That has become a quaint expression in today’s economy since most people work far more than 40 hours, and some people are veritably chained to their employers seven days a week via email and text message.

No wonder so many people want to change jobs. More than half of all U.S. workers are not satisfied with their jobs, according to the most recent survey by The Conference Board. Moreover, upwards of 70 percent of them are thinking about changing jobs, according to monster.com.

A better option might be to take complete charge of your career by going into business for yourself.

A great way to lower your risk is to buy a franchise, which offers a multitude of advantages for the new business owner.

Three Key Ways a Franchise Lowers Your Risk

First and Foremost is the Financial Disclosure Document

With no other type of new business do you get as much information upfront as with a franchise, thanks to the federally mandated Financial Disclosure Document. Most new businesses begin with a vision, but their operations must be invented every step of the way. By contrast, a franchise will teach you exactly how to run the business to maximize success. They have done it many times before, and they know what works.

And you can learn just how well all this has been working by reading the FDD, in which franchisors disclose a history of the business, including when it was established and any other names under which it has operated. You can also learn if its executives have faced any litigation or ever failed in a business.

You can ascertain exactly how much money you need for your initial investment, including fees, estimated wages and costs to purchase supplies, inventory, set up an office, as well as for insurance and rent.

And since being fully capitalized is one of the keys to ensuring your business makes it for the long run, this information can make the critical difference between success and failure.

The FDD also has a list of franchisees currently in business, as well as those no longer in operation. This list becomes one of your most important resources. We recommend you call as many franchisees as possible to learn how they’re doing, and whether they are happy with the franchise company.

Second, a franchise comes with a proven system

While not all franchises are created equal, the good franchises have developed an operating system meant to create the conditions necessary for success. They have a group of franchisees continually testing new ideas and improving the system. These folks, as well as support staff, can offer lots of helpful advice along the way.

Third is the training and support to help you learn the system

When you buy a franchise, you have a whole team of support behind you. A good franchisor is invested in your success. The franchise company has a built-in incentive to help you succeed since the more money you make, the more they make, too.

Before you even make a purchase, you will have lots of phone conversations, as well as in-person meetings about the franchisor’s system, their training and support and even what type of profits you might expect.

Still, a franchise is not for everyone. If for some reason you don’t like the franchise system or you don’t plan to follow the system as laid out by the franchisor, don’t buy the franchise. If you prefer to invent your own business model with ideas hatched in your own creative imagination, a franchise is not for you.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-4589.

© Dan Citrenbaum 2024