A recent study based on a survey of 750 human resources (HR) workers and 4,000 employees has found that nearly 50% of recruiters thought that applicants become too old to be considered for a job at just 57 years of age!
It is claimed that 20% of over-fifties looking for a job do not put their age on their CV, to avoid being stereotyped. One in seven say they have been rejected from a job because of their age.
This is even though, across the UK, companies have been facing a significant shortage of skilled workers.
If you are looking to change roles or are facing redundancy as a member of the over fifties ‘club’, it must feel as though you just cannot win!
However, there has been an increase in the number of businesses now started or run by people over fifty, as Enterprise Nation’s Small Business Barometer shows, with 43 per cent of businesses run by older founders, up from 35 per cent in mid-2023. And latest industry studies show that people aged sixty and over form nearly a quarter of the UK’s freelance economy.
Interestingly, this has been mirrored in the franchise sector, as highlighted in the recently published British Franchise Association (bfa) Journal which highlights a shift towards an older franchisee population. Nearly half of new recruits in 2024 were aged over fifty, compared to under 20% at the time of the previous survey in 2018 and the average age of a new franchisee has risen to 49 from 40 in the last few years.
Franchising is a sector which would definitely welcome an older age-group, as well as helping to reduce the risks involved in becoming self-employed.
Franchising offers a unique middle ground between high-risk, independent self-employment and the stability of traditional employment. Through a franchise, you can launch a business with structured training, support, and a network of fellow franchisees with similar business issues and successes to inspire you, meaning you will not be navigating this journey alone.
If you are facing the possibility of redundancy or fed up with your current role but worried about how your age might hinder your chances, now might be the perfect time to pursue a change in direction.
If you have extensive career experience, especially in areas like management or sales, you bring valuable skills to the table. These skills are often transferable and can give you an edge as you establish your franchise. You do not have to be constrained by the industry sector you are used to as buying a franchise comes with all the training and support you should need to fill any gaps in your knowledge. Reflect on what interests you, as this could be the ideal opportunity to build a business in a completely different sector that aligns with your interests and goals.
Financially, starting a franchise might mean an initial dip in income as you establish your business. With careful budgeting and planning, however, this can be manageable. Many older workers are less driven by financial gain and more focused on finding a fulfilling, lower-pressure role. Franchising offers a wide variety of business types, including some part-time options, allowing you to choose a pace that suits your lifestyle.
While being over fifty might be a barrier in the traditional job market, according to the research I mentioned earlier, that does not apply when you’re building your own business. Starting a franchise may feel daunting, but don’t let that hold you back. Your experience and skills are valuable assets that can set you up for success and with higher success rates in franchising, the risks can be reduced.
Franchising now contributes £19.1bn to the UK economy, with 89% of franchisees reporting profitability and 82% saying that they are satisfied with their franchisors. The British Franchise Association’s website (www.thebfa.org) is an excellent resource to explore more about the stats and can also help you start to research the many options available in franchising.
Taking this step could be the beginning of an exciting new chapter, where you are in control of your future, so don’t let the world of employment make you think you are too old!
