If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask a franchise owner to inspire older entrepreneurs who hope to switch gears and own a franchise.
In this edition of “Ask the Board,” we feature Kevin Lewis, Franchise Owner of Apex Leadership Company, a fitness and leadership-focused fundraising franchise that raises $70 million for K-8 schools each year. Lewis entered franchise ownership at age 50, pivoting from a 30-year career in the restaurant industry. Here’s what he had to say:
Changing careers later in life can feel daunting, especially when considering the leap into business ownership. Franchising offers a structured, supportive path to entrepreneurship—making it an ideal second act. These tips can steer you toward success.
Don't be afraid
By this point in your life, you've spent your life collecting experiences and knowledge. You are better equipped, more than ever, to navigate the processes of starting your own business and setting yourself up to succeed. It’s natural to feel hesitant about making a career shift later in life, but calculated risks lead to great rewards. Trust in your abilities, do your research, and take the leap.
Set your financial table to minimize risks
Before making the leap, ensure you have a solid financial plan in place. Understand the ‘ramp to profitability’ and prepare accordingly to reduce financial stress. This can prevent disappointment and keep you motivated to continue.
Leverage your existing skills and experience
There’s a good chance you’re more experienced than a younger franchise owner. Know and recognize your own strengths as well as your weaknesses. Use your strengths to your advantage, while not being too proud to seek or obtain help with what you're not so great at.
Have realistic expectations of yourself and your success rate
While everyone wants to win, and win quickly, make sure you have reasonable timelines for milestones. Expect a lot of yourself, but don't expect too much. You will only set yourself up for disappointment if your goals are not attainable.
There’s a good chance you’re more experienced than a younger franchise owner. Know and recognize your own strengths as well as your weaknesses.Kevin Lewis, Franchise Owner, Apex Leadership Company
Choose a business that aligns with your passion and values
Another way to minimize risks is to do your homework and choose the right brand/concept for you. Don't expect that there is "one" best fit for you—a "business soulmate,” if you will. Just make sure you immerse yourself in something you enjoy and something that you either are good at, or will be good at.
Surround yourself with a great team
Strong leadership and team-building skills are critical for success. Great leaders recognize the tremendous value in seeking team members that are "better than the boss." Don't fear adding team members with great upward potential. They will help you elevate your business to great heights.
Think long-term, not just immediate profits
Building a successful business takes time. Focus on sustainable growth, quality of life and creating opportunities for others rather than chasing quick wins. Trying to build an empire without first establishing a strong foundation can often lead to topples later. Build a great base!
Take control of your future
There is so much freedom that comes from franchise ownership, and if you find yourself itching to start your own business, start making your plans today to scratch that itch, then make it happen. When it comes to your future, the sky is truly the limit.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
Your hard work deserves to be rewarded! Apply for our premier small business awards program, the CO—100, to earn national media attention, get VIP access to premium networking events, and potentially be awarded $25,000! Apply and learn more, here.
