6 smart moves for older entrepreneurs

Consider a franchise

If you're contemplating a new business, first consider a franchise.

Franchises offer you a proven business model and a road map from which to work. You won't have to reinvent the wheel.

While there's no guarantee the franchise will work in your location, at least you know it can work.

A franchise gives you access to a network that can help guide you to a location, hire your employees and run the business.

Big-name franchises can be very expensive. Consider that to have a McDonald's location, you need to put up a minimum of $750,000 of your own capital. Subway, on the other hand, says you can open up one of its restaurants for as little as $78,600, which includes the $15,000 franchise fee.

But smaller franchises can cost much less to open.

There are literally hundreds of successful franchises in every industry, from shipping and janitorial services to plumbing companies and tax preparation.