With people living longer lives, careers don’t have to end when someone reaches a certain age customarily associated with retirement. In fact, many older people are pursuing new endeavors, including ownership of their own franchise businesses.
Prospective entrepreneurs of any age see franchising as more advantageous than starting an enterprise from the ground up. Opportunities abound as franchise brands in the US number well into the 3,000s, offering various options to generate revenue. From fast food to HR support services, they have a chance to further build up their nest egg.
Initial investments can be as low as less than $2,000 to the multi-millions. Many franchisors do not require full payment upfront. Initial investments of approximately 25 to 30 percent and the franchise fee can get them started. While no franchise is “fail-proof,” the business model has a higher success rate as opposed to an enterprise built from the “ground up.”
Doing your homework
As with any purchase that involves a significant amount of money, research is paramount. In addition, comfort regarding the financial risks involved is essential, particularly when considering retirement planning. Even the most high-profile, potentially revenue-generating franchise can fail.
Thorough research of options is an important first step. Many franchisors recommend the Federal Trade Commission’s “A Consumer’s Guide to Buying a Franchise” and the Small Business Administration’s SBA Franchise Directory. The combination of the two highly valued resources helps with selection and purchase combined with opportunities to apply for small business loans.
With all the franchise opportunities available, choosing one may be difficult. Many franchisors have turned to franchise brokers and consultants for valuable insight and help in selecting the option best for them.
Not all of those close to their “golden years” want out of the workplace. They want the past “fruit of their labors” to move forward to a new chapter in life. Some choose retirement. Others choose the proverbial road less traveled in franchising.