If you’re considering retiring any time soon, it’s likely that you’re thinking about what your next steps will be for your career. It’s only a natural progression, and even if you’re years away from the move, you’re likely thinking about what’s ahead both personally and professionally. And whether or not it’s been on your radar, franchising can be a great way to transition into a new field, new career path, and new source of income.
There are many nuances that come with retirement, and everyone’s situation is quite different. There are those who are aging out of a position and want to keep working in order to receive a pension. There are those leaving the military, people who want to try something new, and anything and everything in between.
Before making any decisions toward franchising, determine what your ideal situation will be. What do you want to accomplish as a retiree How much do you want to work? How much do you want to make? What’s your ideal level of responsibility? Do you want to break into a new industry? All of these questions and more are ones you should ponder in order to make the best possible decision. It will also lead you into the best path as an incoming franchise owner.
Why Franchising is a Great Gig for Retirees
There are many perks to franchising, but many of them also align to those who are retiring. Because it encompasses such a wide list of bullet points, it can be adapted to meet a huge assortment of personal needs.
Whether you’re looking to work a little or a lot, get your hands dirty or hire out, and more, franchising can fit the bill. You can choose a brand and a business model that fills the requirements for your professional needs. Opt to work part time, to continue in your previous industry, to remain hands off, and more.
While talking to potential franchising brands, just be honest about what you want and how you prefer to work going forward. They will help you decide if you’ve found a good fit, or if you need to keep looking to find your ideal franchising fit. The more information you give up front, the better the brand can work with you to create your ideal outcome. And if it’s not possible, they can let you know before it’s too late. It’s far better to give details up front rather than to be stuck in a situation that you aren’t happy with for years to come.
Why Retirees Make Great Franchise Owners
Another positive aspect to look at is just how well retirees do at owning a business. Franchisees who are signing on to own a business as their second career often become some of the most profitable owners. Here’s why:
Retirees have plenty of business experience. From previous careers, working with others, and learning on the job, they have an incredible amount of knowledge to bring to the table. This is true of professional and personal areas. They have the patience, the skills, and the mindset to get things done.
Retirees also are more apt to have financial clout to purchase businesses, as well as the ability to earn more money, quicker. With more skills at their ready and financial experience, they know how and where to implement business practices that will turn a profit.
In addition, franchise owners as a second career have more people skills. This serves them in hiring other workers and training them to do their job. As well as when working with customers. The way they talk with folks, field problems, implement new practices, etc. can all be done with great skill and from a place of extreme maturity and business knowledge.
Moving Forward as a New Franchise Owner
It’s never too late to purchase your first franchise location. In fact, after retiring is a great time to do so. It’s a way to customize your next career and make it exactly what you want it to be. Don’t overlook the thought of becoming a business owner as you consider retirement. It could actually be the ideal business that you’ve been looking for all along.
Ready to consider your franchising options? Get in touch today and we’ll work with you to create a customized franchising fit that meets your personal and professional goals.