By August 29, 2014 0 Comments Read More →

Franchise: Second Career for the Second Innings

Retirement doesn’t mean putting full stop to your professional career. Considering franchising as an option you can give a new way to your professional life. The article throws light on franchising as an rising profession for retirees.business-after-retirement

You wanted to be an entrepreneur but due to various reasons you did not take risk and started 9-5 job with handsome salary package. But now when you are retired from your services and have ample amount of money, time and experience, starting a franchise business can be an option to fulfill your dream of living an entrepreneurial life.

Franchise concept has experienced a speedy growth in the past few years and still no signs of fading are seen in the country. Furthermore, the franchising businesses are proved more successful than independent-owned businesses. To add another reason for the retirees to choose this over starting anything new is the lack of risk in this business.
For the franchisor, age is no criterion for selecting the potential franchisees. Retired people satisfy all the requirements of the franchisor in terms of investment, space, years of knowledge and valuable work experience. Hence, they are the brighter prospects for the franchisors.

Retirees, read why franchising is fabulous for you?

With availability of plethora of franchise opportunities and many newbies emergent in the country, below mentioned are the reasons of why franchise is a good-to-go option for the people closing to the retirement age:

  • Dream of ‘being an entrepreneur’ come true

Many of the corporate executives and government officials dream of running their own business. This dream can turn real post retirement by purchasing a franchise.

  • Risk involved is less

Choosing a proven brand with an established product or service, and a great support system for the prospective franchisees, may be an executable option for someone looking at starting a business with less risk involved. Franchisor also supports the franchisee in various marketing and promotional activities. The wishful franchisees in their late 50s can easily manage the franchised business as they have prior experience of handling clients and employees.

  • Financing is easy

Unlike the prospective franchisees, who typically borrow money to start up their venture. Seniors with substantial Individual retirement accounts or savings can use these funds to finance their new franchisee business.

Franchise business after retirement

Franchise options apt for the aged ones

  • Pre-Schools

Education sector is sounding as a good area to invest for retired professionals since the returns are high and risk-free. In addition, it provides a level of satisfaction by helping the community. Here, the working hours are generally till 2 o’clock which perfectly suits the retirees as the schedule doesn’t get hectic.

  • Consulting agency

You have garnered expert status after spending your career in a certain industry. By starting consulting agency you can gain on the knowledge you have acquired throughout the service tenure. The contacts you have developed there will also be helpful to you.

  • Start a part-time restaurant

Why don’t you become restaurer? Capitalize on a restaurant business and you can earn well within your part-time business. For this you needed a location in a crowded place. Hire the staff and use your ability to speak clearly and listen attentively to guests.

There is a long list of business which an older person can run like cosmetic shops, salon, boutique, coaching institutes and more. It just depends your area of interest and your capability to invest. Running a business after retirement may not be for everyone as it takes time, practice, energy, patience, and money to succeed. The business might take 3-5 year to be profitable but it can be earlier too (depending on brand, staff and service).

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Posted in: Business Tips, Franchise

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