Life After Retirement: Plan “B” Your Own Boss
Whether you’re looking to make some extra cash or to remain active during your retirement years, buying a franchise may be just the ticket.
Here are three reasons why you should invest in a franchise as a retiree:
- Minimized Risk
You don’t have to gamble all your retirement savings to run a profitable business. That’s because the franchise business model eliminates the guesswork that comes with starting a new venture from scratch. Backed by an experienced franchisor, as a franchisee, you’re part of a proven system, which means you’ll avoid a lot of the barriers business owners might face as they launch a start-up.
- Training and Support
As a retiree, it may feel overwhelming to start a whole new career in another field. One of the key benefits of the franchise model is that franchisors typically provide access to comprehensive ongoing training and support programs. This ensures franchisees never feel as though they’re at it alone. While you’ll still be completely responsible for running your own business, you’ll also be supported by a large network of managers, mentors, and advisors to provide guidance every step of the way.
With years of experience in the workforce, many Baby Boomers have an abundance of knowledge and connections, which they can leverage into a new career. This means you’re more likely to be aware of your strengths and limitations, which is vital for running your business efficiently.
Bottom line: Starting a business doesn’t have to be a risky investment. With the franchise model’s proven track record of success and repertoire of training and support, coupled with your many years of work experience, investing in a franchise is an idea worth considering post-retirement.