For many people, retirement used to be synonymous with approaching your “golden years” and allowing yourself some much-needed relaxation. It still is for some people but today more people are transitioning from one career to something completely different and reimagining their lives, sometimes creating two, three, or more careers in a lifetime, including becoming their own boss. For example, according to CNBC, since 2007 there has been a 40% increase in people over 55 buying into franchises. Many people are finding that if they have had a dream of owning their own business, there is no time like the present to pursue it. The National Bureau of Economic Research says that of those between the ages of 50-59, 25% are self-employed and from the ages of 65-69, 46% are self-employed. Buying a franchise can be the perfect entree to self-employment if you want to leverage the skills and connections built over your career, continue learning, and even increase your income.

The Advantages of Franchise Ownership

One of the best parts of franchise ownership is that you don’t have to go it alone. A team of experts is there to assist you with getting started. Unlike starting a brand-new business from the ground up, a franchise is an extension of a larger brand that’s already proven to be lucrative. Companies like McDonald's and Starbucks, for example, are long-established and consumers are already familiar with the products and services they sell. The leg work is done. The course plotted. All you need to do is hoist the anchor and plan to set sail. Of course, there are thousands of franchises available to purchase in hundreds of industries at vastly different price points than these two examples.

Why Franchising Before and During Retirement can be a Good Idea

While the brand you’re franchising has already invested in marketing and technology and you will be expected to learn these and other systems and procedures, the decades you’ve spent acquiring experience, problem-solving skills, and general know-how are also important to your success as a franchisee and they cannot be taught, they’re earned and learned over time. By spending so many years as a cog in a well-oiled machine, taking over as the operator of the machine almost comes naturally. You’ve already been practicing the techniques that are needed to be successful, and now it’s time to make them work for you.

Getting Your Feet Off the Ground

Now that you’ve decided to move forward and explore franchising, you might be wondering where to start. One approach is to think of your geographic location and the types of goods and services that would have a positive impact on the area. If you’re unsure of what to do, consider doing some research on what brands generate the highest profits. Are you passionate or curious about a type of product or service that can help people? Depending on the level of investment that you are capable and comfortable making, finding investors or business partners might also be advisable.

Are You Ready?

If you think you’re ready to take a step towards franchise ownership, then FranSave can be of assistance. We can help you find the right business that fits best with your skills, lifestyle, passions, and income requirements. Becoming a franchise broker is another path to consider in the franchise world. If your background has been in sales, you might be a natural. We offer the lowest fees for broker training and an experience you’ll find nowhere else: training with Dan Burnell, a nationally recognized leader in franchise consulting and development. Visit us online at fransave.com and reimagine the next stage of your life.