For many of us, we spend years looking forward to retirement only to discover that it only takes a few weeks to do all of our projects around the house and get sick of daytime television. So, what’s next after retirement? It could be franchising.
Franchising can be a great alternative to retiring because there are plenty of part-time franchise opportunities to choose from, you have financing options and franchisors understand the needs of older franchisees.
Part-Time Franchise Opportunities
Franchising is a great option for your retirement because you don’t necessarily have to take it on as a full-time job. After all, you’ve already paid those dues. You’ve worked the 9-to-5 and are ready for a new challenge, but you still want to enjoy your retirement and the lifestyle you’ve worked so hard to build. When you become a franchise owner, you get the best of both worlds. As an owner, you can take advantage of part-time franchise opportunities, setting your own hours and hiring people you trust to run your business so you can be on the golf course, on vacation with your kids and grandkids or just enjoying a leisurely pace of life.
During the franchise discovery process, be sure to ask franchise development representatives if their models allow for semi-absentee ownership. Opportunities in the travel industry, education and even certain specialty food franchises are often conducive to part-time ownership.
Franchise Financing Options
We’re going to let you in on an entrepreneurial secret: retirement can put you in a great financial place to start your own business. Have you heard ROBS? It stands for rollovers for business start-ups and it could fund your franchising dreams. This financing option allows you to use the 401K you’ve built up over the years to start your very own business. It is a very technical process, but there are a handful of professional agencies that specialize in it, and can get you set up with everything you need roll your 401K into your own venture.
This financing option is something that just wasn’t possible for you 20, or even 10 years ago. But now, you have the resources—not to mention the experience—you need to make your dreams of entrepreneurship come true.
Other Franchisees Have Paved the Way
In 2015, 24% of new business founders were between 55 and 64. And more recent trends indicate that the percentage of 50+ entrepreneurs continues to grow. Many franchise brands have experience working with older franchisees who are looking at entrepreneurship as a way to boost their retirement nest egg or continue striving toward goals.
We encourage you to ask the franchise brands you’re considering about their experience working with franchisees using entrepreneurship as their post-retirement career. Also be sure to ask questions that will help you find out if franchising with a particular brand will give you the retirement you want. Do you have to live near your franchise location? Is the opportunity absentee, semi-absentee or owner operator? Are there any franchisees who pursued ownership after retirement and can you get in contact with them?
Are you ready to find the franchise opportunity that will be your post-retirement career?