Retirement often marks the next stage following a career—where one chapter ends and a new one begins. In retirement, some might want to kick back and leave their working years behind, but some might want to take on new opportunities during this new stage of life. That’s where franchising can come in. Here’s why franchising can be an excellent venture when a previous career has ended.
FOLLOW A PROVEN BUSINESS MODEL
Prior to becoming a retiree, you may have spent many years in your career, putting in the hours to achieve business goals or even building up your own business to a level of success. As a franchisee, you can bypass the grunt work involved in starting a business from scratch.
One of the main pillars of franchising is the proven business model that franchise owners follow. Since the franchisor has put in the work to develop and optimize the business and successfully operate multiple locations in their network, you can trust that the business model is tried and true. Training and support are available to learn how to run the business, which can remove some of the barriers to success, especially for retirees who want to enter a franchise industry out of passion and not necessarily experience. Since the blueprint is already provided, this takes out the guesswork for franchisees.
Franchisees can also take advantage of an already-established reputation and image, which comes with a slew of benefits. Elements like marketing materials, including recognizable brand colors, slogans, logos, and more, are already chosen and have been proven to perform well with the target audience.
BALANCE PERSONAL AND PROFESSIONAL LIFE
Although a work-life balance is important at any age, it can be especially pressing for those entering retirement, as some individuals will not want to put in as much time and daily dedication to yet another job. This is why franchising can be a great option, as many franchise businesses can offer ownership models that are less hands-on and allow for an absentee approach. This allows you to experience a traditional retirement lifestyle that is not so labor intensive while maintaining a professional role.
STAY MENTALLY ACTIVE
While retirement can be positively associated with slowing down in various areas of life, it may also mean a decrease in mental stimulation. With less structure in their day, retirees may find they have gaps they want to fill or a desire to keep their minds active. A study found that the more mentally stimulating activities older adults do, the greater protection against mild cognitive impairment. Taking on a franchising role, even part-time, can be a great way to keep your mind stimulated and your schedule active.
START A FAMILY BUSINESS
Investing in a franchise after retiring can be a great option if you are considering having a family member take over the franchise in the future. A retiree may choose to invest in a franchise to carry the family name in a community or maintain a sense of entrepreneurialism within the family.
The specifics of transferring a franchise over to another individual will depend on the franchise agreement. However, showing a family member the ropes of how to run the business now can make for an easier transfer in the future. In turn, your family member becomes a franchisee with an understanding of the business operations and a relationship with community members. Under your guidance, they can have the tools to succeed earlier.
Supplementing retirement savings with additional income can significantly improve your financial security. Unlike startups, franchising can offer a lower risk because of its proven track record, which can translate to greater profit potential. It can be especially helpful when franchise systems provide multiple revenue streams, which boost the chance of profit opportunities.
As a retiree, you have likely spent several years in a career and have developed skills that may serve you well in a franchising role. This is not to say you must have business experience to succeed as a franchisee. However, using the soft skills you have obtained over the years can be helpful, even if it is simply the ability to maintain a routine.
CREATE SOCIAL CONNECTIONS AND BUILD COMMUNITY
Retiring can be a significant shift since routines and lifestyles may change as you navigate a new landscape. For many older adults, loneliness and social isolation can arise during this time. Some can feel adverse psychological effects as a result.
A study of older adults found that one-quarter of “community-dwelling Americans” are socially isolated, while those 65 and older reported feeling lonely. With loneliness causing health risks for older adults, finding ways to build a community where one can feel connected is important. This is something that franchising can offer, especially since franchise owners operate locally, where they can interact with customers as frequently as they’d like. The opportunity to lead a team, attend local community events, and represent a business, even if on a part-time basis, can be incredibly helpful in staying socially connected.
FRANCHISING WITH DOGTOPIA
Whether you are about to retire or have been retired for years, now can be a great time to bring a dog daycare to your community. If you want to work with dogs and connect with pet parents, be sure to inquire using our online form and check out our resources highlighting your investment and what makes an ideal Dogtopia franchisee.