Many people are retiring who still have their health and vitality. They may be done with the 9 to 5 corporate world, but still feel the need to take on a challenge and make a contribution. Partnering with a proven franchise brand can be a path towards fulfilling these needs while still having time to create a good lifestyle.
Q: I’ve always wanted to own my own business, and now that I’ve retired at a fairly young age from my longtime career, I have the resources to do it. However, I’m a little leery of risking all my retirement savings at this point. A friend suggested that buying a franchise carries less risk but would still allow me to realize my dream of owning a business. What do you think?
A: Franchise ownership could be just the thing for you, given your circumstances. That’s not to say that there’s no risk involved.
Franchises can fail. But the idea behind a franchise is that you are buying into a proven model. The franchisor is responsible for many aspects of the business, including the recognized name, the look and feel of the shop, the products or services you offer, and your marketing materials and methods. It also provides training and operational guidance to increase your chances for success.
Still, the day-to-day running of the business is up to you. You would hire and manage your employees. You would be responsible for promoting the franchise at your particular location. You’d purchase equipment and supplies, pay the bills and keep the books. You would deal with the customers and any issues that crop up, both positive and negative. You would be the boss.