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The Post-Retirement Franchise
As the baby boom generation edges closer to retirement, they are likely to re-define the concept. This generation is set to live multiple decades past retirement, and many will enjoy good health, mobility and strength in the twilight years. Additionally, the last couple of years of recession have hit the baby boomers hard, draining retirement accounts and wiping away dreams of living out the golden years on a tropical island beach.
All of these factors, combined with a strong work ethic, will cause many retired seniors to shuck the traditional concept of retirement and look instead for alternative ways to keep active. One way is to own a franchise.
Owning a business is a dream that many people tend to put off. In the early years, a persona may worry that they don’t have enough experience or enough capital to start a business. Later in life, starting a business can seem like too much of a risk when the mortgage still needs to be paid off, and there are children that will one day want to go with college.
That’s why retirement might be the best time to invest in a franchise. The kids are out of the house, you’ve got decades of experience in the working world, and with the ability to cash out your 401k without penalties, you have a nice nest egg that can help fund your dreams of business ownership.
Franchising is a great way to enjoy an active retirement. Seniors can choose a franchise that incorporates their previous work experience, hobbies and/or passions. They can also choose part-time franchises or at-home franchises if they are looking for a business that is more accommodating to their needs.
Best of all, a franchise gives seniors all the benefits of owning a business with a lot less risk and guess work. Each franchise comes with a proven business plan that seniors can easily follow while still managing the day-to-day operations of a business.
Many of my clients are seniors who simply did not want to stop working even after they hit retirement age. They enjoyed going to work in the morning and keeping their minds busy. Retirement, however, gave them the opportunity to finally start their own business instead of working for someone else. Many of my clients found this very gratifying and considered their franchise more of a passion than a chore.
For many seniors, a coaching or tutoring franchise is ideal. Most seniors retire with an incredible amount of experience under their belts. A coaching franchise allows them to share all their knowledge and experience with a younger generation. Coaching franchises also usually require less investment and can be run out of a home or small office.
Examples of coaching franchises include business coaching, marketing coaching, media training, life coaching, computer software training, and much more.
For many active seniors I’ve worked with, retirement is only the beginning of career success!