Opportunity Aug, 22 2014

New-age biz concepts for the aged

Retirement is never an ending but a new beginning. It is the best time to put all the wealth and wisdom that you have acquired during your professional journey to the best possible use.

By Rashi Mathur, TFW Bureau
Feature Writer
New-age biz concepts for the aged

Colonel Harland Sanders was in his mid sixties when he devoted himself to expanding the Kentucky Fried Chicken franchise. According to CNN Money, franchise ownership falls in the list of top twenty best paying retirement jobs. In the recent years, India too has seen rise in the number of franchise owners who are over fifty years of age. Franchise route offers various opportunities for retired professionals with limited risk and valuable returns.

The corporate ladder offers a clear cut path to increase ones earnings but once the topmost rung of the ladder is reached one needs to step down eventually. But franchising is an unrestrained route where time and age are no barriers. It is totally upon the will of the franchisee when to start and when to quit. Established brand name, extensive support in the form of training, operations, advertising as well as marketing makes franchise model a viable investment opportunity especially for the government officials and corporate executives who wish to have their own business. Age is never a consideration for the franchisor but the skills possessed by the prospective franchisee.

Amol Arora, Vice Chairman and Managing Director, Shemrock and Shemford Group of Schools says: “Once people are retired they would not have the energy to set-up something from scratch. So, franchising offers people with the opportunity to work with a proven system and benefit from the constant research and operations that the franchisor would undertake.”

Unfolding manifold opportunities

The advantages that the retired professionals have when buying a franchise is their professional experience, sufficient capital and a good networking.  The business experience is a great advantage when it comes to opening a franchise; it makes them more efficient business professionals.

Shemrock Preschool as well as Shemford 10+2 School offers opportunities for retired professionals. “Education sector can be a good area of investment for retired professionals since the returns are risk-free and a good quality of life is ensured. Moreover it provides a sense of satisfaction by helping the community. This is a recession free sector. The working hours are only till 2 o’clock which suit the retired professionals as they cannot get into very hectic businesses,” says Arora of Shemrock.

Modiglobe is a travel franchise brand, home-based opportunity introduced by the Modi Group. Seana Wade, CEO, Modiglobe says: “Travel franchising offers comfort and reliability of a physical, tangible presence which in-turn is solidly backed by technology and a team of travel experts. The easy availability of technology and internet has made home-based franchising an exciting option for retired professionals and others who seek secondary sources of income. Modiglobe provides a cohesive business-in-a-box solution along with training and support, ideal for retired professionals. It offers a home-based business model which allows people to leverage their network of people while removing the unnecessary cost of an office space.”

Explaining about other available options Arora of Shemrock adds: “The retired professionals can be investors in business franchising. For example, some popular restaurant chains expect the franchisees to only make investment, while the company operates the franchise operations.”

Ponder and prosper

The retirees should not make decisions in haste but carefully analyse the industry before taking  a franchise.

·         First and the foremost, health factors should be carefully evaluated. Businesses that involve long and tiring hours should be avoided.

·         Stress and anxiety due to work can prove to be disastrous at this age. Physical strength, mental stamina and endurance should form the basic standards against which prospective business options should be measured.

·         Money matters play an important role. Franchise that involves lower up-front costs and minimal ongoing overhead is what retired professionals generally look for. The entire earning of your life needs to be invested in a franchise that has the potential of offering hundred per cent success rate. At this stage you definitely cannot afford to lose money.

·         Return on investment is of utmost importance. It requires a certain specific time period to break even, which varies from business to business. Therefore selecting a franchise demands careful scrutiny and if these concerns are intelligently attended to, then indeed franchising is the best suited mode of earning for retired professionals and a perfect way to begin their new life.

Related: ‘Men in blue’ prefer franchise business ventures, off the field.

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