Advisory May, 21 2010

Retirees, Begin Fresh With Franchising

With the completion of the first innings of life, retirement gives ample scope to the retirees to think of various business propositions. However, franchising is the best option as it offers a risk proof business opportunity with other benefits. Here is a

By Abha Garyali
Sub Editor
Retirees, Begin Fresh With Franchising

With a long cherished dream of owning a business, if you have made up your mind to venture in to a business of your interest, then the best way forward is to buy a franchise of a successful brand. Now you must be wondering that why franchising? Investing your hard earned money in an independent business at a later stage in life involves undue tension and lot of risk. However, franchising offers a risk proof business opportunity.

Franchising, most suitable for retirees

Now that you are retired and most of family responsibilities are complete, you can think of trying your hand in a business venture.

For financial stability: Merely depending on a limited pension, a franchising business is the most convenient way in generating extra income as well as maintaining a reasonably standard life.

To keep one self occupied: Franchising offers flexible work schedule while keeping the owner occupied. For retirees it is best suitable option to keep them occupied.

Legacy for coming generations: Establishing a successful franchise business could be an investment for the future and can be inherited by the next generations.

To keep enthusiasm in life intact: For some, retirement means ‘It is the end of life’ whereas, for others it is a fresh beginning. Opting franchising is the best possible way for senior citizens to live their second innings joyfully.

Why only franchising?

Now you are wondering why one should take up franchise route rather than an independent business, here we explore the reasons for why only franchising is the most suitable option for the retirees.

Successful brand: Franchising will introduce you to a successful brand with which people identify themselves.It will take lot of efforts to create an identity for the brand which the franchisor has already taken.

Huge variety to choose from: Today, franchising covers almost each and every sector and thus aspiring entrepreneurs can select a franchise depending upon his interests and experience.

Complete hand holding: Franchisor provides each and every kind of support from selecting the franchise, setting up the outlets, and carrying out the day-to-day functioning of the outlet.

Risk covered: Though 100 per cent success is not guaranteed in any franchise business but still franchising involves lesser amount of risk as compared to independent businesses.

Fulfillment of dreams: Franchising is the best suited method for fulfilling the long cherished desire of becoming a business owner. Retirement is the perfect time and franchise offers the best opportunity to give a free rein to such desires and dreams.

Considerations before going the franchise way

However, there may be certain considerations that must be taken care of by retirees before jumping into the franchise bandwagon. A few considerations for retirees hoping to become entrepreneurs are given below:

Investment required in terms of time and attention: Select the franchise depending upon the amount of time one can devote to the business.

Health constraints: Retirees need to keep in mind their health conditions before selecting a franchise. Therefore, it is always preferred to take up a franchise, which requires less physical labour and energy.

Experience counts: It is always preferable for retirees to look for franchise concepts in which they have a rich knowledge and experience. The skills you have developed during your working tenure can be used very efficiently in a similar franchise.

Franchisor’s opinion: Retirees should also meet the franchisor and find out his views about selling his franchise to someone of his age. A few franchisors may be rigid in their approach as they may take the age factor only. However, a few others may give preference to experience and age.

After contemplating on these above given considerations, a retiree can surely think upon taking a franchise to make his future worthwhile and paying.

Word of caution

After reading the above article, retirees might consider franchising business as an ideal business proposition. Nevertheless, think not just twice, but till the time you are satisfied enough before investing, as after all it is your life long savings that are at stake.

Related: Why opt for MBOs over EBOs in Kids Retail

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