Advisory Oct, 26 2009

A Great Option For Second Innings

Retirement does not mean to put a full stop to your professional career. With franchising as an option you can give a new shape to your professional life. Interested, the article throws light on franchising as an emerging profession for retirees.

By Abha Garyali
Sub Editor
A Great Option For Second Innings

During your service tenure you always wanted to be entrepreneur, but due to various reasons you had not been able to take the risk. Now that you are retired from your services and have ample time and money, buying a franchise business is one of the best options to take a risk of fulfilling your dream of being an entrepreneur.

The best way to take a step forward is through franchising. Franchised businesses have experienced a rapid growth in the past few years and still have not shown any sign of its waning in the country. Moreover the franchised businesses are more successful than independently-owned businesses as it is a tried and tested method. The lack of risk in the franchise business adds another reason for the retirees to choose this over starting anything new.

Age is no criterion for the franchisor for selecting the prospective franchisees. Indeed, retired people suffice all the requisites of the franchisor in terms of cash for franchise investment, years of valuable work experience and acquired skills. Therefore they present better and brighter prospects to the franchisors.

Franchising, a fabulous opportunity

With a plethora of franchise opportunities and many new ones emerging in the country, below mentioned are a few reasons why franchising is a good option for the people nearing the retirement age:

Dream come true: Many of the Government officials and corporate executives dream of having their own business. This dream can come true post retirement by taking a franchise.

Less of risk involved:A successful franchise with an established product or service, and a good support system for franchisees, may be a viable option for someone looking at starting a business with less risk involved. Along with it the franchisor also supports the franchisee in the various promotional activities. The aspiring franchisees in late 50s can manage the franchised business well as they have plenty of prior experience of handling employees and clients.

Word of caution

Before taking up a franchise you are advised to take care of the below mentioned factors:

Health concerns: Middle and old age brings in some limitations in our physical strength and stamina, thereby reducing efficiency. To make the franchise work, you have to put in long and tiring hours which can be a bit difficult at times.

Money concerns: Another consideration is investing the life earnings in taking a franchise which can not guarantee 100 per cent success rate. Losing money at the later stage in life can be a risky situation.

If these concerns are well addressed then a franchising business is the best suited business option available.

Related: East India - The Perfect Franchise Destination

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