Why Buying a Franchise Could be an Excellent Retirement plan

June 19, 2020 By: admin0 comments

Retirement plan?

It is common to find most retirees thinking of starting new ways to add to their income after enjoying freedom for a while. Sometimes, people are forced to retire before the expected date.

Retirees may find that franchising provides them the opportunity to start a business they may enjoy.

Every retiree may not be an entrepreneur, but franchising offers an opening to your entrepreneurial spirit. No new jobs are available on a platter, and many retirees may have dreamt of having their own business and working on their terms which is an excellent Retirement plan. A successful business means additional income during the retirement period.

Here are 8 Things That Make Franchising an Attractive Retirement plan

• You get the guidance and some backup system to help you learn the ropes during the start-up phase and find a firm footing in the business in a short period.
• If you follow the system, you have a higher chance of success.
• Brand recognition.
• A relatively low-cost business opportunity.
• A time-tested business model.
• Well laid out procedures and operational systems.
• Strong support from the franchisor to set up the business, market the products.
• You can also look for support and advice from the franchisee fraternity.

Franchising to Support You Financially During Retirement

When you near retirement age the implications of having no monthly paycheck coming in, stare you right in the face. As you look at your savings and other retirement benefits, anxiety begins to creep in. Your reluctance “to put out to pasture” begins to increase, and your urge to start a business that offers you independence(retirement plan) starts taking root.

Full-time work after retirement is not always good for health, and franchising is a great business option that helps you meet your financial needs and more. Many retirees may not be open to the idea of starting a new business from scratch but may welcome the concept of venturing into the franchising space, where they can get some support and backing.

Time to Give Up the Thought of Retiring

The idea of retirement is changing fast, as mortality rates have increased. People want to remain physically, mentally, and financially active in their post-retirement period. For all these people, a franchise is an excellent opportunity to have a good retirement plan. They can use their experience, time, and a part of savings to start a business that has higher chances of success. It is an opportunity to be a part of a broader community of franchisees and franchisors.

Some Aspects to Keep in View

• Before you jump into franchising, carry out research to make sure that franchising is something you want to get into.
• Consult a financial advisor as a sounding board before making a decision.
• A franchisee business requires some upfront investment, but it varies with the type of business. There are low-cost franchise businesses in areas such as cleaning services, accounting, childcare, and eldercare services as well as in printing and promotional products, etc. You don’t need to invest a large chunk of your savings in these businesses. AFI and FDBS can help you with all franchising FAQs
• You can search for suitable opportunities as franchisors can help you with their relationships with banks to sort out financial difficulties.
• Look for a credible franchisor who is willing to sell a running business instead of starting on a clean slate.

You can identify franchise opportunities that are in sync with your retirement lifestyles like fixed working hours, free weekends, and no disturbance to night sleep. If you want to know more, feel free to get in touch with us at Franchise Business Development Services (FBDS). You can call us on +234 (0)908 569 4509 or fill out our Franchisee Pre-Qualification form and we will matchmake you with a suitable and available franchise business to invest in.

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