While the average retirement age in the United States has fluctuated over the decades, the average life expectancy in the US has steadily increased. This means more years in retirement for many people. While there are obvious benefits to this, it can be daunting for those who desire financial security or hope to stay mentally and physically active during their retired years.
Franchising offers a solid option for retirees to continue receiving income while also working hard to build something that they can pass to the next generation. When comparing franchising with starting an independent from scratch, there are several unique benefits that stand out for franchise ownership.
6 Top Reasons to Buy a Franchise in Retirement
#1 – Flexibility and Lifestyle
Many franchise opportunities have much more flexibility than traditional jobs, which allows its owners to maintain a healthy work-life balance. Retirees might consider pursuing a lifestyle franchise, allowing them to tailor the business to fit their retirement lifestyle.
While not every franchise will offer the same level of flexibility, there are hundreds to choose from. A FranNet franchise consultant can help individuals evaluate their personal skills and desires and then find a franchise that fits.
#2 – Established Brand and Support System
Franchise ownership also comes with a recognized brand and a system that’s been proven to work. Because an established brand makes it easier to attract customers and build their loyalty, there is less risk to starting a franchise vs. an independent business. Additionally, franchisees have a greater chance of success due to the training and ongoing support they receive from the franchisor.
Further reading: Franchise Success Rate: What You Need to Know in 2023
#3 – Income Generation and Financial Security
Unfortunately, there is a “large number of people who are not going to be able to save enough to maintain their current lifestyle throughout retirement” (Robert Laura, RCA). Many peoples’ pensions and social security benefits just aren’t going to cut it as they face their future living expenses.
The good news is franchising offers stability and predictability of income compared to other investments. Not only can franchise ownership supplement a retired individual’s income, but it has great potential to build wealth and leave a legacy for the retiree’s children and grandchildren.
#4 – Utilization of Experience and Expertise
“In addition to providing more joy and less stress, starting a retirement business fills a variety of human needs that are often left unfulfilled once a full-time job has ended. Needs such as feeling connected, staying relevant, finding significance, being helpful, and remaining valued. Areas of retirement that are seldom discussed let alone planned for.” Robert Laura, RCA
While making sufficient income is crucial for a retiree, franchising is about more than that. Franchise ownership gives retired individuals the opportunity to leverage the skills that they acquired through their career such as management and leadership abilities. It also allows retirees to continue pursuing personal and professional growth.
#5 – Community Engagement and Social Connection
Retirement can feel lonely and isolated for people who just spent several decades interacting with their colleagues on a daily basis. Franchising is a solution. Starting a franchise gives retirees a way to become an integral part of the local community while building relationships with their customers and employees.
#6 – Exit Strategy and Succession Planning
Retirees that own a franchise have the freedom to plan the future of the business. Whether that’s selling the business or passing it down to their children, franchising ensures financial stability for future generations. It’s a gift that keeps on giving.
Are You a Retiree Interested in Franchise Ownership?
“Many people get blindsided by retirement and are left to grieve the loss of their work life, deal with a medical issue that may have been preventable, or just struggle with finding a new reason to get out of bed and make the most of this encore phase of life.” Robert Laura, RCA
Having a plan after retirement is about more than money, it’s also about continuing to live a life filled with purpose. If you’re starting to think about what to do once you’ve retired, you should seriously consider franchise ownership. FranNet is here to walk you through the process from start to finish. Our franchise consultants can answer your questions and help you find a franchise brand that fits with what you’re looking for. Schedule your free consultation today!