People make a conscious decision to join the world of franchising for many reasons, but all have a common goal—to take charge of their own financial future. And sometimes, one of the driving forces behind this rationale has to do with retirement savings. During today’s edition of FranNet’s blog, we’re going to look at the ways some franchisees have set up shop to ensure a secure retirement for themselves. And you can too…
The funding of an individual’s retirement account should be of paramount importance. Statistics show us the exact opposite. A recent survey by GoBankingRates.com reveals that a full third of Americans don’t have anything saved for retirement. Over half of Americans report $10,000 or less saved. This is an extremely risky proposition when you consider that many can no longer depend on a pension or the shaky Social Security net on the horizon.
The shift to having less for retirement isn’t new. For decades, companies and corporations moved away from the pension-based funds of the past in favor of employee-based contributions. And, as you likely know, those contributions are susceptible to a lot more leeway in the way of allocations and amounts.
Here’s where franchising can help.
One of the key benefits of owning and operating a franchise is the ability to utilize it as an exit strategy. For many of us, careers come in stages. After the requisite amount of schooling, we enter the workforce. That all-important first job is often a stepping stone to a steady progression of better opportunities. With this often comes a raise in stature, salary and responsibilities. At the same time, cautious employees are consciously aware of how much money they should set aside for a future retirement.
However, for many entrepreneur-minded people, working for someone else will never satisfy the urge to own something of their own. Which leads them to seek out their “Second Act”. Without a doubt, this is a huge shift in their lives, but it can be an exciting one. A properly run franchise which becomes a success can fund a comfortable retirement. The money you’ll earn, all your own, can be allocated in such a way that your future retirement lifestyle won’t be compromised. It’s an obvious selling point that we get to discuss with our candidates—many of whom come to us with concerns about their own underfunded retirement savings.
If you’re reading this, you may have approached a point in your life where retirement is all the sudden becoming more important than ever. If you’re one of the people mentioned in the statistics above, perhaps it’s time to consider an entrepreneurial journey designed to accelerate your retirement savings plan. It’s a proactive step that you can take to weigh your options.
You should seek the counsel of a wise set of advisors who can help you assess your current situation and put a plan of action together. If owning a business of your own is a consideration, an investigative look at franchising makes sense. The protocols, operating procedures and platforms of franchised businesses are designed to do one thing—replicate measurable success for your future.
If you’re concerned about your own retirement outlook, a no-cost, no-obligation visit with a qualified FranNet representative may be just what the financial advisor ordered. We’d love to discuss your current situation and see how franchising might just be the vehicle to get you back on track for a comfortable retirement plan.
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!