Is Franchising a Good Second Career Option After Retirement?

date icon 4 minutes to read date icon 11th April, 2022

Retirement may invoke many different images but one that’s not often considered is the fact that a retiree is an excellent candidate for a franchise business. Many may think that starting a business in retirement or starting a business after retirement comes with a lot of cons, but in reality, this is far from the truth. Franchising is an excellent source of income and personal and professional fulfilment, and it gives retirees an opportunity to put their lifelong skills and experience to good use by working for themselves.

Choosing good second careers

There are many reasons why retirees are perfectly suited for the franchise business model. Here’s why:

  • It can meet personal needs: the best franchises for retirees are those that give them more time and freedom to do what they really love, while still being involved in the business. Luckily, there are many franchise options that can be pursued which offer retirees part-time or even absentee ownership options. Some of these include food, fitness, home maintenance, and more. All that’s needed is to get the franchise business up and running by getting the right employees and putting in management structures in place, and the rest is history.  
  • It can meet professional needs: a retiree that has just come out of the working world may feel at a loss of what to do with their time. Yes, gardening and tennis with friends can seem like fun for a while. But retirees have strong business acumen and bring a lot of experience to the table. These qualities and skills should be maximised instead of letting them wither and fade because many young employees look up to their franchise owner for leadership and advice. Meanwhile, the benefits for retirees are that their professional needs can be met as they can not only lend a helping hand and help with problem solving, but also enjoy the rewards that come with working for yourself while having a strong support network.
  • There are many options to choose from: as mentioned above, there are a number of franchise opportunities available on the market. It’s simply a matter of finding the right business partner or franchisor to help meet your needs. A retiree can, for example, browse through various franchise resources or even approach a franchise marketing agency to help them determine what is the best fit for them. And if one finds that all-out franchising is not for them, then there’s always the option to become franchise consultants, which again takes into account their skills and experience and enables them to have a fulfilling second career. 
  • Profitable business ownership: one of the reasons why retirees are looking to get into business as their best second careers is because of the potential for profits and high returns on investment that the world of business can bring. And franchising as one aspect of the business spectrum can be highly profitable with recession-proof and proven business models that can be trusted to weather any economic storm. 
  • They bring business experience to the table: franchising should be considered as one of the best second careers after 50 because retirees bring so much business and life experience to the table. They’re able to negotiate better due to years of experience doing so. They also bring maturity and business knowledge to the table and ultimately they possess more financial clout as they’ve been around the block a couple of times and know how things work. It’s no longer about reinventing the wheel but rather about making the wheel turn faster and more elegantly. 
  • They possess multiple soft skills: as a final point, retirees also make great franchise owners because they possess multiple soft skills. If you were to look at a franchise directory to determine which franchise is for you and what requirements they have, in most cases, you’ll notice that soft skills such as communication, management, leadership, people skills, problem solving and more are nice-to-haves. Retirees, with their decades of experience in various fields are able to take these soft skills and put them to good use for the benefit of their business. They’re great negotiators and they’re great leaders. And these skills take years to develop and master. 

Conclusion

If you’re looking for great retirement business ideas, then franchising comes highly recommended. The franchise business model is proven, profitable and easy to implement. And you can also choose a franchise that meets your particular needs – whether you are looking for more time and freedom or for financial ROI. Franchise directories are some of the best resources you have at your fingertips to compare different options and to see what’s the best fit for you. Alternatively, you can always get in touch and speak with a franchise consultant to help you figure out how to navigate the world of franchising.