By Mariel Miller, Franchise Advisor, Founder
Baby Boomers: Not Ready to Retire? Reinvent Yourself with a Franchise
It can be intimidating as you near retirement age to consider going out on your own and starting a business. There are many factors to consider, but with a well-managed franchise system, a breakoff could be the best decision you’ve ever made. Not only will it make you feel successful and accomplished, but a franchise can provide either a passive income or a way to occupy your time productively in your retirement.
Grow Your Nest Egg
If your nest egg isn’t quite where you’d like it to be for retirement, business ownership could be the perfect way to dramatically increase your retirement savings. With a myriad of financing sources available, and franchisors approved through the Small Business Administration (SBA), boomers with little liquid capital are still serious investors. Consult an advisor to find out all the ways you can enjoy business ownership with a confidential consultation.
Whether you want to be actively working in your business, or you’d like to have it nearly 100 percent on autopilot while you enjoy retirement, there are options inside franchising that can match your goals. A seasoned advisor can help you develop an ideal business vision and go to work exploring franchise concepts and matching them against your objectives.
Recover from Downsizing
Sometimes rather than choosing to quit your job and embark on an exciting journey, your company decides for you. But being downsized may be the best thing that’s ever happened to you. With more than half your career behind you, you’ll have unique insights to make you a savvy business owner. Part of creating your ideal business vision includes discussing your transferable skills and competencies. With a complete picture, including what you can invest and how quickly you need to see a return, an advisor can find you the very best franchise concepts to evaluate.