The gig economy is hotter than ever right now as talented individuals are shedding the corporate culture and heading for the basement with a laptop in their PJs. This trend is being quickened by corporations themselves realizing the quality of the labor force ready to the job they need for them and nothing. If you need a sales report or perhaps web content then just pay someone to do that and skip having to pay for them to attend the company potluck or Christmas party. It is a mutually beneficial relationship where companies and talented individuals get exactly what they want from one another and nothing more. The problem is that freelancers are realizing by the droves that working from home is not quite all it is cut out to be. So that’s why I’ll message this article to those looking to leave the corporate world behind but who still understand the merit of showing up to work each day. If you ask me, working from your franchise beats working from home and I’ll tell you why.

The Great Generational Divide

It might not be sufficient to say that working from a franchise beats working from home for everyone as there is a generational component to it. A modern recent college grad has spent the sum of their entire lives connected online and an isolated setting where every human transaction is digital might come a little more naturally to them. Then, for those of us who have grown up to be accustomed to starting the work day at a particular time and shaking a few hands each day it can come as a challenge.

If you survey new freelancers you will find that one of the most common mistakes they made early on was to ditch the norms and cultural conditions that made one feel like they were at work. Sitting behind your laptop in your pajamas while you eat a bowl of cereal just doesn’t quite feel like work and productivity often reflects that. Moreover, failing to identify when your day ends and when it begins can often result in a complete loss of work/life balance that deteriorates one’s sense of rest. In a nutshell, the stay at home freelance lifestyle is not for everyone and yet that is often the only route burned out employees can see towards cutting the corporate cord.

There is Another Path to Freedom

Despite the popularity of the freelance and gig economy, there is another path that others are beginning to rediscover that not only grants them the freedom from the corporate world but also makes them captains of their own destiny. I say rediscovering because franchising was granting people their freedom long before Bill Gates first touched a computer. The benefit to this method of freedom is that one is allowed to retain many of the aspects of a hard days work that they love without any of the corporate hassle.

There is still a physical location which to go and in most cases even an office of your own. The only difference is that this is your ship now and you are captain of your own destiny. There are start times and end times to work though an entrepreneur’s day truly rarely ends. There are people to connect with, employees to manage and most importantly a proven business model to follow. There is even corporate help from your franchise should you really need it. Namely, you have the support and structure of a job but all the freedom and authority of an industry leader.

Franchises Never Go Out of Fashion

Finally, I’ll submit that working from a franchise beats working from home because franchises never go out of fashion. The gig economy is hot right now, but if you are in your 40’s and 50’s planning on the gig economy as your retirement plan then you might be sorely disappointed. Franchises, on the other hand, will continue to meet a need so long as they continue to have quality leaders to manage them. Taking on your first franchise and managing it in your 40’s can turn into a fleet of franchises by your 50’s. A fleet a franchises becomes a force and income multiplier long after the franchisee decides they do want to spend a little more time at home.

It’s a matter of preference for many, but for me it is a matter of practicality. While individual franchises might have to adapt to compete in the face of changing technology the franchise industry isn’t going anywhere. It is a proven business model that offers all the same structural benefits of the corporate you might miss. Except this time, you’re the captain and how far this ship sails you is up to you. Leave the basement in the pajamas for the next generation. As for me, I’ll stick with shaking a few hands everyday and building income into the future.

Don’t we all love it when science confirms something that we’ve always known to be true? Even better is when science tells you that thing you enjoy doing most is actually healthy for you. Personally I’m still waiting for them to confirm that eating bacon stops the aging process, but they did recently announce some other good news for those in the franchise industry. Researchers from two renowned universities conducted a study on thousands of people and confirmed that self-employed people are happier. That’s right, science proved it and you can read the full story here. For those currently considering a franchise this should be all the extra motivation you need to make the leap. Working for yourself does come with a host of challenges, but it’s gotten a bad rap for far too long now. Science just confirmed what I already knew to be true and I’ll explain how you can franchise your way to your own self-employed happiness.

Conquer the Fear of the Unknown

It is no small moment in life when one decides to cut the corporate cord and step out on their own. Most of us have been condition since were young to work a job and wait for those reliable bi-monthly paychecks to roll out. Health care benefits often come from an employer as well things like sick days or vacation time. The thought of leaving all this behind creates a mountain of fear that often tethers people to the paycheck to paycheck lifestyle for the duration of their working years. But what if it didn’t? What if you conquered the fear of the unknown and grabbed you a little piece of this happy self-employed lifestyle?  

It is remarkable that this scientific study collected data from thousands of workers over three different continents and came up with the same conclusion. Yes, self-employed people often worked longer hours and fought the feelings of uncertainty about their income. That being said, they were still universally happier. It is as if all the fears keeping one from making the leap towards self-employment are only visible before you make the jump. Because those who already have made the leap don’t seem to mind them at all and are as happy as can be.

That doesn’t mean it isn’t hard work and it doesn’t guarantee success. But then again, that’s just like the rest of life now isn’t it? The difference is that those with the courage to take a risk get to enjoy the taste of happiness along the way. Now let’s talk about that word risk because that might make this leap sound a little scarier than it ought to be. Franchising offers some great features that help mitigate the risk for the owner. You are not quitting your day job on the speculation that the Chia Pet is about to make a comeback. You are not giving up the security of a steady paycheck on the hope and a prayer that you will become the next Bill Gates. You are cutting the corporate cord to follow a proven business model with the full backing of the very people who created that winning model.

Franchises Mitigate the Risk

Read that headline again because I don’t want to confuse you. I didn’t say eliminate the risk or guarantee success. But it does mean that you are going to have to work really hard to fail if you ever had a shot at pulling this off in the first place. Franchises understand that their reputation and brand are on the line when they franchise out to a new owner. Meaning when you fail that they will ultimately take a hit too. All the leading franchises can offer the market data on the front end that tells you whether a particular franchise is likely to be successful in certain areas. Then, when they issue you the franchise they offer the business model that has proven successful. If you can read a plan and follow directions then you don’t have to be a genius business master to live this self-employed happy lifestyle.

From marketing to management and beyond, there is help available to the newbie franchise owner that is not there when someone creates a new company out of thin air. Franchises are a fantastic way for the would be entrepreneur to cut the corporate cord and break out on their own. It doesn’t eliminate all risk, but it certainly mitigates it. With happiness on the line, those fears should seem a little less daunting now.

Moreover, the security you feel at your corporate job is just as made up as the fears keeping you there. Show me an industry where companies have not gone bankrupt and laid off all their employees. Find me a company in America where there is not at least one toxic manager ready to fire someone without reason. Tell me that you are not beyond accidentally hitting “reply all” to the email where you mock your boss for the message he just sent. Life happens and when you work for someone else you are never the captain of your own destiny.

Master of One’s Own Happiness

Perhaps that is the secret to happiness after all. To simply choose one’s own fate and whether life is good or bad at least it will be your own doing. The science is in and thousands of people across three continents and multiple industries have come to the conclusion that working for themselves is worth it. The juice is worth the squeeze as they say and they are happy about it. Franchising not only puts you in charge of your own destiny but it gets you some pretty good partners to sail with you on your ship. They offer navigation and guidance, but they still need a captain. If you think that’s you then perhaps it is time you too cut the corporate cord and take the first step in your journey towards a happy self-employed life.

It has often been mused that youth is wasted on the young. The implication is that health, freedom and opportunity abound at an age when one is too young to have any idea what to do with it or to truly appreciate it. By the time a citizens crosses the grey line on the other side of 50 it is a much different story. Mistakes have been made and perhaps fortunes have been both won and lost. Whatever the outcome, what remains is an individual who has reached an age where they truly know how to get things done. With a certain natural wisdom and maturity that only comes with age, this population finds themselves in a prime position to take on the thrilling venture of entrepreneurship through franchising. So perhaps it’s time to put that wisdom to good use and find the opportunity that will carry you into the future during this golden season of life.

A 2nd Career When It Matters Most

Somewhere in around the age of 50, most individuals reach a milestone that recognizes at least 30 years in the workforce. Granted, some learn to hustle at a much younger age and they might have even earned a living for over 40 years doing everything from delivering newspapers as a kid to closing major deals in the boardroom as an adult. Whatever the case may be, if that is you then you are entering your prime and you have the capacity to revolutionize your future with franchising.

This is not about getting a 2nd job where you grind your days away just when you should be relaxing and hitting the golf course. This is about putting your life and professional experience to bear for your future. Whatever career you have found yourself in by the time you hit your mid 50’s doesn’t have to stop. Many successful entrepreneurs manage a full-time career as they set up their franchise operations. However, it is a fair question to ask yourself what you want to be doing when that primary career comes to an inevitable halt.

You might think you want to spend your days in front of the TV without so much as even putting on a tie ever again. You might then be surprised to find that retirees often report and overwhelming sense of boredom and isolation after retirement. Perhaps it is your belief that you are set financially for retirement and you plan to spend everyday on the golf course. Then again, you might find that your nest egg wasn’t quite as big as you thought as you carry yourself into your 70’s, 80’s and even 90’s. Right now is the time to take action that will pay social and financial dividends through it all.

So Let’s Talk About Franchising

At this point, some might be doubting whether they have what it takes to kickstart a second career.  If that’s you then let me speak to your skepticism. Regardless of where your career has taken you I assure you that you have the capacity to start your first franchise. The first step is simply finding one of the many thousands of franchises out there that stirs your passion. Perhaps it is a restaurant, fast food joint, tool shop, clothing store or you name it. If there is a good or service that people pay money for then it is likely that there is a franchise options for you. The next step is simply doing a little research or perhaps reaching out to the franchise to see if there is a market for it in your area. You might have a passion for selling ice, but if you live in Alaska that might not be the best venture.

Franchises are heavily invested in the success of their name and brand. As a result, they are not going to open up a franchise in an area if the market will not sustain it. So right from day one, you know that you have a good chance for success if the franchise is willing to put their name on it. Next, you just need ask yourself if the sum of your life experience has taught you anything about managing others. Running your own business might sound daunting, but overseeing a couple kids making your Lenny’s sub sandwiches isn’t exactly rocket science. At this point in your life, can you lead, manage and influence others for good?

Finally, you simply follow the plan. As we mentioned, most franchise have the data down to show what works and what doesn’t. Most can even give you a fairly accurate prediction as to when you can expect a return on your investment. If you follow the model and use what life has taught you over 50 years of life you are primed to succeed. Then, if you should so choose it is simply rinse, recycle and repeat from one franchise to the next. Certainly there is more to it than what was just mentioned, but if you think it overwhelming you might need to consider just how simple it could be.

A Future of Passion and Profit

So now, rather than look towards retirement with an uneasiness about finances or purpose you can sit back and relax like you always intended. The truth is that you can start a series of franchises when you are 50 and manage them for 30 years and still only be the ripe young age of 80. Whereas you might be more active with the franchise in your 50’s by your 60’s you can turn them over to a capable manager while it still creates revenue. Then when you are 80 and you are looking to buy the corner lot on Golden Acre Estates you can always sell them or pass them down to family. Passion, purpose and profit are closer than you think if you can make the leap to join the ever growing world of franchising.  

Let’s face it, everyone will reach their golden years at some point no matter how young of heart they might feel. Then again, if you don’t reach your golden years then something has gone terribly wrong and you’re likely not reading this article right now. So let’s speak to the seasoned individual who’s not quite done yet living life to their fullest. By the time AARP starts sending you literature you’ve seen and done a thing or two in life. The odds are high that everything did not go according to plan, but you’ve learned from it. Remarkably, at the time in life when persons know the most about life, love and business it is also the time they are considering winding down. So let’s ask the remarkable question of, what if you didn’t? What if right at the time when you know the most you took on a venture to secure a steady stream of income that would carry you into your golden years with class and style? It might very well be that right now is the perfect time in life to start a franchise and coast your way towards retirement bliss.

Retirement is Not All It’s Cracked Up to Be

Throughout senior centers around the nation, the same story plays out with regularity. A senior in their 60’s or 70’s shows up with the same story. Namely, “I retired 6 months ago and I absolutely hate it.” The stats are in and it seems like retirement is often not all that it is cracked up to be. Imagine a lifetime of action and movement to be with the stroke of a pen altered to endless amounts of time and little action. Retirement is often the life’s goal for an individual and it can come as a shocking revelation that this goal was found wanting.

It would seem that not only does a retiree’s life savings tend to stretch thin, but so does that sense of purpose and the pursuit of success. When a person has lived enough life to know most what contributes to success it seems oddly incongruent that they would then forfeit that venture. The average lifespan of an American citizen pushes 78 years with some going on to live another 20 plus years past that average. So what exactly does a seasoned professional in the early to mid 50’s think about throwing in the towel this early? Perhaps a franchise is the retirement answer you have been seeking.

Franchise Your Way into Retirement

Starting up a franchise requires a little work, grit and grind. Anyone who tells you otherwise isn’t telling you the full story. Ask yourselves 50 something citizens of America, do you have a little grit and grind left in you? I’m thinking the answer is an absolute yes and that’s great news for the franchise industry. You’ve lived life, you’ve managed people and you’ve taken your wins and losses. Now it is time to set up a steady stream of revenue that you deserve into your golden years.

Franchising affords one of the more predictable business models in the free market. Hundreds, if not thousands have gone before you and you have a little data on which to rely. The truth is that many franchises will not risk partnering with you if the data tells them you have a high likelihood for failure. Their reputation is on the line and they are not willing to let it suffer to secure a few easy franchise fees. If you do the research and partner with a reputable franchise you have a pretty good shot at success. More than success, you have a pretty good shot at a steady stream of income that not only provides profit, but purpose into this new season of life.

The Exponential Power of Franchising

Recent studies show that the average retired household might spend on average of $40,000 a year. That sounds fairly reasonable, but keep in mind that is just an average. Now imagine that $40,000 a year played out as you live into your 70’s, 80’s or even 90’s. That’s a lot of money to spend for a season of life where social security might be your primary source of income. So what if it wasn’t? Right now in your late 40’s and 50’s, you have everything you need to start building a successful network of franchises where each one will send you a steady stream of money long after you might have given up the day to day management. Franchises don’t just increase your earning power in retirement, but they increase it exponentially.

In Conclusion

For experienced professionals in the latter seasons of their careers, franchising poses a great opportunity to live like you want into retirement. Beyond just the extra income, but running a series of successful franchises in your 50’s and 60’s can also provide you with a fascinating opportunity to avoid the boredom and drudgery of retirement that most don’t expect. You’re done working your way up the corporate ladder and a corner office no longer excites you. So why not bring in some extra income while pursuing a passion project into your golden years.

Moreover, the franchises themselves are an investment. Should you need the cash for reasons of health or housing difficulties you can always sell them. The franchising world is larger that most people think and it extends far beyond hamburgers and pizzas. So perhaps it is time to start doing the research and find your passion project. One that you are ready for as a seasoned professional and just might need as you head into this new season of life. Whether you are dreading retirement for fiscal reasons or simply boredom, franchising just might be the solution for both.

Owning and operating a franchise is the best way to start an independent business. It is relatively easy to raise finance, as the lender knows that you have the backing of the franchisor’s proven model. Additionally, you will be provided with access to the franchisor’s operations manual. This is an invaluable tool that will guide you in nearly every aspect of your functioning.

Remember that your primary function as a franchisee is to promote the business of the franchisor and market its products. You are responsible for protecting the franchised brand and building up a loyal customer base for the franchisor’s products.

How can you establish the new business and attract an adequate number of clients? You will need to develop your marketing skills and ensure that your franchise is in a position to meet the requirements of its customers.

Here are five marketing principles that you can use to build up your business and set it on the path to success:

1. Marketing is about beating the competition

Regardless of the type of business that you operate, your customers are going to compare you with others who provide the same service or product. It is absolutely essential that you position yourself in a manner that places you ahead of the competition in the eyes of your clients.

The first step that you must take is to identify your competitors. Understand their business model and the methods that they use to attract customers. Don’t be a copycat, but at the same time, your business must be in a position to offer clients a value proposition that is greater than that which is provided by your rivals.

2. Differentiate yourself from the competition

When you are running a franchise, you will need to follow a standardized approach in most areas. But it is definitely possible to differentiate yourself. Here are some ways in which you can do this:

• Employee training and attitude – each of your worker’s should have a deep understanding about the product that you sell or the service that you provide. Your clients will place great importance on the quality of the interaction that they have with your employees. Well-informed and courteous employees can be your greatest assets.

• Offer a consistently high level of service – set the bar very high within your organization. Do all that you can to ensure that every customer is given the greatest respect. While mistakes will happen, it is up to you to acknowledge them and take corrective action immediately. Your clients will appreciate your candor and the fact that you made the effort to rectify the situation.

3. Understanding your customers’ needs

You must take out the time to understand your target market. Which is the customer segment that you cater to and what is the exact need that you fulfill? Getting this aspect right is crucial to the success of your business.

When you understand why a client buys your product, you will be in a position to work on enhancing its most important features. You must conduct some primary research to get this information.

Your objective should be that when your customer has a certain need or requires a solution to a particular problem that pertains to the area in which you operate, your business must be the one that first comes to mind. This is possible only if you have taken the trouble to understand what your clients are looking for and worked towards addressing those issues.

4. Measure the results that you achieve

Your marketing expenses will form a significant part of your total budget. While this expenditure is absolutely justified, you must keep track of how it is helping to establish your business and build up its reputation. Which activities provide the greatest bang for the buck?

Every marketing campaign that you conduct should lead to greater awareness about your business. Over a period of time, it should also result in more sales. Soon after you launch a marketing push, implement a program to gauge customer response. The feedback that you get will help you to take corrective steps and optimize your efforts.

Another way that you can measure the effectiveness of your marketing strategy is to see the effect that it has had on the competition. If your rivals try to copy you or introduce a variation of what you have done, you will know that you are on the right track.

5. Build strong relationships

People like to do business with those whom they are familiar with. It is important to establish and nurture long-term relationships with your customers. Try and find the best way to stay in touch with your existing clients as well as those you want to add to your customer list. You could do this through email, personal phone calls, or even individual meetings.

Once a customer gets to know you and trusts you, the likelihood of doing a greater volume of business will increase. In fact, strong personal relationships form the bedrock upon which many successful businesses are built.

Check with your franchisor

A large part of your marketing efforts will be based upon the guidance and inputs that you receive from the franchisor. It will be your responsibility to execute the marketing plan in a manner that provides the best results.

However, if you think that you need to take some steps that do not strictly adhere to the guidelines provided by the franchisor, it is best to check with them first. Their advice and the information that they provide can be invaluable in helping your marketing efforts to succeed. 

Photo by Nathan Dumlao on Unsplash