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.

The data is conclusive, the results are in and the gig economy is growing at a remarkable pace. Large and small businesses alike are outsourcing roles and responsibilities that were once corporate staples to freelancers looking for a gig. This ranges from IT support, marketing, personal assistants and more. Meanwhile,  workers in droves sick of the corporate structure are branching out into self employment by picking up these very gigs. For some it is a side income, but for others they have been able to make an entire living picking up these freelance jobs. The risk of not being able to find enough work is certainly there and many of the corporate benefits such as healthcare, paid time off and more are missing. However, the call to be the captain of one’s own destiny is too compelling for some. If you find yourself in a similar boat looking to branch out beyond your own horizon, perhaps it’s time to consider an alternative gig. This is a self-employed venture that comes with much of the same structure and support one might expect from a corporate structure, but with all the benefits of being master of your own destiny. Considering a gig this year? Why not step into the structured world of franchising and chart your own path into a future without precedent.

The Best of Both Worlds

There is a certainly duality to franchising that will make your head spin if let it. As a franchisee you are indeed your own boss. That being you said you represent a brand who will have a say over many things you do from how you cut the onion to what you wear to work. As an entrepreneur, your success will ride on your shoulders and your shoulders alone. That being said, you have an entire brand that is heavily invested in your success. They will lay out the formula and you need but follow it with gusto.

Many freelancers who flee the corporate world are often met with a rude awakening as to just how much they relied on the structure offered by their organization. From the time they start work in the morning to mitigating the distractions in the workplace, jobs can serve a basic function to keep workers on task. However, when you step into the world of freelancing in the gig economy it becomes the wild west out there where anything goes. It is entirely incumbent upon the freelancer to self-police and discipline themselves for productivity.

What if it didn’t have to be the wild west? What if you had a location to attend, employees to manage and a certain customer driven level of productivity to meet each day? If you consider franchising your gig, then in many cases you get the best of both worlds. You get to be your own boss within the structure of an organization. You could fall asleep at noon in your pajamas as you browse for freelance jobs. Or perhaps you show up to work to lead and inspire your employees as you always did. Except this time, they truly are your employees. You can flee the corporate world without fleeing the structure and familiarity it provides.

Your Gig Can Literally Be Anything

Another challenge to freelancing in the gig economy is that your gig is in many cases limited by your individual skill set. If you are talented at writing then you become a freelance writer. If you write code for computer programs then you are now a coder. It’s not an entirely bad set up as our skills should often dictate our work. We wouldn’t recommend quitting your corporate job to become a freelance musician if you can’t carry a tune or keep a beat. However, franchising is not limited in this nature as with a little skill and industrious spirit your gig can be anything that has even been franchised.

Whether you fancy yourself a baker, cook, businessperson or salesperson there is a gig/franchise for you. Even better, you can pick multiple industries in which to dabble. If you love wine then consider a spirits and wine store. If you love to cook consider one of the countless franchises that offer food. Your primary role as the franchisee is to oversee the success of the business based on the already proven formulas of success. You can literally have never eaten a piece of fried chicken in your life and then open up a series of KFC restaurants if you like.

This flexibility also allows you to choose a franchise in demand in your current market. Whereas we are unsure what the demand for a freelance saxophone player in Memphis, TN might be there is tons of market data on franchises. Your gig doesn’t have to be a guess. With well thought out reasoned and market driven data, you can choose the gig that your local economy demands.

So What’s Holding You Back?

If you currently find yourself stuck in corporate America it would be wise to take a look around and take stock. Are vital positions somehow disappearing and yet, the task is completed as usual. Perhaps what once took an entire team to complete now only requires one employee who spends a lot of time on the phone. The gig economy is growing and it is showing no sign of slowing down. It’s an economy in demand by both the employer looking to streamline cost and the employee seeking more individual freedom. Where demand and demand meet, you be certain this is a trend that will continue.

For most, the only thing holding them back is the insecurity of it all. How can you take out a mortgage when you don’t even have freelance jobs lined up for next month? What happens if you get sick and can’t work for a few weeks? Corporate America offers these types of reassurances, but so can franchising. Next month, America will still want to eat pizza so your established Domino’s franchise is a reliable source of income. Moreover, America will still want to eat their pizza if you are in bed with the flu. Just as long as you were not the one who prepared or delivered it.

Franchising offers the flexibility and freedom associated with the gig economy along with the structure and support of the established franchise. It really can be the best of both worlds. So if the gig economy appeals to you, but you are a little timid

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

If your franchise needs to attract walk-in customers, you must select its location with great care. A choice made in haste or without taking every possible factor into consideration can lead to lower than anticipated sales and even business failure.

Every new franchise that performs well owes a large part of its success to its location. Your proposed site must be easy to access. If you expect customers to come by car, you must ensure that there is adequate parking. You must also ascertain that the site attracts the sort of customer that you are targeting.

It is very easy to go wrong with site selection. A neighborhood that sees a lot of traffic may not necessarily be good for your business. Similarly, paying a high rent does not mean that your sales volumes will be high.

What are the precautions that you can take when selecting a location? Although there is no way to be absolutely sure that a particular site is the most appropriate for your business, there are some steps that you can take to avoid making the wrong choice.

1. Study the area

Some franchises need to be situated at a place that sees heavy pedestrian traffic. This is especially true for restaurants and retail stores. If your business falls into this category, you would have to spend a substantial amount on rent. Opting for a lower-priced location that is in an area that attracts fewer people will result in lower business volumes.

But if your business involves a different type of activity, say, selling auto parts to trade customers, it would make more sense to select a site where the rent is less.

If you like a particular location, spend some time at the site and in the immediate vicinity. This will give you the opportunity to observe the level of traffic at different times. You should also make it a point to see how your competition is faring in the area.

If the territory already has a large number of businesses offering similar products, you may find it difficult to attract customers. On the other hand, this could prove to be an advantage as well. All that you would have to do would be to lure customers away from the competition. 

2. Speak to other franchisees

You can gather some very useful information by speaking to other franchisees selling the same product. Try and talk to those who have established their businesses in the recent past. Ask them how they went about the process of selecting a location. The intelligence that they provide can be invaluable.

It will be useful to ask other franchisees about the positive aspects of their location and its drawbacks. You can use what you learn from them to avoid making the mistakes they committed.

Of course, it is important to approach those franchises that are located at some distance from your territory. They should not be your competitors. If they are, they may not be willing to talk openly to you.

3. Don’t exceed your budget

Arriving at the amount that you are willing to pay as rent for your franchise location can be tricky. An expensive location will attract more customers and generate greater volumes of business. This will allow you to bear a higher rent.

On the other hand, a site in an area that attracts fewer people will probably get you a lower number of customers, but it will be cheaper.

Choosing between the two can be difficult. While it may be safer to opt for the site with the lower rent, this is not necessarily the correct choice. In fact, the general rule that you should follow is to select a location with greater potential. The additional sales that you generate will justify the extra expenditure on rent.

But don’t go overboard and lease a place that will stretch your budget. Remember that you are making a long-term commitment. If the location is inappropriate, shifting to a new place will be both expensive and cumbersome.

4. Patience pays

Your franchisor will be in a hurry for you to start operations as soon as possible. The real estate agent who is handling the property that you are interested in will also be keen to finalize the transaction.

Don’t give in to the pressure that is put on you. After all, it is your money on the line. Selecting a property is possibly the most important decision regarding your franchise. Take out the time to check if the location that you have selected will remain as attractive several years into the future. Is there any new development proposed for the area? Verify this with local, regional, or state authorities.

If a new road comes up and blocks access to your site, your business may suffer. Similarly, a new mall in the vicinity may draw crowds away from your location.

5. Understand the legal implications

The lease agreement for the property that you finalize is a crucial document. It is important that you have professional help that you can rely on. Your attorney should be an expert on real estate as well as franchising.

Study the agreement yourself and seek an explanation for the clauses that you don’t understand. Many of the points listed in the agreement will have a financial implication. You must spend time on this subject. If you don’t, you may get an unpleasant surprise months or years later.

Ascertain the costs that you will be responsible for. There will be utility bills and property taxes to be paid. There will also be other expenses like insurance, maintenance, and repairs. It is essential that you know which expenses you have to bear and how much it will cost you on a monthly basis.

Use your negotiation skills

Make sure that you see several properties. Don’t let the realtor or the landlord know your preference. If the landlord realizes that you have made a decision, you will find it difficult to negotiate the rent downwards. You should shortlist at least three or four properties. This will strengthen your bargaining position and allow you to drive the rent down.

The success of your franchise depends to a great extent on the degree of care with which you select a location. You must ensure that you give this issue the attention that it deserves.