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.
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.