More and more Baby Boomers are coming to the reality that retirement without any income is just not going to happen. Many of us are taking action now to break free from traditional retirement paths and start businesses that we can call our own. Baby Boomers should consider a Franchise!
It's easy to dream, but making that dream a reality can be challenging. Fortunately, there are paths to entrepreneurship for those who lack the business know-how to do it on our own.
Franchises offer a systematic approach to starting a business.
Franchise business opportunities provide a business kit with clear guidelines for selling a basic product or service.
What is a Franchise?
A franchise is a continuing, almost symbiotic relationship between a franchisor (a company that owns intellectual property and know-how) and a franchisee, which invests money in developing a business using the franchisor's intellectual property and experience.
Who uses a Franchise?
Today's consumers are very franchise-oriented. They seek out McDonald's to grab a burger or Supercuts to get a haircut because they know the names and are familiar with the products or services. Customers flock to what they know and give their business to brands they trust. "The well-known marks of franchises like Burger King and Pizza Hut are powerful consumer magnets. This magnetism is created and maintained by years of national advertising. The power of a franchise trademark is that it promises consumers constancy.
Why consider a Franchise?
Baby Boomer franchise investors not only get a recognizable franchise name and gain proprietary access to a proven, time-tested and well-established business system, but also training, support purchasing power and capitalization assistance. The result is time gained and money saved.
Franchise companies have training programs designed to bring you up to speed on the most successful methods to run the business, including reference materials to assist you in dealing with whatever comes up while you're running your business.
• Support Group
It's this relationship that can mean the difference between success and failure. Franchising is popular because it's an avenue for entrepreneurs who have little or no experience in owning or operating a business to be able to go into business and expect a better than reasonable success. In a franchise, you have a built-in support network. You can turn not only to the franchisor, but also to other franchisees.
• Purchasing Power
A good franchise can take advantage of the buying power of the entire system to negotiate prices for everything you need at significantly lower levels than you could achieve as an independent operator. This applies not only to initial furniture and equipment purchases, but also to the supplies, inventory, uniforms and everything else you'll need on an ongoing basis.
Starting a business from scratch will also inevitably require capital. When it comes down to securing financing, having the name and brand of a franchise can actually improve your chances of securing a loan. In fact, the SBA has developed a program called the Franchise Registry that is designed to streamline the SBA loan application process for franchisees.
Franchise Investment Cost
Buying a franchise isn't cheap. A typical franchisor can run $25,000 to $50,000 upfront as well as a percentage of your business's gross monthly sales. The fees associated with a franchise usually result in rewarding payoffs. For example, the relationship that franchisors secure with vendors removes the challenge of having to go out and secure our own. Most franchisees say that when a business is working well, the continuing value that results from being a member of the franchise system well exceeds the monthly fees.
Retiring Baby Boomers Need to Get in the Game!JUST FOR BABY BOOMERS: Share your experiences, remembrances and opinions about "Baby Boomers Start a Retirement Business the Fast Way - Consider a Franchise" with other Baby Boomers on our "Baby Boomer Forum"
For retiring Baby Boomers the choices are certainly out there. And with numerous franchises available, the dream of becoming an entrepreneur has never been so attainable. If you choose the right product or service and understand the nature of a business opportunity, believe in it and are comfortable selling it, success can be right around the corner.
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