Franchise vs Startup: Your Post-Retirement Business Prospects

Retirement is, in many ways, a new beginning to life. You have time to really think about your next moves in life. Most people can retire successfully in their 50s or 60s, making you relatively young for launching a new venture to sustain your retirement and give you something to do. Capitalize on your years of experience by launching the business you’ve always wanted to.

The question becomes: do you franchise or begin your own venture? The answer depends on you, your health and your goals for the future.

Franchising

Franchising is like a pre-packaged business that you manage. The textbook guide to starting a franchise begins with a simple question: do you have the time and effort needed to go the distance?

In franchising, you need to be hands-on. You need to learn how to hire your first few employees, you need to remain active in the daily operation of the business until it is successful enough to stand on its own, and you need to have the foresight to expand and grow your business at the local level.

Many enter franchising with the misconception everything is easy to do. Franchising requires networking and your full-time attention. A healthy retiree can manage a franchise without much difficulty, and even pass it onto children as a family business.

Startup Life

The challenges of a startup are numerous, but retirement changes some of the variables. For instance, most retirees these days are finding more opportunity to remain financially independent thanks to savings built up over years. Investment might not be as difficult for people in this situation.

Often, many retirees enter into the world of consulting to provide some side income without having to manage a lot of assets. For retirees, assets can be a burden that managing one’s own startup can avoid. You can write or sell affiliate products for a living, maintaining no stock and utilizing the skills you’ve built up over the years.

Startups can also remain flexible, offering lots of opportunities to expand or constrict as needed. You might only need a few clients to remain above water or to make your financial goals for the year. In that case, some side work is more appropriate than a scaling and growing business.

Setting Goals

Much of what will drive your business prospects throughout retirement rely on your goals. Are you looking to supplement your income, or do you have bigger plans for yourself? Do you want to travel and need lots of freedom to pick up work at your leisure?

You also need to examine your health, and your mental fortitude, and try to assess the situation honestly. A side business might be a better solution for many because it offers side income that can come or go.

Final Thoughts

You can absolutely begin your new career in retirement.

Franchises can be excellent for those with the drive and focus. Franchises tend to come packaged with a wide social network of professionals full of knowledge. A small upfront investment is all you need for most businesses. Some can even begin as a husband and wife venture or managed by a few friends.

Startups are a different kind of adventure, offering greater flexibility to do what you want with your business and your life. The real question is what is your life’s next adventure?