Many Americans that are in retirement are facing the years ahead with a reduced income and perhaps less retirement savings than they imagined they would have. With the recent economic downturn, many companies may have lessened retirement contributions for their employees. Many investment funds are less than they used to be because of the economy. This could be a good reason that many people from Georgia are considering a franchise purchase post-retirement.
Buying a franchise can be a wise investment, especially in brands where there is certain measure of success. In fact, Americans 55-64 years old are the largest growing group of entrepreneurs. These older Americans are tapping into the proven success of starting their own franchise to make money in their later years.
The benefits of franchising include a proven business model, extensive training and corporate support and grand opening assistance. This could make it easier to be successful than starting a new business from scratch. The main downfall to franchising is the time that it could take to turn a profit. All businesses are different, but it could take around a year to begin to genuinely make a profit.
This type of business is not for everyone, but there are many Georgia retirees that are looking to buying a franchise. The important thing in this type of business is to have adequate legal and financial advisement through the process. The franchise business model, when managed correctly, can be a great method to make an income after a corporate career has ended.
Source: smallbiztrends.com, “Working After Retirement: Should Grandpa Buy A Franchise?” Joel Libava, May 23, 2013