Retirement Entrepreneurs Blog

Comments, rants and tips on baby boomer small business ideas
and working after retirement.

Author: Ingvar - Retiree In Training  

Working after retirement

Franchises are existing business that charge an up front fee in addition to royalties on revenues. Many are retail orientated, such as restaurants, coffee shops and stores. There are also service-industry franchises you can buy. Business services, maintenance/cleaning, real estate and educational are some. There is a great tool out there for evaluating franchises: Software for Evaluating a Franchise

Buying a franchise in retirement can be a good thing, but needs serious investigating before committing. Money is an issue. You have to look at your existing and future ROI (return on investment) on the capital you have. At 65 - you don't really want to slave away for the next 10 years just to pay off the loan to buy a franchise. If you are self-funded, you should consider the money you take out of your retirement fund a loan to yourself. The big question is; is it immediately profitable with a healthy ROI or do I have to build the clien base up myself?

Time is valuable after 60. So is energy, or lack thereof. I agree that franchises sound attractive, and many of them are - but the price of entry can be very steep. The attraction is the "turn-key" aspect of the operation. All the learning has been made, and it's all laid out for you. The other attraction is the credibility the BRAND gives you. So you save a lot of time building a brand.

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