Would you retire early if you had the chance? Most people would say yes. So what’s stopping you? Money? Uncertainty about the economy? Fear of isolation? I’ve got good news: for all those barriers and more, franchising has an answer. Whether you’re in your 40s and looking to plan for an early retirement, or in your 50s and wanting to retire now, here are 10 reasons you can make it happen through franchising.
The timing is right.
Some franchise candidates are nervous about inflation and higher interest-rate. But in reality, those don’t drastically increase the cost of buying and setting up a franchise right now. Rather, now is the time to take the plunge. Commercial real estate costs are lower than usual, and sectors such as essential services are thriving. Seize the day and start making progress toward your dream.
It’s more affordable than you think.
Yes, some franchises cost hundreds of thousands of dollars. But did you know that you can buy into some thriving franchisors for just $50,000? Up-and-coming and regional brands can be especially affordable. Cost-effective financing options are available, too, so the expense of getting started doesn’t have to delay your dream.
It’s flexible.
The franchising industry covers hundreds of economic sectors, with thousands of franchisors awarding contracts. Though the application process is competitive, franchise options exist for every experience level, financial horizon, and ownership style. Whatever you preferences or interests, you can find something to fit.
It’s recession-resistant.
Some people worry about the economic unpredictability of retiring early. But franchising offers many recession-resistant options, so you can still achieve your dream while staying on a firm financial footing. Look for franchises that focus on essential services, are home-based (i.e., have low overhead), and offer the option to purchase multiple units (for redundancy and economies of scale).
You gain control over your future.
Owning a franchise puts you in the driver’s seat. No more taking orders from the C-suite or the board. You decide how to run your business and respond to changes in the economy, and you decide how to use the profits you earn. That means you can select and set up your franchise to fit your retirement goals.
You gain control over your schedule.
Any kind of franchise gives you more control over your schedule, simply because you’re the boss. But for candidates who want to retire early, we especially recommend executive franchise ownership. This arrangement enables you to bring in a full income while spending just 8-10 hours per week on the business. The rest of your time is yours to enjoy.
It keeps you engaged.
Worried about mentally slowing down in retirement? Franchise ownership keeps you sharp without tying you to an employer’s expectations. You get all the same challenges of business leadership–managing finances, solving problems, setting strategy–but with the balance of plenty of time to relax and enjoy yourself.
It provides community.
Many people worry about becoming isolated in retirement. As a franchise owner, however, you unlock the door to an entire community of people. From your fellow franchise owners to your employees, vendors, and other entrepreneurs in your city, you make a host of new connections that will enrich your life.
It’s dependable.
When you think about retirement, you want a solution with security and longevity. Franchising has both. Any form of business ownership carries risk, of course. But when you buy a franchise, you buy into a proven business system that’s already been market- and operations-tested for success. Plus, franchising as an industry has been around for more than 100 years and includes some of the country’s oldest and most trusted brands. Clearly, it’s not going to die out anytime soon.
Finding a match is easy–and free.
Maybe you don’t just want to retire early, you want to retire soon. Because the industry is so large, finding a franchise on your own can be overwhelming and time-consuming. With help from the Empowered Franchisee, however, you can find a fit quickly. We pre-vet franchisors so you don’t have to wade through thousands of options. We also have established relationships with franchisors to help give you an edge in the awarding process. Best of all, our services are free to candidates. Learn more about how the process works or book some time with me or Lauri today to take your first step toward that early retirement dream!
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