Retirement can bring on the excitement of freedom but often a lack of purpose with no full-time occupation. If you recently retired from a successful career and are looking to stay active and engaged in business, investing in a franchise could be a great idea. Franchises offer structure, alignment with an existing proven business model, and promise of a successful investment. But before taking the plunge there are important things to consider and numerous questions you should ask yourself. The International Franchise Professionals Group (IFPG) is here to provide information, guidance and free consultations as you move closer to making the best decision for you and your goals. Below are some common frequently asked questions when considering an investment in a franchise.
Questions for Recent Retirees to Consider – What Type of Franchise is Right for You?
Whether you’re just starting your search for a franchise or you’ve already done your research and are ready to move forward, there are a few steps to take to make sure you pick the right business. To begin, considering the size and scope of the opportunity is important. Do you want to own a single unit or multiple locations? Do you want to stay local or run a business with a national presence? Will you be responsible for day-to-day operations or simply oversee the business? To answer these questions, it’s important to review the investment size and requirements for a franchise.
Questions When Evaluating the Franchise Cost
Another important factor when deciding whether a franchise is right for you is understanding the total cost associated with ownership. Potential costs include the initial franchise fee, rental site and build-out costs, and monthly expenses. These are the obvious costs, but you should also factor in the costs associated with compensation for an experienced management team who can help you run the business. You’ll need to determine how much of an investment you are financially capable of making. The IFPG provides free franchise consulting services to help you understand the investment size.
Questions to Ask Yourself About Your Franchise Goals
When considering investing in a franchise it’s also important to understand the goals you’d like to achieve. Are you looking to make money? If so, how much and in what timeframe? Understanding your goals, along with an understanding of the investment required and risks involved, will help you make a more informed decision about a franchise investment. Before investing, you’ll want to ask yourself a few questions, such as: Are you confident with business decisions that you make? Do you have the energy and mental fortitude to keep your business afloat? Are you prepared to take on the challenges of running a business? Does the franchise have a track record of successful investments?
Questions About Financial Advice
Before any decision or investment is made, it’s also important that you secured independent financial advice. You’ll want to find a qualified professional who can help evaluate the current state of your funds and determine the best course for you. Working with a financial professional can help clue you into perhaps any additional costs associated with franchise ownership that you may have not previously considered.
Investing in a franchise can be an excellent idea for retirees looking to stay active and engaged in business. Before making any decisions, it’s important to make sure to thoroughly understand the business, the franchise cost, and the goals you hope to achieve. IFPG’s free franchise consulting services provided by our highly experienced member network can help you make the best decision when considering investment in a franchise.