Are you 10 years away from retirement, turning your sights towards investment opportunities? A franchise business may be the ideal way to cement your financial retirement goals – without the usual pitfalls associated with long-term commitments. The International Franchise Professionals Group (IFPG) is here to offer indispensable guidance on franchising and ensure you make the right decisions to secure a successful future.
To help point you in the right direction, here are 10 essential questions about franchises near you for future retirees. Get informed and make sure you’re up to speed on all the intricacies of franchising.
1. Do I Need To Have Institutional Knowledge Before Franchising?
Though it may seem intimidating, you don’t need prior knowledge or an extensive background in business before getting a franchise. With IFPG’s expertise and reliable guidance, you are well-equipped to launch into franchising and begin strategizing.
Franchising opens the door to a myriad of potential investments, ranging from business-to-business (B2B) franchises – such as management consulting, sales and marketing, data processing – to home services like carpet cleaning, waterproofing and auto repair. With such a broad spectrum, there’s likely to be a franchise that’s perfect for your retirement goals.
2. What Are The Advantages Of Franchising?
The primary benefit of franchising is the ability to be part of a secure system that includes shared business activities, such as brand operations and reps, customer management, standardized training, and more. This can be a strong match for retirees who are well versed in the procedures laid out by the franchisor.
As a franchisee, you’ll benefit from having brand recognition, existing customer base, operating structure, and effective marketing strategies already in place. As you won’t need to develop them from scratch, the risk of entering the business is greatly reduced.
Aspiring franchisees should also note that having multiple locations within your franchise network fosters added loyalty and customer relationships that can help generate further income. This is an especially attractive feature for those who are wanting to invest over the long term.
3. What Type Of Franchises Are Available?
There are numerous franchises available, with the list growing steadily as new products and services emerge. As a franchise professional group, IFPG offers a variety of suppliers such as cleaning, healthcare, food and beverage, children’s products, pet products, services, and much more.
In addition, accessible franchises for those with limited capital are also available. And you can choose to be part of a small business operation that allows for more direct management control, ideal for those wanting to anchor their retirement goals. Or, you can opt for a corporate franchisee, where larger investment is needed to enjoy a larger segment of the franchise benefits.
4. Is There Any Support Provided For Franchisees?
Partnering with IFPG ensures you will get the highest quality service tailored to your individual needs. Our experienced franchise consultants have the training and knowledge to guide you down the path to successful franchising.
When you join our membership, you’ll get immediate access to our group’s services for the entire length of your franchise, including support and advice throughout the planning phase, development, launch, and operations. You’ll also gain access to our expansive network of over 1,300 franchise brokers who can provide the latest updates on trends, insights, and more.
5. Are There Any Training Requirements To Comply With?
For the most part, franchisors provide structured training programs to ensure franchisees have the necessary knowledge to operate and manage their business. This may include instructions for completing essential tasks based on the franchisor’s expectations.
Franchisees will benefit from a certificate program as part of their education in the department – as well as access to resources such as manuals, workshops, industry websites, and in-house trainings. To tap into these offerings, they should become IFPG members and expand their knowledge to succeed in the industry.
6. What Are The Additional Costs To Consider?
The cost of running a franchise will vary from one business to another. However, you can expect to make the following investments:
- Startup costs – various fees associated with hardware, software, and equipment.
- Property/real estate costs – the major start-up expense for a franchise.
- Ongoing fees – royalties, fees, and other costs to the franchisor (e.g., advertising and marketing fees).
- Insurances – covers potential risks such as customer lawsuits, accidents, and property damage.
- Working capital – to pay for operational costs such as training, payroll, materials, etc.
7. How Do I Choose A Franchise?
Don’t rush into selecting a franchise. Consider your retirement goals and make sure it aligns with your interests and skillset. If you’re unsure of which one to choose, join the IFPG network and speak to one of our franchise consultants for a personalized review. We will analyze your individual needs and recommend a franchise that best suits your retirement goals.
8. How Do I Find The Best Franchises Near Me?
Apart from utilizing IFPG’s resources, make sure you contact franchisors directly and gather additional information about the franchise. Perform a thorough background check on the franchisor, read reviews and research SBA-approved loan suppliers. Make sure to also visit the beFranchiseReady portal on IFPG’s website to explore franchise opportunities.
9. How Important Is Location?
Location is crucial to the success of your franchise business. Research the demographics and nearby competitors to understand the market potential. Look into rental costs associated with a particular area and be mindful of an area’s seasonal fluctuations. Make sure you analyze the area ahead and launch your business in a location where it’ll stand out and shine.
10. What Else Should I Consider Before Deciding To Invest In A Franchise?
Franchising involves significant financial risk, and potential owners must consider the associated risks and understand the legal needs. Many franchise agreements are nontransferable and a franchise may close without notice. Questions and answers about the agreement should be answered before signing the contract.
The process also involves monitoring current industry trends and understanding the competition in order to re-strategize and adjust to the trends, all the while keeping focused on your retirement goals.