8 Reasons Why Franchising Is a Good Alternative to Retirement

Modified on - Published on

Franchise retirement

Franchising is an incredibly popular route to business ownership for ambitious entrepreneurs of all ages. In today’s article, we discuss the reasons why it’s a great alternative to retirement.


If you're approaching retirement age or planning on semi-retiring before you reach State Pension age, franchising can be an excellent way to maintain a steady income without having to put up with the inflexibility and long hours of a full-time job. Furthermore, many franchise brands actively seek older franchisees who have extensive managerial experience and expertise in one or more sectors. So, let’s find out the top reasons why becoming a franchisee can make an exciting alternative to retirement.

1.Get a taste of being the boss

If you’ve been offered early retirement but would still like to work part-time or full-time for at least a few more years, running your own business under a proven franchise business model will enable you to generate your own income and be your own boss. If you’ve always been an employee and never the one in control, this could be a very exciting prospect.

2. Can use your redundancy pay-out to get started

When you are made redundant, you may receive a substantial redundancy pay-out after working for a company for many years or decades, which you can use to finance part of your franchise investment. If not, there’s no need to worry. Lots of reputable franchises have formed partnerships with major lenders.

3. Keeps you busy

For many people, the long days of retirement have no appeal whatsoever. If this sounds like you, starting a franchise could be your next adventure. As well as keeping you busy, running a successful franchise unit will give you an incredible sense of achievement. Even if you’ve reached State Pension age, you may still prefer to stay in work (at least on a part-time basis) rather than fully retire, especially if you have a financial goal or want to expand the savings that you can pass on to your children further down the road.


4. Can use your existing skills for something new

If you’ve spent many years working in the same discipline, why not use your skills and experience to invest in one of our low-cost business opportunities in the same sector? This will mean you won’t have a steep learning curve, so you’ll be better placed to grow the franchise into a profitable business in a relatively short space of time.

For example, if you’ve worked in finance for much of your career, you could consider setting up an accounting or finance franchise under a leading franchise business model with significant exposure across the UK, Europe, or even across the world.

5. Can follow your dreams

You don’t necessarily have to have formal experience in a particular industry to become a franchisee, so it’s a great opportunity to enter a sector you’ve always been passionate about but never got a chance to work in.

For example, if you've always enjoyed cooking but have never worked in the food industry, you could consider setting up your own catering franchise. Even if you don’t have professional experience in this sector, your franchisor can provide full training and support to help you learn about its business model and understand the target market.

6. Earn an income from a proven business model

Rather than starting your own brand and experimenting with a new concept that might not be commercially viable, becoming a franchisee enables you to earn a living from a proven concept. Once you're up and running and acquiring new customers, you can grow the franchise unit into a profitable business relatively quickly, and benefit from further training and development opportunities from the franchisor.

7. Work the hours you want

One of the great joys of franchising is that you don’t have to work full time to make your business work. For example, many franchise brands can be operated on a part-time basis, while others are seasonal and may only be busy for a few months of the year.

That means you have much more control over how, when and where you work, whereas an employee is usually expected to work a set number of hours each day.

For example, if you set up an office-based franchise, you won’t necessarily have to be there every day from nine to five. As long as the business is performing well, you can still make time for other commitments and errands, from heading off to the gym to attending an appointment.

However, lots of franchises still require a full-time commitment, so check with the franchisor beforehand.

8. Consider starting an online franchise

With an online franchise, you won’t have to worry about stressful commutes or paying for expensive office space. Because overheads are very low for these types of franchises, you’ll have the potential to generate a significant income at minimal cost, all from the comfort of your own home.

For online franchise brands in sectors like IT and finance, you'll typically only require a computer and internet connection, in addition to any software. Plus, a home-based franchise could be a convenient option for people who look after one or more dependants, as you may find it much easier to balance your professional and personal commitments and enjoy more quality time with your loved ones.

With a home-based franchise, you'll be entitled to claim for expenses such as transport and fuel to reduce your tax bill, whereas a regular employee typically won't be able to do this. You'll also be able to claim tax reductions on the proportion of your internet, telephone and utilities that are used exclusively for business, although it's a good idea to consult an accountant so you can understand how much you can claim.


Franchising is a fantastic alternative to retirement

If you’re soon to retire, hopefully this article has inspired you to consider franchising. If you’re now convinced that it’s the right career move for you, check out the six signs your local area is ready to welcome your franchise business.

These articles may interest you

8 Effective Cost Cutting Strategies for Franchisees

Joining a franchise business can involve a significant investment, and whether [...]


Why is a Proven Business Model So Important in Franchising?

At Point Franchise, we talk about ‘proven business models’ a lot, but what does [...]


Fed Up With the 9-to-5 Perhaps Starting a Franchise Business Is Your Best Next Career Move

If you’re tired of the 9-to-5, starting a franchise is a fantastic way for you [...]


7 Tips for Marketing Your Milkshake Franchise

Lots of investors are starting to see potential in milkshake franchise opportunities. [...]


FOOD FRANCHISES

Franchising 101: How to Build a Budget For Your Franchise

Learning how to build a budget for your franchise is one of the most important [...]


VARIOUS TOPICS – TRENDS IN FRANCHISING

Does Pizza Hut Franchise in the UK?

Pizza Hut is a firm favourite among pizza-loving families in the UK. If you’ve [...]


FOCUS ON BUSINESS SECTORS
Did you enjoy this article? Please rate this article
Be the first to rate this article
These franchises may interest you
Late Birthday Project franchise

Late Birthday Project

Want to join the most original football coaching programme in the UK? Own your own Late Birthday Project business, the UK’s fastest growing and most innovative coaching programme for children aged 5-14.

The Late Birthday Project (LBP) is an innovative and original football concept that counters the significant [...]

Read more ›
Minimum investment
£4,995
Request
information
The Beautiful Method franchise

The Beautiful Method

Beautiful Home - Beautiful You - Beautiful Business - The Beautiful Method

The Beautiful Method is a Management Franchise, offering clients a tailor-made housekeeping service to suit [...]

Read more ›
Minimum investment
£10,000
Request
information
Certax franchise

Certax

The National Accounting Franchise that embodies Quality & Professionalism

Certax Accounting is an Accountancy Franchise that will enable you to operate your own Accountancy Practice [...]

Read more ›
Minimum investment
£11,750
Request
information
Lockforce UK franchise

Lockforce UK

Welcome To Probably The Best Ever Locksmith Franchise

Lockforce is a young company that prides itself as being part of a much larger umbrella organisation - The Forces [...]

Read more ›
Minimum investment
£14,995
Request
information
Daniel Moquet Driveway Designer franchise

Daniel Moquet Driveway Designer

An introduction to the m way to success

WHO ARE WE? Designing and installing driveways, paths and patios since 1977 Daniel Moquet Driveway Designer, [...]

Read more ›
Minimum investment
£40,000
Request
information

0 Comments

post a comment

Characters remaining: 250