Older adults may be wondering what they can do after retirement. They may not be as enthusiastic about learning yoga or rock climbing as some of their peers, but their similarly-aged neighbor suddenly owning a landscaping business may pique their interest. Franchising is, after all, an all-ages type of business pursuit.
But what is it about franchising that makes it a worthwhile venture?
A Good Success Rate
Figures from the U.S. Department of Commerce and other franchising statistics bodies show that at least a third of all revenue from sales in the U.S. was derived from franchises. The total contribution of franchises also amounted to 9 percent of nonfarm private output in the country. More government data indicates that franchises tend to succeed more than other business types.
Freedom and Flexibility
Having a franchise allows seniors to bet on themselves and become their own boss. The possibility of having everything fall on their shoulders may seem intimidating, but with responsibility comes freedom and flexibility. Franchise owners can set their own goals for their business.
An Increasing Focus on Seniors
The entire world is aging. The United Nations, citing data from a version of the World Population Prospects report, notes that the population of people aged 60 and up is poised to increase from 962 in 2017 to 2.1 billion by 2050. Seniors are rapidly being seen as crucial in a country’s development due to their number.
Subscribing to a franchise with a heavy emphasis on the needs of senior citizens can be a wise move in these times. An older adult starting a senior-centered business can also pay dividends since they are part of their business’ demographic.
Older adults convinced by the reasons above may consider the following areas where they can find good franchising opportunities:
Senior Home Care
A senior home care business owned by a fellow elderly person can bring comfort to customers. Older adults who require home care generally need help with their daily chores. Some require intense medical care and monitoring. Knowing that the owner of the business they hire caretakers from can relate to their needs can have a calming effect on older adults or relatives who hire out help on their behalf.
A landscaping business can start with a well-tuned mower, a toolbox of gardening equipment, and a green thumb. Seniors are in a unique position to seek franchising opportunities for landscaping as they may know acquaintances who can no longer maintain their grounds.
Financial planning has an audience among young professionals, new families, and retirees. Seniors, in particular, may need help making important financial decisions in their new life. A fellow older adult who can relate to their financial needs can bring them comfort. Financial consulting businesses can help seniors make wise investments or savings plans that will aid in maintaining or improving their lifestyle.
If the idea of franchising seems intimidating, older adults can do several things to make the pursuit easier.
Senior franchise owners can take out a small business loan that can be quickly paid. They may also partner with fellow older adults or family members who are also interested in opening a franchise. The unknowns of franchising may seem frightening, but after living long enough for retirement, the elderly have nothing to fear about it.