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Most people do not have enough saved for retirement. If that is you-read on!

An October 2017 Government Accountability Office (GAO) analysis found that the median retirement savings for Americans between age 55 and 64 was $107,000. The Great Recession, kids, school debt, under employment, whatever the reason, many people need a PLAN B.

A franchise might be your Plan B. A second business was mine (I’m a licensee which is similar) I knew that I would not be able to save as much as I needed to by staying with what I was doing. Mostly because I was not happy in my other business. So, it was time to make a move. Why spend my last 8-10 years of work not enjoying what I do every day?

But what businesses make good retirement businesses? That is up to you in great part.

Start by knowing what is important to you. For me it was FLEXIBILITY. I wanted to be able to work when and how I wanted, as well as where, I can do my job from anywhere in the world. That was appealing to me. And I wanted to be able to help people.

Knowing what is important to you can help you narrow down the selection. If you don’t want employees, for instance, don’t buy a fast food business.

Want to know the best franchise for you? First ask yourself these questions:

  • Do I need flexibility about where I operate?
  • Am I ok with a 24/7 business or do I prefer Monday-Friday 9-5?
  • Do I need something that cashflows quickly or am I ok working toward a ramp up?
  • Do I want employees? If so, Blue Collar, White Collar, Skilled or unskilled?
  • Do I want people to come to me-or do I want to go to them?
  • How much do I have to invest?
  • Am I comfortable borrowing money to start the business?
  • Am I looking for something full time or part time?
  • Am I willing to work it every day or do I need something more semi-absentee?
  • Do I enjoy or have experience in sales? Marketing? Managing? Hiring? Training?
  • Am I going to over analyze everything or can I take action?

These questions will help you think about the kind of business that you are looking for. Don’t worry about what the business does, think about the business model. I hate when I see people who are unhappy in their franchise because they did not really answer they questions, they just thought it “looked cool”.

Of course (shameless plug for my industry), that is why working with a Franchise Consultant (like myself) can help. Most of my candidates never thought about the franchise they wound up buying, but we found something that fit their lifestyle and financial goals and helped them make the shift from employee to business owner.

So if you are behind on your retirement savings, or just want to enjoy the last 5, 8 10 years of your working life. You might want to consider a franchise as an option.