Approximately 30,000 people are laid off from U.S. companies each month. A large number are also reaching retirement age.
It has even become common – amid a struggling economy – for employees to receive pay cuts of between 5 and 50 percent. If you are affected by a loss like this and bringing in less income, you may feel forced to dip into savings or retirement funds.
For many, franchising is the only second career option that brings both income and a work-life balance. Learn more about why a franchise opportunity may be your best next step.
Franchising Is Structured For Success
When you open a franchise, you’re equipped with a road map for success. The franchise you purchase already has a proven system in place. Your part is to deliver the leadership skills and work ethic.
Instead of handling the day-to-day responsibilities that your first career required, you become the behind-the-scenes leader. Your new responsibility is to grow your business over time.
An effective franchisor is going to offer you the following elements for running a successful franchise:
- Brand name
- Service standards
Any franchise you choose should demonstrate these added values. It is also important to ensure that the systems employed by the franchise have a proven record of success.
Franchising Draws From Your Own Experience And History
People beginning a second career often have years of experience. They’ve had time to observe and form opinions, so they’re already equipped for a number of work situations.
Another advantage: Older, more experienced business people are more likely to have good credit and the appropriate funds to start a franchise, whereas young entrepreneurs sometimes have difficulty financing a new endeavor.
If you are reaching retirement age, your credit history is a benefit here. People with prior careers are in a better position to secure financing for a new franchise opportunity.
If you have a history of saving, you’re probably also skilled at sticking to a budget. Managing a 401(k) and engaging in long-term financial planning are valuable experiences for a franchise owner.
Franchising Offers Flexibility
It’s not uncommon for people starting a second career to seek a greater work-life balance. And franchising is a flexible career option.
Your previous career may have imposed work hour requirements, and your job responsibilities were probably determined by your supervisor.
When you open a franchise, however, you create your own path to business growth. Determine for yourself how many hours you wish to work, and focus on projects that you feel passionate about.
Franchising Is Simpler Than Starting A Business
Starting a franchise is a much less complicated alternative to starting your own business. You don’t have to worry about developing a business structure from scratch, and your marketing is based on methods that have already been proven effective.
If you want to ease the personal burden of running a business while maintaining your independence and income, opening a franchise may just be your only legitimate option.
If you have questions about starting a second career, the next step is to speak with a knowledgeable expert. Seek professional guidance to learn more about franchising.
Ready to learn more about second career options? Discover how to achieve work-life balance through entrepreneurship.