Planning for your retirement can be difficult for several reasons. There is no crystal ball that can tell you what your retirement years might look like, and goals for retirement can vary drastically and are unique to everyone.
Regardless of specifics, having a plan and a vision for what you want in retirement is important, as research shows that current life expectancy is 76.4 for both men and women, making it essential to work toward a “purposeful retirement.” So, what do you do if you aren’t ready to play golf or sit in a beach chair every day in retirement?
For some, starting a business is a way to take advantage of your expertise and make the most of your time long after you finish your 9-5.
When Retirement is Just the End of Act 1
Starting a business can be an exciting prospect at any life stage, but for those nearing retirement from their previous career, it can offer a way to boost income or the opportunity to leave a legacy for loved ones.
While there is nothing wrong with traveling or spending more time with your family, some retirees are also interested in pursuing new opportunities to fulfill income goals. For these people, retirement doesn't have to signal the end of your income-earning years; it can instead mark the beginning of a Second Act.
But what type of business to choose at this stage of life? One of the fastest-growing ways to address these needs is choosing to own a franchise as the vehicle to business ownership in retirement. There’s plenty of room in franchising for people who have left behind their previous career, yet still want to achieve their financial goals. When you buy a franchise, you are investing in an established brand name, you have built in resale value if you like to plan for a potential exit strategy down the road.
Franchise to the Rescue: 3 Retirement Business Ideas
Embarking on a retirement business venture brings both excitement and the need for a smooth transition, especially if business ownership is a new path. This is where the stability and support offered by franchises can be such a valuable benefit. Unlike typical start-ups, a franchise business provides a comprehensive framework and tools to put you on the path to success and minimize the guesswork. Let’s take a closer look at three franchise businesses with immense potential for growth.
Cleaning Franchise
One industry to explore is residential and commercial cleaning. Aside from all the benefits that come with franchise business ownership, including controlling your schedule and having an established business model, you can also take advantage of the cleaning services market growth. The cleaning services industry is projected to grow by 6.5% per year for the foreseeable future, offering solid opportunities for new business owners.
Even if you lack experience in this specific industry, many skills that you’ve gained over your professional career and previous leadership roles can transfer to business ownership. The franchise business model allows you to enjoy marketing and operational support, business training, and access to a network of other owners that allows you to fill in the areas in which you may need assistance.
One of the best parts about starting a cleaning business is the affordability. Start-up costs are relatively low, especially because you don’t need a storefront or initial office space. You can run your business from just about anywhere, staying on top of things using smart technologies. With so many advantages, it’s easy to see why a cleaning franchise business is a great option for many retirees.
If you’re ready to explore owning a cleaning franchise, you can start by downloading the Molly Maid® franchise guide.
Lawn Care Franchise
If you’re a retiree with a genuine love for nature and the outdoors, owning a lawn care franchise allows you to turn this passion into a fulfilling and enjoyable business venture. Lawn care is often a seasonal service, with busy seasons and slower seasons. This gives retirees the opportunity to enjoy more flexibility, but also allows for more planning time to grow and build.
Among the services you could offer, your lawn care franchise business may be:
- Mowing and edging
- Weed control
- Fertilizing
The predictable and service-oriented nature of a lawn care business can allow for recurring business and a consistency in services. This is particularly appealing to retirees who are looking for a business that doesn't require high-stakes decision-making or constant firefighting.
Ready to start your lawn care franchise journey? Download the Lawn Pride® franchise guide to learn more.
Painting Franchise
Another great franchise business option for retirees is a painting franchise. With relatively few training requirements and great potential for an executive ownership approach, a painting franchise may be ideal.
A recent study by IBIS World states that for the painting industry, “market size is projected to increase over the next five years.” This provides both growth opportunities and ongoing stability, and the potential to pass your successful business to your children or grandchildren.
If you’re a retiree looking to improve your finances while still enjoying your later years, there are many reasons to consider a painting franchise business. Between the lower overhead and start-up costs to the minimal office space needed to start your business, a painting franchise may be exactly the type of business for you.
Find out more about how you can start your painting franchise ownership journey by downloading the Five Star Painting® franchise guide.
Be Your Own Boss: Explore Retirement Business Ideas That Work
Starting a business in retirement can feel like a daunting task if you are truly starting from scratch. With a franchise, you invest in an established brand, system, and processes, along with the support of a corporate office and many other franchise business owners.
With a franchisor like Neighborly®, the world's largest home services company, you won’t be alone in your new chapter of business ownership. From comprehensive training and ongoing support to an established business model and step-by-step processes, we have you covered!
Our accessible, franchise options are focused solely on commercial and residential service needs. This can be a perfect fit for retirees who don’t want to risk significant capital at their current stage of life but want to work at building an asset that they can sell later or leave to loved ones to lead after them.
For more information about how we bring retirement business ideas to life, contact us online today!
