How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
If you're newly retired and not sure what to do next, consider a franchise that meets your interests, goals and preferences. For some reason, older people feel like they are past the point in life where they can start a new business, but this is simply not true. Franchisors work with people across many age categories, from many different backgrounds and with different levels of business experience. As an older person, you have advantages that younger entrepreneurs simply don't, including the ones outlined below.
You know more
In general, the younger generation will not have the same level of experience that you do. Every year of your life, no matter what your career was, contributed to the person you are now. There is simply no substitute for life experience, and you have far more than the most energetic young entrepreneur.
You have a network
While you may have not had networking with others for a future business in mind, you've already done it longer than a younger person. Simply living longer has allowed you to make contact with people in many different fields, and this network of friends and acquaintances is just a phone call or email away. Unlike a younger person, you can probably get low-cost or even free advice on many topics with just a connection to one of your contacts.
You are more financially sound
It's likely you already have assets and stable investments, and you're not putting your new business together on a tight budget. Unlike a younger franchisee, you are no longer in the position where you are risking the roof over the head of your kids by opening a franchise, so your stress is a lot lower. Your franchise, once successful, can supplement your original retirement plans and help you reach new goals.
You are a good match for a franchise
Since a franchise comes with an established brand and system with products or services already in place, it takes less time to build your business than starting from scratch would in most cases. Since you may only want to work for five or ten more years, a franchise is a wise way to go.
Your age should not be a barrier to your dream of business ownership. In fact, given everything that has led up to this point in your life, now may be the ideal time.
