With a franchise investment, retirees can find a true second act
The COVID-19 pandemic has impacted the workforce in many ways. Many people who were close to retirement ended their careers much earlier than anticipated. Some made the change because they simply wanted something else, but others were pushed out. According to a Pew Research Center analysis of labor force data, between February and September of 2020, the number of retired boomers increased by 1.1 million, compared to only 250,000 who retired during the same period in 2019. Additionally, nearly 2 million older workers have left the labor force for good since the start of the pandemic according to the Schwartz Center.
Although COVID-19 has changed the landscape for older workers, franchising has become a great option. Retirees can open a proven business and enjoy the gratification of a new career. With a franchise investment, older workers can draw from their work experiences and enjoy an ideal work-life balance. Here are five types of franchises that retirees can explore.
Pet franchises
Through franchising, retirees can turn their passion for pets into a lucrative, feel-good business opportunity. The pet industry keeps growing. People love their pets and will always spend on them. According to PetPedia.com, the U.S. pet industry reached $99 billion in 2020. Hundreds of pet franchises exist at every investment level. At the lower end, Pet Butler offers a low-cost, easy-to-run pet waste removal business. For big investors, Dogtopia is an in-demand, full-service doggie daycare and spa franchise.
Home services franchises
You don’t have to be handy to own a home services franchise. Retirees can find opportunities in many home areas such as painting, flooring, and roofing with no experience required. Typically, franchisees will hire a team to do the work and spend their time running the business at a management level. There are many niche concepts in this business sector, including drywall repair, dryer vent cleaning, and gutter cleaning that have quick start-ups and are simple to run. Some examples are The Patch Boys, Dryer Vent Wizard, and the Brothers That Just Do Gutters. Because of the demand for home services, this area of franchising has always been considered recession-proof, and since the onset of the pandemic, it has also proven to be Covid-proof.
Business consulting franchises
With most business consulting franchises, franchisees can use their previous experience to help other businesses run more efficiently. Opportunities run the gamut from business logistics or cost reduction services. Considered “white-collar franchises,” business consulting franchises are great for people who have business acumen, sales experience, and relationship-building skills. Some examples are Schooley Mitchell and InXpress. With both of these franchises, there is an opportunity to scale your business at your own pace and work from almost anywhere.
Mobile franchises
With mobile franchises, retirees can find an ideal work-life balance with a fun lifestyle business. Mobile franchises such as Kona Ice and Cousins Maine Lobster go where the customers are rather than waiting for customers to come to them. Owners can take their trucks to festivals, tournaments, and events and will find long lines of customers ready to buy. Another unique option is Running Boards Marketing, a digital mobile billboard business where owners can enjoy recurring revenue. Regardless of the opportunity, mobile franchises offer a fun retirement business on wheels.
Franchise consulting
Becoming a franchise consultant is a great option for retirees. It’s a feel-good business with tons of flexibility and earning potential. Franchise consultants guide potential investors to franchise opportunities and provide direction and guidance. They help aspiring entrepreneurs find the right franchise to match their interests, investment level, and lifestyle. Retirees can use their business backgrounds and people skills to be successful. With training programs such as The International Franchise Professionals Group’s CFC Program, retirees can start a franchise consulting business in a matter of weeks.