A Harvard School of Public Health study found that about 70 percent of respondents assessed their quality of life after retirement as the same or worse than before.
Why does this great milestone come up short of expectations for most Americans? The reasons range from financial stresses to a sense of isolation to plain old boredom.
One way to overcome is to continue to be entrepreneurial. We may have worked for someone else in the second stage of life, but we were entrepreneurial in our every day lives. We found ways to overcome the obstacles that stood in our way and we survived and may have even prospered, because of our skills. So what about starting a business? So why should you in the third stage of your life think about starting a business or working for yourself. Well we know it is a lot of work, but boomers thrive on hard work. But you don't have to start from scratch, you may want to think about opening a franchise.
Here are some reasons to think about a franchise:
- Being your own boss gives you freedom: There’s a world of difference between spending your days answering to someone else’s goals and demands and using your time to achieve your own success. Studies shows retirees who work by choice are more satisfied with their lives and in better health than their non-working peers.
- Running a franchise is a challenge but you have a made-to-order business: Investing in a franchise has all the benefits of business ownership, but without all the uncertainty and backbreaking toil of a startup. Franchisees get the benefits of a proven concept and effective business systems when they invest, plus the freedom that comes from becoming an entrepreneur.
- You can choose your level of commitment: Franchising is not a one-size-fits-all endeavor. There are dozens of industries with franchising options, and within each, opportunities for everyone from the workaholic who wants to engage 24/7 to the part-time visionary who wants to focus on high-level issues. Whether you want to work 10 hours a week or 50, and whether you want to be an artisan or an absentee owner, there’s a franchise that matches those objectives.
- Building a valuable asset: One of the two top complaints among retirees is not having the financial ability to live comfortably. Living on a fixed income and finite savings rarely equates to the freedom and leisure we aspire to in retirement.
- Owning a franchised business creates a completely different financial outlook. Once your investment passes the break-even point and begins producing income, it not only generates cash flow, it becomes a steadily appreciating asset.