By Pete Gilfillan, best-selling author of HIRE YOURSELF: Control Your Own Destiny through Franchise Ownership.
For many retirees, the reality of the getting out of the corporate rat race just doesn’t live up to the hype. In fact, a Harvard School of Public Health study found that about 70% 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 the majority of Americans? The reasons range from financial stresses to a sense of isolation to plain old boredom.
Research shows that one surprisingly effective cure for all those disappointments is, ironically, work—not the kind that requires toil in the corporate machine from 9-5, but a fulfilling effort you choose to do on your own terms. With opportunities abounding in the Orlando area, more and more men and women are finding worthwhile engagement, and avoiding the common pitfalls of retirement, through franchise investment. Here are 5 reasons it’s a viable option:
1. Orlando-Area Investment Conditions. It’s no coincidence that Central Florida has become a franchising hub for the southeastern US in recent years. With a relatively low cost of living, no personal income tax, a vibrant economy and a massive pool of skilled and unskilled labor, the stars are aligned over Orlando for aspiring franchisees. The region has been rated a top place to live for veterans, women, people of color, entrepreneurs, and, of course, retirees. If the possibility of franchising in retirement appeals to you, you’re in the perfect place to pursue it.
2. Being Your Own Boss. 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.
3. A Made-to-Order Business. Investing in a franchise has all the benefits of business ownership—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, and they also get the freedom that comes from becoming an entrepreneur.
4. Choosing 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.
5. 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.
Pete Gilfillan is a franchise consultant and author of the best-selling book HIRE YOURSELF: Control Your Own Destiny through Franchise Ownership. For more information, visit HIREYOURSELFBOOK.COM.