We Sell Restaurants recommends exploring these small business ideas for retirees. Some franchise opportunities will enable you to use your expertise while balancing the peaceful life of a retired person.
Many people look forward to leaving behind the hustle and bustle of the work world when they retire. Putting a halt to commuting, attending endless meetings, and answering emails is a welcome relief. People appreciate having more time to travel, spend time with family, and brush up on their golf game.
But retirement isn’t the answer for everyone. Perhaps you are tired of the high-stress and demanding pace of your current job, but you’re not ready to throw in the towel, or you need to build some cushion into your retirement savings. One out of every three workers cannot be sure they will have enough money to be comfortable during retirement, according to the Retirement Industry Trust Association. And the average account balance for Vanguard participants was $141,542 in 2021. Still, it is possible to take a step back, start a new venture, and still enjoy your twilight years.
Franchising: A Smart Career Re-Start
The franchise industry has numerous opportunities for entrepreneurs who want to start a business with support and guidance. Franchising allows entrepreneurs to become small-business owners with a recognized brand and ample training. If you’re interested in pursuing a franchise with a low initial investment and minimal overhead, there are a number of opportunities to explore. Many options can be managed from a home office, allowing you to establish your own schedule and work at your own pace. Retirees can enjoy the fruits of their labor without having the responsibility of managing employees or tackling inventory.
If working from any location with high-speed internet service sounds ideal, We Sell Restaurants has some small-business ideas for retirees as you embark on a new career.
Career coaching. Job furloughs and layoffs over the past two years are prompting many people to take a step back and reevaluate their career path. In 2021, more than 47 million people quit their jobs to pursue opportunities with higher pay and better benefits. Seasoned executives learn the skills to mentor and manage people to create positive work environments. Career coaching allows you to use your expertise to help people find a path forward. The franchise industry offers plentiful opportunities in the career coaching and placement industry, including popular brands such as The Entrepreneur’s Source®, The Growth Coach, and The Alternative Board.
Travel agencies. As travel resumes following the pandemic outbreak, parlay a love of adventure into a business by investing in a travel franchise. Ensuring your clients have a hassle-free travel experience can provide a retirement alternative. Despite operating from a home office, owning a travel franchise is demanding, and you’ll need to be available 24/7 to provide customer service to your clients. People often cut back on travel during slow economic times, which can make your business susceptible to the ups and downs of the economy.
Home inspections. The booming real estate market is helping franchises in the home services industry gain ground. Home inspectors are an integral part of a home sale. Yet, industry standards vary widely. Staying abreast of inspection requirements and evolving policies can be challenging. Having a franchise partner helps streamline the process, but home inspections require ongoing training and support.
Elderly care. Baby boomers will be between the ages of 66 to 84 years old and account for 61 million people by 2030. Demand is growing for services to provide support and care for this aging generation. Elderly care franchises have a low barrier to entry and allow you to tap into this lucrative market with a brand that has a track record of success. However, elderly care franchises require strict licensing, which can make it a tricky business to get off the ground.
Business brokerage. A business broker facilitates the sale of small businesses. Baby boomers own 2.3 million of the country’s small businesses. As their ranks increasingly approach retirement age and begin divesting their businesses, the brokerage industry is poised for growth. The U.S. business brokerage industry hit $1.3 billion in 2021 and is on track to grow 3.4% this year. To get started, a business broker only needs training and access to high-speed internet.
Learn More About We Sell Restaurants
After looking at the different franchise options for retired people, it’s clear there are advantages and disadvantages to various small business ideas for retirees. Investing in a We Sell Restaurants franchise is an ideal option for entrepreneurs who want to have flexibility and operate a brand with a solid reputation.
We Sell Restaurants is a business brokerage franchise focused on the foodservice industry. We operate in 45 states and aim to sell more restaurants than our competitors. We offer a rewarding opportunity to help people achieve their dream of owning a restaurant or develop an exit strategy. Our business brokerage is a great opportunity for former restaurant owners who want to discover a new life after owning a restaurant. For a low initial investment of $70,625 to $105,400, you can start building a new career in as little as 30 days.
If you want to pursue entrepreneurship after retirement, We Sell Restaurants invites you to join our team. Contact us to learn more about small business ideas for retirees and our brand.
Robin Gagnon, Certified Restaurant Broker®, MBA, CBI, CFE is the co-founder of We Sell Restaurants and industry expert in restaurant sales and valuation. Named by Nation’s Restaurant News as one of the “Most Influential Suppliers and Vendors” to the restaurant industry, her articles and expertise appear nationwide in QSR Magazine, Franchising World, Forbes, Yahoo Finance, and BizBuySell. She is the co-author of Appetite for Acquisition, an award-winning book on buying restaurants.