With so many options in front of you after retirement, it may seem impossible to even know where to start. Luckily, there are many resources out there for you that will get you headed in the right direction.
Where do you see yourself in 10+ years?
First, the most important step is taking a step back and thinking about what you want to be doing and where your real passion is. When going into business, it is important to realize that this is a long term commitment that is going to take time and energy to get off the ground, but in the long run it will be incredibly rewarding if you are doing something you truly love.
What are the best platforms to follow?
Next, think about what business platform you want to look into. Are you hoping to have an online platform or are you more of a brick and mortar person? Do you want to wake up and go to work in your pajamas? Or do you like to get yourself ready, make a thermos of coffee and greet all of your co-workers at the break of dawn? Figuring out which sort of lifestyle you enjoy will make decisions down the road much clearer. For instance, if you are not an early morning person, but you plan to start a bakery or open a Panera franchise, you will want to make sure you have the right people working for you that don’t mind the early mornings of baking bread.
Here’s some more information about business ideas that make great franchises.
You have your idea, what now?
If you already have an idea, but don’t know what the next steps are to making it a reality, having a consultant will be incredibly beneficial in making the experience go much easier. It is also helpful to talk to people who have done this in the past give you their process in how they were able to be so successful. There will be a lot of business jargon and licensure terminology thrown at you during the process, so having a firm grasp on the vocabulary of the business world will help you stand out as a franchise candidate and businessperson.
It will also be helpful for you to have an understanding of where the franchise industry is seeing growth versus downwards trends. Though the industry is not seeing as big of an increase as it did in December with an increase of 48,600 jobs, it is still rising. In January job growth increased by 20,000 jobs which is a hopeful statistic if you plan on going the franchise route. Here is a breakdown of where the industry is seeing the most growth within the past month.
Some more insight on where big growth is happening can be found here.
You can read more about our discovery process and how Veteran Franchise Centers can help you figure out what your next step is. Our monthly webinars are also a great place to gain some insight.
Don’t wait until conditions are perfect to begin. Beginning makes conditions perfect.”–Alan Cohen, writer