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Planning Retirement Online


Franchising                  

                                     November 2010  

Franchising

franchisingWork until we drop! Well, that isn’t quite what the government is saying but with the economic problems of the country and with changes in pensions, it seems many of us will have to continue to work for a lot longer than we had originally planned or hoped.

Getting a job at an older age is always tricky, and we have to be very open to new ideas and a complete change of direction. The laterlife workshops (see information elsewhere on this site) offer so much information re new directions after retirement, but another subject that has been receiving increased publicity recently is franchising.

Many franchising operations welcome more mature people with business experience behind them. Also, good franchise operations offer so much background support and help that it can make starting up in a new venture a lot easier than striking out on one’s own. Franchising is also often seen as a more relaxed way of making the transition from working for an employer to becoming self employed – the risk factor of a proven business is often considered to be a better option than striking out in completely new ground.

The number of franchise operations in the UK now is amazing – everything from the big majors such as McDonalds to individual window cleaning and lawn mowing services. Between that you can find a franchise operation that covers the entire breadth of British business opportunities.

In a franchise operation, you take the reputation, business knowledge and expertise of the franchisor, sometimes you also use their products, and package it together to run your own individual business, usually in a specifically allocated area. You can be a sole business person or employ others depending on the business you are entering and the franchise agreement. A good franchise operation will give tremendous background support and information to get you started – after all, it is in their interest as well as yours that your new business flourishes.

The downside of course is that usually there is an investment aspect – you are buying into an established name and business model; and there will be guidelines and restrictions you have to follow in developing the business.

If you feel you might like to consider a franchise operation, the key is thorough research. What looks like a fantastic opportunity might in fact not have adequate backing to carry it through its early growth years. Balance sheets need to be looked at and you also need to consider competition in your specific location. There could be a similar stand alone business that already accounts for most of your would-be customers.

You also need to check the licence details very carefully as there is no standard franchise licence in this country. Each company stipulates its own rules, regulations and requirements.

A good way to find out more is to simply talk to other franchisees. In any shopping centre you will find food and other outlets run by franchisees – pop in during a quiet moment and most will be very happy to give you information on their experiences.

There are lots of resources for further information. The Franchise magazine
http://www.thefranchisemagazine.net

In February 2011 there is a big Franchise Show in London
http://www.thefranchiseshow.co.uk

Or simply google various sites and visit various franchise operations. You may find something that is of real interest and could set you on a successful new course for the future.


 

Nutricentre Discount for laterlife visitors If in any doubt about any of the information covered in health and nutrition related articles and it's relevance for you, consult your GP.

 

 



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