Last month, I was one time sitting in Starbucks, and shooting the breeze with a local here, and they got to speaking about our various careers before retirement. They told me it worked for the phone company all his life, and they was worried that his pension would not suffice if they have a round of inflammation in the next decade. They has done all right along with his actual estate, although things are choppy right now. They feared that they might must return to work someday so they could make ends meet, in the event that they cut Medicare, and they or his spouse have any health issues.
As I got to speaking to him I mentioned that formerly before retirement I was one time a franchisor founder. They mentioned that he'd always liked the idea of walking his own business, but never had a chance in the coursework of his career as they kept getting advanced at the phone company to higher positions. They asked me if it made sense for him to buy a small franchise of some type, a business they could run in his retirement to make additional funds.
There is much more leeway in freedom, and that might be a lovely thing in his case. Since they did indicate they desired to run the business only part-time, and only to make additional funds. You see, purchasing a franchise is not for everyone, it depends on what you require in the way of income, and not every franchise business model makes sense for you or your relatives. This is why it behooves franchise buyers, or business opportunity buyers to study the companies before they make a purchase, and fully understand what they are getting in to.
Indeed, I am not sure I would recommend that because franchises have strict franchise agreements, and they require that the franchisee work the business, as that helps the general brand name for the whole company. Perhaps he'd be better off to start his own small business, but they didn't have any business experience, or know much about that particular industry, perhaps they might look in to a business opportunity in lieu. Usually business opportunities don't cost as much, and there's not the same restrictions as there's with franchises.
Walking a small business is serious business, and it is not as simple as it seems. The failure rate for small businesses is high, and the economic times are uncertain right now. Therefore before you jump in to the water, it makes sense to stick your small toe in, and see what is available. The last thing you require to do is get in over your head. Indeed I hope you will think about all this and think on it.
As I got to speaking to him I mentioned that formerly before retirement I was one time a franchisor founder. They mentioned that he'd always liked the idea of walking his own business, but never had a chance in the coursework of his career as they kept getting advanced at the phone company to higher positions. They asked me if it made sense for him to buy a small franchise of some type, a business they could run in his retirement to make additional funds.
There is much more leeway in freedom, and that might be a lovely thing in his case. Since they did indicate they desired to run the business only part-time, and only to make additional funds. You see, purchasing a franchise is not for everyone, it depends on what you require in the way of income, and not every franchise business model makes sense for you or your relatives. This is why it behooves franchise buyers, or business opportunity buyers to study the companies before they make a purchase, and fully understand what they are getting in to.
Indeed, I am not sure I would recommend that because franchises have strict franchise agreements, and they require that the franchisee work the business, as that helps the general brand name for the whole company. Perhaps he'd be better off to start his own small business, but they didn't have any business experience, or know much about that particular industry, perhaps they might look in to a business opportunity in lieu. Usually business opportunities don't cost as much, and there's not the same restrictions as there's with franchises.
Walking a small business is serious business, and it is not as simple as it seems. The failure rate for small businesses is high, and the economic times are uncertain right now. Therefore before you jump in to the water, it makes sense to stick your small toe in, and see what is available. The last thing you require to do is get in over your head. Indeed I hope you will think about all this and think on it.
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