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Too Young To Retire
I had a chance meeting with a gentleman on the weekend who told me that he was “Semi-Retired”. As the conversation progressed, it became evident that he had been made redundant, from a middle management position, as his company consolidated different departments in a cost cutting exercise.
He not only took a healthy payout from the company, but also a wealth of experience and knowledge. He has been doing a little bit of consulting work, but for the most part, he has found himself wondering what next?
He is part of a growing number of over 55’s that are not ready to stop working, either mentally or financially, but is finding it hard to find employment because of the abundance of people in the same position.
We spoke about the possibility of him going into business for himself, this was something that he had already pondered over, but had come to the decision that he could not gamble what he already had on a new business. I asked him if he had considered looking at a franchise, a business that already had systems, support and a proven record of profitability for its franchisees.
He had heard different stories about franchises and was weary about their ability to deliver on their promises. I offered this advice on looking at franchises;
• Do your homework – There are a lot of franchise opportunities around, research them. There are a number of magazines and web sites that not only advertise franchises, but offer tips on what to look for. A good place to start would be the Australian Franchise Opportunities Exchange web site.
• Stick to what you know – It doesn’t matter if it has been a hobby or a career. Your expertise will position you as a go to person in the industry.
• Do your Due Diligence Without Emotion – Do not get wrapped up in the hype, some franchisors leave you feeling that you have just been to a time share meeting. Check these critical factors;
o What share of revenue does the franchisor make from selling franchises compared to franchisees selling their product? If they are making the bulk of the profits through franchises and not product, they may be more focussed on your dollars than your customers, beware!
o What are the ongoing fees and when do you need to pay them? If you have ongoing fees regardless of your success, or lack of, the franchisor is most likely building an empire out of franchisees, not building a brand out of the products success.
o Why is the Franchisor franchising the business? – What is their vision? Does it align with yours? Do you share similar values?
I will explore franchising in more depth over the coming months. If you need any information before then, please feel free to contact me, or any of the other Small Fish Business Coaches.
Small Fish Business Coaching
There are four ways you can engage with me:
1. Subscribe to these emails and get them once a week in your inbox so you never miss a video from me.
2. Join the Trades Business Toolshed Facebook Group where you can watch these videos, ask me questions or talk to your peers.
3. Attend my next Tools Down workshop.
4. Book yourself a 10-minute chat with me. We’ll talk about whether coaching is right for you now and if it is, we’ll go further into the process before you have to make your mind up.
See you later.