Franchises

Should my spouse and I start a franchise business in order to fund our retirement?

min read
Opinions expressed by Entrepreneur contributors are their own.
Great question!  The answer is it depends - on your tolerance for risk, your income needs from the business, and most importantly your life plans for your retirement years.  You mentioned a cruise opportunity and, if nothing else, it may save a lot of money for you and your wife if you want to go on cruises yourself.  As far as income is concerned, since travel businesses are usually a form of personal service selling, my guess is that you're not going to get a full time income from part time work unless there is a great degree of leverage in the operations (employees carrying the water for you while you do something else).  I'd make sure to talk to a number of existing franchisees to find out whether your idea would work - you might ask the franchisor to give you a list of other retired or semi-retired folks who are franchisees that you can call to find out the answers.  Good luck!

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