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Buying a Franchise

Pros and Cons of Buying a Franchise Whether you’re looking for an investment option after retirement or as you engage in entrepreneurship, going for a Franchise always proves to be a good choice. Apart from having the opportunity to establish a business that’s already been ‘established’, franchising generally entails less work compared to having to put up a business of your own, from scratch. Like every other venture, there are pros and cons to engaging in a Franchise Business. Pros: Established Operating System. The franchisor makes everything easy for the franchisee in terms of operating system. Franchised businesses usually have a protocol to follow, composed of procedures and methods in its operation. Training Program. Franchisor also offer training for the franchisee. This involves personnel and staff training, teaching them everything they need to know to operating the business from the pre-opening, daily operations, hiring and marketing practices, and so on. Pre-Planned Marketing Strategies. Franchisees gain substantial advantages in having an established marketing plan laid out for them, allowing them to market their products and services most efficiently. There is no need to brainstorm, do a trial-and-error, and incur in unnecessary expenditures along the way. Consistent Supply Line and Support. In a franchise agreement, the franchisor has the obligation to supply the franchisee with everything necessary for the business, eliminating the need for the franchisee to market for their supply. Cons: Stringent Rules. With the great support that franchisors usually provide their franchisee with come the responsibility on the end of the latter. These rules could include, among many others, the need to maintain a specific volume/amount of sales and maintenance of an inventory. Legal Documents. The franchise agreement usually carries with it a myriad of other documents and legal requirements that the franchisee may have to fulfill and oblige to. This requires the assistance of a legal professional, or a keen eye for reviewing the stipulations in every contract. Dependent Reputation. As much as a franchise business benefits from the brand, this also implies that infractions in the reputation of the same may affect its franchisees. Even if a specific branch performs so much well than the others, as one branch becomes amiss in customer service, the rest could suffer the same consequences. It is important to note that engaging in a franchise usually requires greater investment than having a start-up of your own. With this, studying your options in terms of franchising after retirement is a must.      ...

Retirement businesses ideas

New Businesses You Can Start In Retirement If facing retirement is not something you look forward to, either because you are the infamous “type A” personality or you just dread the thought of not working or earning income, then there are many opportunities for retired individuals to enjoy. New business ideas from creative to technical and anything in between are available for retired individuals. There are opportunities for creativity, tutoring, and philanthropy just to name a few. Creative A retired individual can open up a new business or start a new endeavor based on a favorite hobby or talent. * Art lessons – if you know how to paint or draw, there is no time like the present to teach younger students or even fellow retirees how to paint and draw. * Music lessons – the need for reasonably priced, reliable, and trustworthy music instructors is on the rise. With so many budget cuts to school systems, this is an excellent opportunity if you are skilled in this area. * Arts and crafts – if you love creating arts and crafts and if family and friends have told you that you have a knack for it, then perhaps it is time to turn that into a lucrative event. Churches, schools, and even not for profit companies hold craft sales various times throughout the year. Financial If you have a knack for numbers and enjoy crunching them as much as the next person hates crunching them, you might have yourself a business in the making. * Accountant – you can turn your love of numbers into an accounting business that will earn you potential income during tax season. Find out how to go about becoming a certified public accountant. * Budget workshops – You can teach persons heading toward retirement age how to budget once retired and how to plan accordingly for that retirement. Tutoring * If you have a second language, a degree in English or perhaps a career as a math teacher, tutoring is a great and lucrative business to have on the side. Tutors make a very nice hourly salary while helping others. * Tutors can range in anything from math and science to English and S.A.T. preparation. Many parents would be more than willing to pay for extra tutoring in the hopes of their child getting into a better college. * Opening a new business as a retired person is a win/win situation. You get to help others, fulfill a need, and make some extra cash along the way. Creating a new business is also a...

Are you too old to be an entrepreneur?

Nonsense. Recent reports state that us seniors are the fastest growing segment of freshly minted entrepreneurs. 22% of men and 14% of women over 65 are self-employed. The study noted, “Self-employment workers increases with age, with the most dramatic jump occurring at age 65.” Older entrepreneurs might find it easier to start a small business than our younger counterparts. We do have a bit more experience one should hope. Especially if you start something that relates to your work experience. Another stat shows that only 27% of the older entrepreneurs run their business as the sole family income. Most supplement their pensions, either adding to a pension plan or spending it as extra money on top of their pension. The downside is that pensioners might not be able to take a loss, or willing to take a risk. It is one thing to lose at 25 (I have lost several times) but as we get older we need to preserve our capital and income. We might not be as bold as we were in the ‘old days. However, experience and skills can compensate for the risk. There is risk in any entrepreneur project. That’s a fact. If all you want it a risk-free income – you will choose employment. Regular paycheck. Those are good things.  ...

Love what you do. Period.

Having been on my own since 1988 I have learned one thing. If you choose to be self-employed you absolutely need to be passionate about what you do. This is a non-negotiable thing. There is no way you will even have a chance at surviving, never mind making some money if you have to “motivate” yourself every morning to go to work. And if you can’t wait for Friday to come around so you can do nothing all week-end, go work for somebody that tells you what to do every day. And you don’t think about it over the weekend. I love what I do. I am not saying you couldn’t love your job at a company, thank goodness most people do – but loving what you do when your entire life and income depend solely on you – is critical....

Increase Your Chances To Get A Job

Marketing Your Employability Skills Technical skills aren’t always what employers are after when they advertise a job opening. Many of them prefer to hire people with excellent employability skills rather than experts. The main reason is that the company is going to provide technical training anyway, so previous knowledge might to be too useful. Someone who shows willingness to learn, good customer service skills or a tendency to stay with a company for a long time has much better chances to get a job than a savvy individual with many years of expertise in a certain industry. Such experts are often inflexible, so they are very hard to form in the spirit of a new team. This is why you should always dedicate a section of your resume to such soft skills, as it might make the difference between getting the job and getting ignored. This doesn’t mean you shouldn’t add your technical skills and expertise. Make sure to include them, but don’t rely solely on this side of your abilities to get invited to an interview. Marketing your employability skills doesn’t mean telling lies about yourself, either. If you are shy and you can’t articulate two coherent words in front of a wider audience, you shouldn’t mention your awesome presentation skills. The employer is going to discover the lie easily. Besides, even if you get the job, you might realize you’ve landed in an extremely uncomfortable situation, as your job might imply offering such presentations on a regular basis. This is why your first step in preparing this section of your resume should be the identification of your employability skills. Maybe you are good in solving problems, or maybe you are the one who can make the best decisions quickly, even under pressure. Maybe you are much better in the second line, gathering and analyzing information for your colleagues to use in sales and marketing. You are the only one who can determine which are your strongest assets in this direction, so take your time and make a comprehensive list of all such skills you believe to posses. Don’t be afraid to ask your work buddies or your friends if you are really as strong as you think in some areas. Another good method for identifying your best assets is by completing an employability skills inventory. When you are done, proceed to the next step, which is to include those skills in your resume. Focus on your strongest skills and on the ones that are specifically required by the job you want to apply to. If possible, always...

Passive Income – Dream or Reality

Wanting to work after retirement you will soon come across the term “passive income”. Meaning you set it and the money will come. Sounds good. However, it is also one of the most damaging “wealth creation” you can imagine. People spend money, time and lots of efforts trying to create income you don’t have to work for. Many buy rental property just to get income without working. However, if they are not interested at all in being landlords, or repairs – they soon find out that passive doesn’t mean nothing to do. Same with what I do. I set up websites and once most of them are set up – they just keep on giving. Other sites need lots of work to earn any income. HOWEVER, I LOVE what I do. That makes it very different than someone buying into  a “program” that will automate websites and rake in the money. The same gig happens with the MLM tactics. Most push the thought that some work now will secure a passive income for years to come. Not true. The dream of having a downline is exactly that. A dream. Downlines need encouragements, help and you will lose them one after the other so you need to constantly find new victims. That’s not passive. One of my motivating goals is to have some revenues on autopilot. And I have achieved that. But all of it? Frankly, I wouldn’t know what to do with myself should it all become passive. I guess I have to compare that with workers who have slaved for 40 years and now have their pension. That’s true passive income. But if you don’t have a pensions, then expect to work for it. Most of it anyway.   Ingvar....

Self-Employment after Retirement

Some people dream of lying lazily on their lawn chair while they sip their iced tea and read a good set of books, while some would be happy to travel with family and friends after their retirement. However, many retirees would still crave for work after retirement. They have grown accustomed to the working lifestyle and do not wish to say goodbye to it for good; yet if given the opportunity they would be happy to scale-back a little on the responsibilities. Is this possible? Business Ideas After Retirement You would typically want a job that will not involve too much energy, time, and money because its primarily purpose is to keep you busy and your revenue flowing even during your retirement age. Ponder about business ideas and consider it as part of one of your options. Project Work Skilled professionals like engineers and architects would still enjoy creating and drafting lay out works for individuals. Keep this option open and consider a website where your services could be visible. Personalized Services Retirees have a wealth of knowledge to share. Put this into writing for the benefit of others or act as a part-time consultant for some companies. You may also create your own blog where you can publish these tips and recommendations for more online exposure. Crafts You may enjoy building wonderful furniture or designs. Maximize this potential and promote yourself through various social media networking sites to gain customers who will need your services. Do not be idle after retirement. Keep yourself busy. Remain productive and enjoy the leisure your retirement years will...