Money & Retirement

Four Reasons Retirement Is a Great Time to Own a Small Business

It’s now 2021, and retirement means many different things to many different people. As we endured our careers, we spent time and effort planning what it would look like for our families and us. In a traditional sense, we assume that what we’ve been able to save, invest, and put aside will be enough to live comfortably. Spending more time with grandchildren, traveling to faraway places and less stress seemed to be on the horizon.

However, much about the way we think about retirement has changed over the years. Thanks to advances in health, wellness, and technology, we’re living longer, but healthcare costs have skyrocketed.

Historically low-interest rates have had a stagnating effect on our carefully preserved savings. And the widespread decline in pension funds has left many couples short of financial expectations.

But that’s just the troubling news. On the other hand, the generation entering retirement now are among the healthiest and fit we’ve seen. Access to information has educated us for decades about the coming days of retirement—giving us all kinds of time to plan. The fact is—many retirees don’t want to “retire” at all. A majority have adopted the opinion that keeping the mind and body stimulated encourages us to live better, longer. And one way that many retirees achieve this is through starting a small business of their own.

Think about it. If you’ve spent decades in the service of others, isn’t it about time you had the chance to call the shots for once? A lifetime of experience, skill, and observation has brought you to the point that becoming your own boss is an attractive proposition. Need more convincing? Here are four reasons why retirement is a great time to own and operate a small business:

Aging Back In

Many of us 50+ in age know well that ageism is a negative fact of life. Many of us *were aged out of corporate America, but owning your own business means you get the opportunity to age yourself right back in. This time, not as an employee that takes orders—but as a boss that calls the shots.

More Income!

It’s no secret that social security benefits often don’t go the distance for our budgets. Owning a small business of your own is a way to offset and supplement your income, giving you peace of mind. And perhaps the discretionary funds needed to keep those dreams of traveling to faraway places alive.

Using Savings to Build Wealth

Many retirees have a healthy bank account. But with low returns on CDs and bonds, our savings accounts don’t compound well with low-interest rates. Investing a chunk of your savings into a business not only can increase your wealth but includes multiple tax advantages as well. Don’t let your money sleep. Wake it up and make it work for you!

Do What You Want

A majority of us worked to earn a decent living and provide for our families. That’s job number one. But how many of us toiled away at a job we didn’t truly love? Becoming a small business owner means you can finally have the opportunity to do what you’ve always wanted. There are three primary ways to start a business, but one in particular—franchising—gives you thousands of concepts to choose your path. It also comes with a proven business model for you to follow, dedicated to ensuring your success as a small business owner.

The next generation of retirees won’t likely be spending all of their time fishing and knitting.

Circumstances and advances in our society’s progress have given them a golden opportunity for their golden years.

It’s all up to you.

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Sara Waskow, Owner FranNet of Dallas-Fort Worth

Sara Waskow is the Dallas-Fort Worth Market President for FranNet, the nation’s leading franchise consultancy. She’s a career transition specialist whose no-cost, no-obligation expertise matches individuals to business opportunities that best fit their unique goals and talents. Sara is a member of Success North Dallas, the Southlake and Grapevine Chambers of Commerce, and the Cowtown Executives Association. She graduated from Texas A&M University and has lived in the DFW area for over 30 years. She can be reached at: swaskow@frannet.com.

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