10 Best Franchises For Retirees In 2024
It’s just the initial stage of retirement that gives the excitement; later, the boredom kicks in. Many people miss earning money, exercising their minds, and connecting socially. For this reason, we have collected the ten best franchises for retirees to own in 2024.
Starting a franchise after retirement is a perfect way to combat the depression. You may be the best-suited franchise owner out there.
So, let’s get you started with thinking about your next professional journey!
Table of Contents
P3 Costs Analysts
| Founded in | 1991 |
| Franchising Since | 2018 |
| Estimated Outlets | 39 |
| Initial Investment | $68,690-$79,035 |
| Franchise Fees | $59,500 |
| Liquid Capital | $30,000 |
| Royalty Fees | N/A |
P3 Costs Analysts is a company that specializes in helping companies across the nation determine if their spending on utility, telecom, merchant processing, shipping, and property management tax is correct and cost-effective.
The company was founded in 1991 and has been helping over 30,000 clients. The company’s services aim to uncover the hidden errors of vendors while working to determine if there is a cost-effective way for you to be billed.
It offers the opportunity to own a franchise business in the booming cost-reduction space. It has a proven system that helps franchisees save on their expenses.
Tutor Doctor
| Founded in | 2000 |
| Franchising Since | 2003 |
| Estimated Outlets | 734 |
| Initial Investment | $94,295-$138,995 |
| Franchise Fees | $54,700-$124,400 |
| Liquid Capital | $70,000 |
| Royalty Fees | 8% |
Tutor Doctor is an international brand with franchises across North America, Europe, and Latin America. It was founded in 2000 and is an award-winning home-based tutoring service.
The company started franchising in 2003 and expanded to over 600 franchises worldwide, with more than 340 in the USA.
As for the franchisees, Tutor Doctor comes with a proven business model with low overhead and a flexible schedule while offering recurring revenue streams.
Owning a Tutor Doctor franchise is the ideal option if you are people-oriented, motivated, and flexible.
Home Helpers Home Care
| Founded in | 1997 |
| Franchising Since | 1997 |
| Estimated Outlets | 308 |
| Initial Investment | $99,950-$149,350 |
| Franchise Fees | $48,900 |
| Liquid Capital | $100,000 |
| Royalty Fees | 3%-6% |
Home Helpers Home Care is the best franchise for retirees who have worked in the medical field or are passionate about caring for others.
It is a non-medical home care service provider for individuals who need help with their daily routine. These people include seniors, new moms, people with disability, people with dementia, etc.
The Home Helpers Home Care may be a good option if you love caring for others and spreading positivity in the community. However, as a franchisee, you might have to earn a legal license to provide traditional and respite care.
This franchise is also one of the ten best senior care franchises. So, if you also want to own an ageing care franchise, this is an ideal choice.
Liberty Tax Services
| Founded in | 1997 |
| Franchising Since | 1998 |
| Estimated Outlets | 2,683 |
| Initial Investment | $43,000-$60,000 |
| Franchise Fees | $15,000 |
| Liquid Capital | $75,000 |
| Royalty Fees | 14% |
Liberty Tax Service is a tax preparation service that was founded in 1997 when Jackson Hewitt Tax Service was acquired and renamed Liberty Tax Service.
They started franchising in 1998 and currently own over 2,800 stores across North America. Liberty Tax Service is one of the largest tax preparation franchises in the United States.
To own this franchise, you must have your financials in place and along with the initial investment and franchise fee, the company also requires a net worth of $100,000-$250,000.
Please read our full article for more details about the Liberty Tax Franchise.
HomeVestors Of America
| Founded in | 1996 |
| Franchising Since | 1996 |
| Estimated Outlets | 1,129 |
| Initial Investment | $89,000-$461,250 |
| Franchise Fees | $39,000-$85,000 |
| Liquid Capital | $90,000 |
| Royalty Fees | Varies |
HomeVestors Of America comes with 25+ years of experience in the industry. It is one of the leading homebuying companies in America and can also be operated from home. For this reason, it is also one of the best home-best franchises to own.
Therefore, as one of the country’s leading real estate and home buyer franchises, HomeVestors Of America tends to enjoy a well-established and reputable brand.
As a franchisee, you’ll get in-depth training on starting and running the business with additional courses on marketing and branding. However, to own this franchise, you must ensure you have clarity on all the fees and finances.
To get more details, read our complete article about HomeVestors Franchise.
The Brass Tap
| Founded in | 2007 |
| Franchising Since | 2010 |
| Estimated Outlets | 41 |
| Initial Investment | $791,967-$1,327,475 |
| Franchise Fees | $40,000 |
| Liquid Capital | $300,000 |
| Royalty Fees | 4% |
If you are looking to tap into the hospitality industry or have always dreamed of having a bar, The Beer Tap is for you.
It is one of the most affordable franchises. It was founded in 2007 and began franchising in 2010. They offer in-house barrel-aged bourbons, handcrafted cocktails, water faucets, craft beers, and more.
For its franchisees to operate the franchise smoothly, the company offers training in which you must attend dozens of hours of classroom and on-the-job training.
Totally Nutz
| Founded in | 1990 |
| Franchising Since | 2014 |
| Estimated Outlets | 76 |
| Initial Investment | $65,372-$226,500 |
| Franchise Fees | $27,500 |
| Liquid Capital | $25,000 |
| Royalty Fees | 6% |
Nutz is a company that packs and sells different varieties of roasted nuts. The company is known for its cinnamon-glazed cashews, pecans and almonds.
It started the journey in 1990 under a different name: Barker’s Old Fashioned Almonds. Since its establishment, Totally Nutz has grown to over 45 franchises throughout the United States.
Nutz is looking for franchisees dedicated to providing outstanding services in a family-friendly environment. Moreover, the company has also been ranked in the Entrepreneur Franchise list of 500 times in recent years.
STEM For Kids
| Founded in | 2011 |
| Franchising Since | 2014 |
| Estimated Outlets | 135 |
| Initial Investment | $49,500-$83,650 |
| Franchise Fees | $39,500 |
| Liquid Capital | $50,000 |
| Royalty Fees | 7%+ |
STEM for Kids is a franchise that offers educational enrichment in science, technology, engineering, and math for children ages 4 to 14.
This franchise is excellent for retired teachers or childcare providers who are willing to make a positive impact on young minds.
STEM For Kids protects a franchisee’s territory by providing you with the necessary training, including anything from site selection to organizational planning and operations.
CarePatrol
| Founded in | 1993 |
| Franchising Since | 2009 |
| Estimated Outlets | 160 |
| Initial Investment | $51,120-$110,970 |
| Franchise Fees | $20,000-$57,000 |
| Liquid Capital | $50,000 |
| Royalty Fees | 6%-10% |
CarePatrol was founded in the year 1993. It is a leading senior care facility in the United States. They offer various services, including independent living options, memory care, and assisted living care.
As a CarePatrol franchisee, you may help families make safe choices for their loved ones. If you love offering quality services to senior citizens, then CarePatrol is for you.
To be a part of the team, ensure you have enough capital to align with your budget.
Lapels Dry Cleaning
| Founded in | 2000 |
| Franchising Since | 2001 |
| Estimated Outlets | 85 |
| Initial Investment | $40,050-$730,122 |
| Franchise Fees | $25,000-$50,000 |
| Liquid Capital | $15,000-$250,000 |
| Royalty Fees | 6% |
Lapels is a well-known American brand for dry-cleaning services. The Lapels franchise is an excellent choice if you want to start a good franchise.
It was founded in 2002 by Kevin DuBois. The company offers a full range of services like Dry Cleaning, wedding gown cleaning, shirt laundry, leather and suede cleaning, and more.
Lapels has been a leader in dry cleaning for more than twenty years. It is a big name in the $9 billion dry cleaning industry. They offer training and support but don’t give franchisees money, help, or other discounts.
When Should You Invest In Franchises For Retirees?
There’s no doubt that investing in a franchise saves you time in starting the business from scratch. However, if you are stuck on when you should invest, then ask the following question to yourself:
How Much Time Will You Be Able To Invest?
There are a plethora of benefits to investing in a franchise, but it doesn’t guarantee you success. One of the most significant things to remember is that no one should enter the franchise expecting to earn profit overnight.
Therefore, you must ask how much time you can invest, even as a retiree. Starting a franchise post-retirement can be a rewarding experience for many.
When approached through the right lens and with careful consideration, you can make sound decisions, but only when you are ready to invest a considerable amount of time.
How Much Money Are You Able To Invest?
Investing in a franchise is more challenging and complex than it seems. The crucial thing to consider is the amount you need to support and your budget.
Many retirees have a nest of cash saved up in their bank accounts. However, it is optional to use every penny in the franchise. Instead, set a budget for how much you’ll need to invest.
What Skills Do You Possess?
For someone like retirees who have invested their whole life in working, it is essential to look for what skills you possess that can be used in franchising.
The skills required in franchises include project management, marketing, a healthy network of people, leadership, customer service, and much more.
Therefore, you need to ask yourself what skills you possess and think about which skills you want to transfer from your career life into the franchise.
Factors To Consider Before Investing In Franchises For Retirees
Franchise Reputation
The very factor to consider before investing in a franchise is to evaluate the reputation of the franchise. Check the franchise’s history, stability, and growth potential.
You can also look for reviews online, talk to the existing franchisees, and seek professional advice. An established franchise can provide the support and resources you need as a senior retiree.
Assess Personal Goals And Interests
You must consider what you are passionate about, your skills, experiences, and the type of work you would enjoy doing.
You should also consider if you want a hands-on, hands-off franchisee. There are many options when choosing the industry in franchising, such as home care, fitness, food services, or home improvement.
Therefore, deciding which industry aligns best with your interests and future goals is crucial.
Look For Work-Life Balance
As a retiree, you must consider the lifestyle implications of your chosen franchise. Determine if the franchise allows flexible hours, part-time options, or seasonal operations.
Most often, seniors want to start small and then scale up. Moreover, you must also look for franchises that require physical work and long working hours.
If this differs from the retirement life you see for yourself, you must look for other franchise opportunities.
Conclusion
So, this was our list of 10 best franchises for retirees. Owning a franchise after you have enjoyed retirement can help you combat the boredom of retirement.
However, you must choose the franchise that aligns with your budget and interests you. Also, look for a franchise that will provide you with a work-life balance to enjoy working and the leisure of retirement.
FAQs
Which Is Cheapest Franchise For Retirees?
The cheapest franchise for retirees from our list is STEM For Kids, which requires an initial investment of $49,500-$83,650.
Which Franchise Is Easiest To Get?
When starting a franchise, consider the time and money you are ready to invest. The categories such as fitness, cleaning, children’s sports, tutoring, and education can be a great and easy place to start.
What Is A Good Profit Margin Of A Franchise?
According to the reports, a good franchise profit margin ranges between 25% and 50%. However, this may also depend on the location and the franchise you are working with.
