Many of us leave it too late to plan for our retirement years. What do we want to do when the time comes for us to leave the corporate world for good? Or maybe that decision will be made for us at a time we don’t expect?

Having enough savings is one thing, but wouldn’t it be good to continue having a passive income during our retirement years? As we are often too busy when we are working full time, one low-risk, affordable and practical approach is franchising.

Franchising not-so-capital-intensive brands is a practical way to start one’s entry into the business world. When you decide to franchise a brand, you are accessing a brand and a system that is already proven, not just by the owner but also by its other franchisees.You eliminate, or shorten, the error part of the trial-and-error phase that is common to new business start-ups. With so many brands to choose from, one can definitely find something that suits his or her liking.

And here’s the good news. You can outsource the full search, setup and management process of your franchise to organizations that cater to these services. 1Enterprise was setup to provide all the support that an entrepreneur needs to establish a business in the Philippines. Headquartered in Singapore, and with other sister companies, 1Enterprise is equipped and experienced to efficiently execute these tasks.

How To Choose The Best Type Of Franchise For You

Choose a franchise category that is in line with your passion. It won’t be an enjoyable journey for a franchisee who has no interest in physical wellness to enter into a fitness business. When you take what you love doing to business, you already have a good antidote to the tiredness you will sometimes feel when running your own business.

Location, Location, Location

Do your homework first. A few good franchises don't make it due to the wrong choice of location. Observe the area for some time before locking into a contract with the landlord. See if there are nearby competitors and how they are doing. Is the foot traffic or the addressable market enough for you and your competitors to share? Make sure the location is fit for the type of business you will be setting up.

Prepare Your Finances

Set aside the funds needed, not just for the initial capital but also provision for at least six months’ worth of operational funds. While there is always an intention to make the business earn good revenue immediately for the first few months, it is always better to have a stash handy. Franchisors can help give an estimate of the operational funds needed.

Curious About Franchising?

Here is some valuable advice. There is a lot of information available in print and online; reading through a few of them will give you quite a good idea of how the franchise industry works. Speaking with a number of franchisors will also help you compare the differences in terms of franchise package inclusions, support structure, marketing strategies, and so on.

Making a list and comparing the answers you get will not only build up your understanding but also allow you to ask more detailed questions when you have decided which business you want to get into.