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 10 best franchises for retirees to own in 2024.

10 Best Franchises For Retirees

Starting a franchise after you retire is a perfect way to combat the retirement depression. In fact, you may be the best-suited franchise owner out there.

So, let’s get you started with thinking about your next professional journey!


10 Best Franchises For Retirees

1. P3 Costs Analysts

10 Best Franchises For Retirees- P3 Costs Analysts
Founded in1991
Franchising Since2018
Estimated Outlets39
Initial Investment$68,690-$79,035
Franchise Fees$59,500
Liquid Capital$30,000
Royalty FeesN/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 services of the company 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.

2. Tutor Doctor

10 Best Franchises For Retirees-Tutor Doctor
Founded in2000
Franchising Since2003
Estimated Outlets734
Initial Investment$94,295-$138,995
Franchise Fees$54,700-$124,400
Liquid Capital$70,000
Royalty Fees8%

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 across the world, 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.

So, if you are people-oriented, motivated, and flexible, then owning a Tutor Doctor franchise is the ideal option for you.

3. Home Helpers Home Care

10 Best Franchises For Retirees- Home Helpers Home Care
Founded in1997
Franchising Since1997
Estimated Outlets308
Initial Investment$99,950-$149,350
Franchise Fees$48,900
Liquid Capital$100,000
Royalty Fees3%-6%

Home Helpers Home Care is the best franchise for retirees who have worked in the medical field or are just 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 for you 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 10 best senior care franchises. So, if you are also looking to own a senior care franchise, then this is an ideal choice.

4. Liberty Tax Services

10 Best Franchises For Retirees- Liberty Tax Service
Founded in1997
Franchising Since1998
Estimated Outlets2,683
Initial Investment$43,000-$60,000
Franchise Fees$15,000
Liquid Capital$75,000
Royalty Fees14%

Liberty Tax Service is a tax preparation service that was founded in the year 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 all 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.

Read our full article to get more details about Liberty Tax Franchise.

5. HomeVestors Of America

10 Best Franchises For Retirees- HomeVestors Of America
Founded in1996
Franchising Since1996
Estimated Outlets1,129
Initial Investment$89,000-$461,250
Franchise Fees$39,000-$85,000
Liquid Capital$90,000
Royalty FeesVaries

HomeVestors Of America comes with an experience of 25+ years in the industry. It is one of the leading homebuying companies in America and can be operated from home as well. For this reason, it is also one of the best home-best franchises to own.

Therefore, as one of the leading real estate and home buyer franchises in the country, 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 have to make sure that you have clarity of all the fees and have the finances in place.

To get more details, read our complete article about HomeVestors Franchise.

6. The Brass Tap

10 Best Franchises For Retirees- The Brass Tap
Founded in2007
Franchising Since2010
Estimated Outlets41
Initial Investment$791,967-$1,327,475
Franchise Fees$40,000
Liquid Capital$300,000
Royalty Fees4%

If you are a person looking to tap into the hospitality industry or someone who has always dreamed of having their own bar, The Beer Tap is for you.

It is one of the most affordable franchises that was founded in 2007 and began franchising in 2010. They offer in-house barrel-aged bourbons, handcrafted cocktails, water faucets, and craft beers, and more.

For its franchisees to operate the franchise smoothly, the company offers training in which you have to attend dozens of hours of classroom training and on-the-job training.

7. Totally Nutz

Totally Nutz
Founded in1990
Franchising Since2014
Estimated Outlets76
Initial Investment$65,372-$226,500
Franchise Fees$27,500
Liquid Capital$25,000
Royalty Fees6%

Totally 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.

Currently, Totally Nutz is looking for franchisees who are dedicated to providing outstanding services in a family-friendly environment. Moreover, the company has also been ranked in the Entrepreneur Franchise list of 500 multiple times in the past years.

8. STEM for Kids

STEM for Kids
Founded in2011
Franchising Since2014
Estimated Outlets135
Initial Investment$49,500-$83,650
Franchise Fees$39,500
Liquid Capital$50,000
Royalty Fees7%+

STEM for Kids is a franchise that offers educational enrichment in science, technology, engineering, and math for children aged from 4 to 14.

This franchise is great 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, which includes anything from site selection to organizational planning to operations.

9. CarePatrol

CarePatrol
Founded in1993
Franchising Since2009
Estimated Outlets160
Initial Investment$51,120-$110,970
Franchise Fees$20,000-$57,000
Liquid Capital$50,000
Royalty Fees6%-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. So, if you love the idea of offering quality services to senior citizens, then CarePatrol is for you.

To be a part of the team, ensure that you have enough capital in place that aligns with your budget.

10. Lapels Dry Cleaning

Lapels Dry Cleaning
Founded in2000
Franchising Since2001
Estimated Outlets85
Initial Investment$40,050-$730,122
Franchise Fees$25,000-$50,000
Liquid Capital$15,000-$250,000
Royalty Fees6%

Lapels is a well-known American brand for dry-cleaning services. If you want to start a good franchise, the Lapels franchise is an excellent choice for you.

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 any money help or other discounts to franchisees.


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:

1. 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. This is also one of the most significant things to remember: 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.

2. How Much Money Are You Able To Invest?

Investing in a franchise is not as easy and simple as it seems. The first thing that is crucial to consider is the amount that you need to invest and your budget.

Many retirees have a nest of cash saved up in their bank accounts. However, it is not necessary to use every penny in the franchise. Instead, set a budget for how much you’ll need to invest.

3. 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

1. 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.

2. 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.

3. Look For Work-Life Balance

As a retiree, you must consider the lifestyle implications of the franchise you choose. Determine if the franchise allows for 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 is not the retirement life you see for yourself, then you must look for other franchise opportunities.


Comparison Of 5 Best Franchises For Retirees

Company NameP3 Costs Analysts Tutor DoctorHome Helpers Home CareLiberty Tax ServiceHomeVestors Of America
Founded19912000199719971996
Outlets 397343082,6831,129
Franchise Fee $59,500$54,700-$124,400$48,900$15,000$39,000-$85,000
Initial Investment $68,690-$79,035$94,295– $138,995$99,950-$149,350$43,000-$60,000$89,000– $461,250
Royalty FeeN/A8%3%-6%14%Varies


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 that comes with retirement.

However, you must choose the franchise that aligns with your budget and interests you. Also, look for a franchise that will provide you work-life balance to enjoy working as well as 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 amount of 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 profit margin of a franchise ranges between 25%-50%. However, this may also depend on the location and the franchise you are working with.

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