Retirees who are interested in forming an LLC, but who don’t want to go through the process on their own, should consider running a franchise.
Michelle Rafter of Entrepreneur magazine recommends five industries that would make a great post-retirement business investment: senior care, business training and coaching, staffing or recruiting, tutoring and business services.
Senior home healthcare made Inc. magazine’s list of the best industries for starting a business for the second year in a row because of low beginning expenses and continued growth.
It is also good to enter into industries that are related to an entrepreneur’s previous work experience. Rafter suggests that people who previously worked in sales or management would have a solid foundation to begin a business training franchise.
There are some staples, such as the tutoring industry, which are always in demand. But, Inc. notes that although the tutoring industry has a low barrier to entry, it is very competitive, making it necessary to establish a niche in order to build a client base.
The business services and staffing and recruiting industries are sectors with a variety of options, including setting up companies’ technology systems or providing work for virtual office assistants.