Owning a business is an accomplishment a lot of people dream of, but few people actually achieve. From having an idea creative enough to stand out to owning the resources to actually starting a business, there are a lot of roadblocks that interfere with one’s ability to turn this dream into a reality.
Luckily, there are tons of ways around these hurdles. Owning a business doesn’t necessarily mean you have to start everything from the ground up. The franchise world is an easy way to get around this startup process while still having a business to call your own.
Like any major decision in life, there are pros and cons to owning a franchise. One one hand, you’ll have access to resources and support from corporate that will make your life a whole lot easier. On the other hand, you have very little freedom on what you can do with the business – you’ll likely be held to corporate standards in order to ensure consistency.
It’s definitely not for everyone, but it’s also worth considering if business owning is a career path you think you’re interested in. Either way, you need to be well informed before you take the plunge so you don’t find out that franchising isn’t for you after it’s already too late.
Research Whether It’s Right For You
It takes a certain type of personality to own a franchise. Take a personality test to see if this career endeavor is something that would complement your lifestyle. Just because you aren’t a fit doesn’t mean you’re a failure in the business world. For example, people that are more creative may not enjoy the process as much as the logistical thinkers solely due to the strict nature of franchising. A personality test will simply help you figure out where you will thrive the most.
Research Whether You’re Right For Them
If you’ve decided that your personality is compatible with franchising, the next step is figuring out which franchise you should invest in. Selecting a franchise may sound like an easy task, but there’s actually a lot to consider when it comes to picking the perfect business. You may be tempted to go to your favorite childhood fast food chain because of the good memories associated with it, but there’s a lot of factors to consider outside of whether or not you liked the menu offerings.
The financial structure of a business is one of the most important considerations, because this is what will ultimately lead your franchise to success or failure. Additional important factors to think about are the people that make up management, number of competitors, prevalence of the franchise in your area, and target audience composition to name a few.
Once you’ve done your research, you’re ready to take the next steps. It may seem like a scary risk, but owning a franchise can be extremely rewarding in the long run. Not only is this an opportunity for you to get some experience in owning a business, it can also lead to large payouts when done correctly.
Retirement is a big step in life and it should not be taken lightly. In addition to leaving work, there is one piece of retirement that needs to be given some extra consideration. Retirement savings can make a difference in how people spend their time after they have retired. Without sufficient savings, people cannot afford to retire and enjoy their lives.
In the United States, the majority of people are not prepared for retirement. About 34 percent of Americans have no savings. 35 percent have a few hundred dollars saved up. Often, employers will match their employees’ retirement contributions by a certain percentage or up to a set dollar amount. This is not the case for all people though.
In the United States, the average amount of money that people have saved for retirement is $218,181 with a range from $150,000 to $290,000 by state. The actual statistics for how much people have saved for retirement vary by state, with many factors that can influence the amount that is saved for retirement. It can include one or more of the following:
- Number of investments
- Duration of investments
- Type of investments
- Matching by employer
- Other types of savings
- Income taxes
- Cost of living
New Jersey, Delaware, Connecticut, and Alaska are the states whose residents have the greatest average retirement savings, ranging anywhere from $270,000 to $290,000. New Hampshire is slightly behind with an average of $264,624. The northeast is known for having a higher average for retirement savings.
One of the reasons that New Jersey and Connecticut have high retirement savings is due to the high income taxes in these states. With higher taxes, more of the government money can go toward retirement funding. In addition, residents in Alaska receive tax credit simply for living in the state. This money can then be saved for retirement, increasing the average.
People in other states are not as fortunate. Oklahoma, Montana, and Wyoming are on the other end of the spectrum. The residents in those states have an average of $150,000 to $170,000 saved for retirement. As mentioned before, there are several potential reasons behind this. The main one for these states, in particular, is the low cost of living. This affects other western states too.
Of course, there are people who fall in the middle of the high end and the low end of retirement savings. The average across the United States is $218,181, which means that quite a few states fall into the $210,000 to $230,000 range. The states in this category are Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Maine, Missouri, New Mexico, Ohio, South Carolina, Texas, West Virginia, and Wisconsin.
It is important to know that not all retirement savings go the same distance. In some states, less money is needed for retirement. If the cost of living is lower, the savings will last longer and take people further. This can also depend on their plans once they retire, especially if expensive vacations are included. If people know where they want to live when they retire, they may plan ahead based on that cost of living.
Overall, being aware of the national and state averages for retirement savings can help people to understand where they fall. The right preparations can ensure that people truly enjoy their retirement and get to take advantage of this time in their lives. Saving for retirement is one of the best ways to do this.