The current economic boom has seen unemployment rates plummet to levels not seen in decades, but that doesn’t mean those currently unemployed should only focus on finding a new job. Unemployment is scary, but when considering a new life as an entrepreneur, it can also be exciting.
Not sure which path you want to take? You may be right for a franchise.
Most successful franchise owners were once employees like you. In fact, the overwhelming majority of franchise candidates I consult with spent a decade or more working for someone else. In fact, many of them were recently laid off or downsized and decided the time was right for something big. For several reasons, they discovered that franchise ownership was a smooth transition from life in corporate America to a new chapter as a small-business owner.
The skills you developed as an employee will transfer. Franchises aren’t looking for pioneers or people with groundbreaking discoveries and ideas. Franchises look for people who have a certain skill set that fits well with their business model. That could be sales, marketing, customer service, management, accounting, or a slew of others. As a franchise consultant, I work with candidates to determine what their strongest skills are, so we can decide which of the more than 3,000 available franchise brands are a good fit for them.
Franchises aren’t mistake-proof, but they’re close. For people with a low risk tolerance, franchises are appealing because they already have their proven success model. The franchise made their mistakes already, learned from them and applied what they learned to building a winner. If you enjoy having the guidance and “safety net” of experienced people around you that helped you succeed as an employee, you’ll appreciate that same experience as a franchise owner.
You have a team supporting you. People who start their own business often feel exposed because they are expected to figure everything out by themselves. People who are experiencing a period of unemployment are often more interested in being part of a supportive team again. Franchisees not only get to tap into the experience that franchise systems provide; they get unparalleled support from the corporate team and peer support from their fellow franchisees. Franchise systems have support in place to help with marketing, human resources, purchasing, training, accounting, real estate and more.
All of this, plus you are your own boss! That’s right, all of the aforementioned benefits that you’ve come to appreciate as an employee are there, but you’re in charge of your business. You choose your hours, you hire your staff, you decide which community groups to work with, you enjoy all of the profits. As the famous saying goes, “Franchising is being in business for yourself, but not by yourself.”
If you’re serious about seeking the next great company for you to work for, make it your own… through franchising!