While the economy is on the mend and employment is on the rise, there are still millions of people out of work. Some are still looking for jobs, some have gone back to school, but for many experienced workers who left their last job with a golden handshake, starting a franchise business seems like the ideal next step.
For one thing, it doesn’t require a step down. While there are lots of jobs available, they aren’t all well-paying jobs. Folks who are just out of college can see that barista job as a step toward their future, a character building opportunity, or just paying their dues. People who’ve invested twenty years feel better owning the coffee shop.
Investing in a franchise business instead of burning through savings as a job hunter isn’t just better for self-esteem, either. It’s a much better investment. Even if that perfect job comes through six months down the road, a franchise business is an asset. It can be sold, managed as an executive franchise, or kept as a satisfying side project.
What’s more, a franchise business can be a help to a job hunter. It’s always easier to get a job when you already have one, and “I’ve been building my business to the point where it can do without me while I go back to my real love, corporate accounting” sounds better in an interview than, “I’ve been unemployed for three years.”
Midlife career changers may have an at-home spouse who would have trouble getting back into the job market after years away, but who can be an effective partner in building a franchise business. While plenty of families deal with extended unemployment by sending Mom into a low-paying stopgap job, building up a franchise business instead allows her to use her skills and bypasses the need for a current resume.
Why a franchise rather than a start up? When you need an alternative to unemployment, there are plenty of reasons for choosing a franchise:
- Buying a franchise will probably get you up and running faster. You’re likely to become profitable sooner, or at least with a more predictable time frame, and you spend less time on trial and error.
- Your chances of success are better with a tried and true system.While any business can fail and everyone wants to succeed, choosing a franchise because you need a job means you have more to lose. For those who already have business skills and can follow a business system, a franchise is perfect.
- You will have the support and guidance you’ve enjoyed as an employee. While someone with an entrepreneurial spirit might be looking for the chance to follow a dream, someone who needs a job can buy a good job with a franchise — whether they have an entrepreneurial spirit or not.
Be sure to put the same amount of effort into making the best choice of franchise opportunity that you would if you weren’t feeling the pressure of unemployment. Choosing the right franchise opportunity means you’ll have a satisfying new career.
