If you have lost a corporate job, have been the victim of downsizing or are currently underemployed, it’s important to know that the corporate lifestyle is not your only option. Franchise opportunities are on the rise for corporate refugees.
One of the key questions facing this group of people is whether it’s better to have a job or to buy a franchise. After all, there are pros and cons to each option.
In 2015, for example, the unemployment rate fell in every state for the first time in 30 years. These lower unemployment rates have given way to numerous job opportunities.
On the other hand, the typical nine-to-five corporate gig is not for everyone. Many people seek more of a work-life balance and greater control over their careers. If you fall under this category, it may be time to change direction.
Individuals who have suffered from downsizing or the loss of a job are now taking advantage of the recovering economy. See why many people are beginning second careers as franchise owners.
Corporate Refugees Have The Skill Set To Run A Franchise
Often, people who leave corporate jobs already know (from their previous work experience) how businesses operate. Owning a franchise involves using a wide variety of skills that you may currently possess.
If you’re equipped with management abilities, for instance, that’s going to help you in the area of hiring and training qualified employees. Or, if you were experienced in working with clients, those skills you learned in your corporate career will also be of great benefit in the franchise space.
When you own a franchise, you may fulfill many roles, including:
In taking on these roles, you have the freedom to determine your own career path, and you are able to drive the success of your franchise based on what you have learned in the corporate world.
Owning A Franchise Presents Lifestyle And Financial Benefits
Work-life balance, control over your career and the pride of running a business are just some of the benefits that come with owning a franchise. Many people find these reasons sufficient to change career paths.
Perhaps the most important convincers for entrepreneurs, though, are the monetary advantages.
There are three key financial benefits to owning a franchise:
- A franchise has the potential to produce significant income. Although you must work hard to build your business, income from a franchise often exceeds corporate income.
- Franchising creates wealth by building equity. You have the opportunity to realize this wealth if you decide to sell your franchise down the line.
- There are tax advantages to franchise owners that are not available to regular employees.
Why Entrepreneurs Are Buying Franchises Instead Of Starting Businesses
Buying a franchise sometimes has a higher cost of entry than starting a business from scratch. But, the flip side to that is the unparalleled support you receive to help you become successful.
With a franchise, you benefit from pre-established:
- Brand awareness
- Operational support
All of this adds up to reasons why corporate refugees are increasingly seeing the advantages of buying a franchise. These realities have become game changers for many people planning for the future.
If you have considered running a business instead of holding a corporate position, a franchise may be the perfect opportunity to be your own boss. Don’t let underemployment or a layoff hinder your career advancement.
Ready to learn more about the advantages of owning a franchise? Discover how other corporate refugees are achieving a greater work-life balance.