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The train is leaving the station soon.
What train?
The “be my own boss” train.
A train that could start having less seats available relatively soon.
How soon?
I’m not sure. I’m a king, a Franchise King, not a psychic.
But I do know this: When unemployment is high, particularly in the middle management and above sector, self-employment interest increases substantially.
That said, if you’ve been downsized, or you’re starting to feel less secure about your job, this post is for you.
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The State Of The Economy
As of this writing, the United States, along with most areas of the world, are dealing with a pandemic (COVID-19).
The pandemic has had a major impact on the economy.
For one, a number of small businesses have had to shut their doors temporarily, depending on their geographical location. Some will never open again.
In addition, according to Morningstar, “The distress in U.S. labor markets has surpassed all post-WWII recessions. In April, the unemployment/population ratio fell to 51.3% and the unemployment rate surged to 14.7%, both the worst levels since the Great Depression.”
But on a positive note, the stock market has been incredibly resilient. CNBC’s Jim Cramer said that the Federal Reserve and the Treasury have been “essential in powering an economic recovery from the coronavirus pandemic.”
So what should you do?
Your Choices
If you’ve been downsized, you have a couple of choices.
A. You can formally enter the job market.
B. You can consider career “alternatives.”
Royal Insight: Most people choose “A,” as it’s seemingly less risky...Unless you land a new job and end up getting the axe 9 months later.
I know... I know. “At least I had income coming in during those 9 months.”
You’re right. But you’re back to square one at that point. And so is your family, as your job loss affects them, too.
As for “B,” there’s risk involved with that too.
Everyone knows it can be risky to go into business. That’s why so few do it. But there are ways to lower that risk.
Now about that train.
To Not Have A Boss
Wouldn’t it be nice to not have a boss?
I’d wager that not having an employer constantly looking over your shoulder would be a refreshing change of pace.
What about not having a jerk for a boss?
How about not being told when you can and can’t take your vacation?
Are there any other things that bother you about being an employee?
If so, I invite you to think about them for a couple of minutes. When you’re finished, ask yourself if you’re ready-or almost ready, to move away from negative, energy-sucking situations.
Situations that only exist when you work for someone else.
The Be My Own Boss Train
Between getting downsized, working in an unpleasant atmosphere, and for some, the feeling of “is that all there is?” is it any wonder people explore career alternatives?
Like being your own boss?
Now, there are a few ways to be the boss.
LIKE:
- Starting your own business
- Becoming a self-employed consultant
- Buying an established business
- Buying a franchise
And since you’re on the Franchise Direct website, I’m going to focus on franchising.
To begin with, if you’re used to working in a corporate environment, franchise business ownership may be right for you. Why?
In the first place, franchising is very structured—just like a corporation.
As a matter of fact, if you dislike structure, including operating manuals, specific procedures to follow and the like, franchising is the totally wrong way for you to go about being your own boss. Buy an existing business or become a consultant instead. That way you can make your own rules.
But if you’re a rule-follower and are attracted to the idea of buying a business that includes a business system, becoming the owner of a franchise could be just the thing.
This “system” will include things like:
- Ongoing support from headquarters
- Formal (and ongoing) training
- Current technology
- Real estate assistance
- Proven marketing/advertising plans
- Other franchisees to connect with
And more.
That’s why, if you like the idea of being part of a proven business system and being your own boss, it would behoove you to investigate franchise business ownership.
The best place to start?
Now is the time to learn all you can about franchising, so you can get on that train. A train that’s going to start getting full real soon.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.