Given the current economic status, you may be wondering about whether your plan to buy a franchise is a good decision. Maybe you’re in a corporate job and are fearing the axe. Or perhaps you are simply no longer challenged in your present position and are ready to venture out on your own and follow a proven system, but are hesitant to give up “job security”. Well really, is there such a thing as job security?
Whatever your reason, the decision to buy a franchise is a very calculated risk. Regardless of any economic challenges, the growth of franchising continues to be strong, and a great option for those who want to operate their own business. Franchising provides motivated, new business owners the best possible chance of succeeding with the least amount of risk. Industry experience is not required to operate a franchise.
I’ve consulted with numerous clients who are simply tired and bored with their white collar, techie jobs and want something completely different and challenging. One was an electrical engineer who ultimately decided he was completely passionate about pet grooming and chose a franchise in that category. The point is, because of its nature, franchising allows for a complete career overhaul for an individual wishing to change paths.
Although certain risks do exist in franchising, as in any business, there are many franchise concepts that are recession proof and some actually thrive in a weaker economy. Any franchise with a solid track record will easily survive, and some even flourish, during down times. Keep in mind that the bad economic condition is temporary and when it turns around, your business will grow even stronger.
Franchising remains one of the fastest growing segments of the American business economy and will continue into the future for many reasons. People are unhappy with the corporate world because of massive layoffs and office politics. Business ownership is increasingly appealing to women and minorities, and many are looking at franchising.
Franchising continues to evolve and improve as a concept and in reality. There are more opportunities for the creation of wealth for the franchisee, as well as the franchiser, than ever before. The future of franchising is as bright as ever, even in a dim economy, and remains an excellent vehicle for allowing you to achieve your financial and personal goals.