Have you heard of “The Great Resignation?”
It’s no surprise that the Covid-19 pandemic has had a substantial impact on almost every economy in the world, but the aftermath of the pandemic has brought a different kind of economic impact to America.
By the end of 2021, it was estimated that 38 million Americans quit their jobs – that’s roughly 4% of the workforce. Many refer to this as, “The Great Resignation”, made up mostly of mid-career employees, or those between the ages of 30 and 45, who have left their 9-5 grind for something better: ENTREPRENEURIAL OPPORTUNITY (Harvard Business Review, 2021).
As the reasons behind this workplace exodus vary, it is safe to say that after a year and a half of working from the comfort of home paired with work-life balance and flexibility, many Americans are having a hard time adjusting back to corporate life and cubicles. Many people have left their jobs in the pursuit of more flexible hours, hands-off operations, and remote or at-home work opportunities. Additionally, the pandemic uprooted and upended hundreds of thousands of lives, resulting in many people reevaluating their careers, jobs, passions, and life trajectories. This re-evaluation is happening on all levels, from high-powered executives to hourly fast casual employees.
Recent Spike in Franchise Sales
Purchasing a franchise has become an appealing alternative to many. After a state-by-state analysis by the Joint Economic Committee, 5.4 million applications for new businesses were submitted in 2021, the most filings in history. While not all of these applications are for franchises, the recent spike in franchise sales would indicate a fair portion are. (Joint Economic Committee Democrats, 2022)
Benefits of Owning a Franchise
Buying a franchise is an answer for people who want to be their own boss while enjoying the benefits of an established system of operations, or a ready-made business. Other benefits include a system of training, an existing customer base, brand awareness, and support from franchise owners.
It just makes sense! This entrepreneurial endeavor is perfect for someone who doesn’t have a business idea or the knowledge or experience of starting a business, but who wants the freedom that comes with being self-employed.
Top Franchise Brands
Franchise Business Review identified the Best Second Career Franchise Opportunities for those interested in exploring the franchising world for new opportunities and a new career start. This list is compiled of 50 award-winning brands that all have incredible owner satisfaction with their franchisees.
This research was based on a sample of 10,170 franchise owners, representing over 300 brands, who were asked questions based on overall satisfaction with their franchise company (Franchise Business Review, 2021). These results have been proven to be a considerable tool for measuring the overall health of a franchise company, a useful resource for those looking to take control of their future and entrepreneurial dreams by purchasing a franchise.
From Corporate to Franchise
Amber, a franchise owner of a commercial cleaning service, quit her corporate job to lead a life of more freedom, both financially and in her personal life. After being in the corporate world for 17 years, she decided that she wanted income growth that had no limits and the power to control her financial future, with the ability to work remotely 20 hours a week. Although she appreciated the career stability of corporate life, she knew her goals and dreams would only come to fruition with an entrepreneurial leap of faith.
“My wife and I decided that for us to truly move forward financially, and to have the freedom we longed for, we would need to run our own business. I had worked for someone else my entire life,” Amber said. “The best part about working for myself has been the power to control my financial future. There is no limit to my income growth” (Four Pillar Freedom).
Amber also knew that acquiring assets is one of the best ways to obtain financial security, and Amber felt the franchise route was a direct path toward that goal. When asked why she chose the franchise route, she explained, “for me, I like having a marketing team, that I pay for passively via my royalties, keeping my business on the cutting edge and keeping my business at the top of google” (Four Pillar Freedom).
A Potential Path to Financial Freedom
To many, walking away from the comfort of employment may seem frightening and irresponsible. But for those who dream of greater financial freedom and a flexible lifestyle, has there ever been a better time to consider franchising and your own financial freedoms?
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