For those of us that lived through the 2008 recession, the current news cycle can feel a bit ominous.  It feels like another week another round of layoffs, especially in the tech world.  While it may trigger some familiar feelings, the good news is we learned a lot as we moved out of it.  One of the biggest takeaways is in challenging economic climates, franchising thrives.

Are you currently feeling a little uneasy about your current situation?  Then now might be the time to explore what a future in franchising could look like and how it really is the ultimate antidote to being unexpectedly let go.  Here, we go over the top reasons for its resiliency.

Control Over Your Career

When you own a franchise, you are your own boss. You step into the driver’s seat.  You have control over your career and your future. You can decide how much effort you want to put into your business, and you can reap the rewards of your hard work. 

If you are worried about layoffs, owning a franchise gives you the ability to take control of your career.  You dictate when you stay, and when you go.

Diverse Income Streams

Many franchise businesses offer multiple income streams. For example, a home service franchise may offer a variety of services from flooring to window cleaning. This diversity of income streams can help protect against fluctuations in the market or changes in consumer behavior. If one income stream is affected, the others may still be able to provide revenue. This can be especially helpful during times of economic uncertainty.

Established Brand Recognition

When you own a franchise, you are not starting from scratch. You are buying into an established brand with a recognized name and reputation. This can help attract customers and build trust in your business. Established franchises also often have access to resources, such as training, marketing, and supply chain management, that can help you run your business efficiently and effectively.

Business For Yourself, Not by Yourself

Franchise owners also benefit from support from the franchisor. The franchisor can provide guidance on operations, marketing, and financial management. They can also help with site selection, lease negotiation, and other aspects of setting up your business. This support can be invaluable, especially if you are new to entrepreneurship.

Solid Growth Potential

Owning a franchise can also provide opportunities for growth. Many franchise businesses offer the potential for multi-unit ownership, allowing you to expand your business and increase your revenue. Additionally, some franchisors may offer additional support or incentives for franchisees who expand their business.

In conclusion, franchise ownership can be a good hedge against layoffs. By owning a franchise, you can take control of your career, benefit from diverse income streams, build on an established brand, receive support from the franchisor, and potentially expand your business. If you are concerned about job security, owning a franchise can provide stability and a path to financial independence.

If you are interested in learning more about taking control of your own destiny and taking the plunge into franchise ownership, just give us a call and my team will handle the rest. Dream it, wish it, let's do it.