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Franchising Affords Financial Security During Economic Uncertainty

photo of woman with a box of paperwork and a layoff notice

As unemployment numbers continue to climb, many Americans are concerned about job security during this unprecedented time and are considering options that give the greater control over their financial future.

Since the discovery of the first case of COVID-19 in the United States in January, the daily routines for many Americans have been turned upside down. Self-quarantining, social distancing, teleworking and homeschooling are the new normal. Fears about the health and safety of loved ones and anxiety surrounding economic security loom large. The number of unemployed Americans rose to 7.1 million in March, according to the U.S. Bureau of Labor Statistics. Unemployment is expected to surge in April to between 15 percent and 20 percent, the highest unemployment rate since the Great Depression in the 1930s, reported Moody’s Analytics, a financial market research firm.

The Entrepreneur’s Source® encourages people fearful of furloughs and corporate downsizing to consider following a new path to financial security and self-sufficiency — career ownership through franchising. Franchise ownership allows workers to exit the corporate rat race and be in charge of their own future. Becoming a franchisee allows a person to stop focusing on the job market for career satisfaction. It gives entrepreneurs the opportunity to control their own financial future.

“As a company that was founded on helping individuals explore the possibilities associated with making a career transition, our coaches are here to help individuals during a time when they may be experiencing uncertainty and fear about their professional future,” said Terry Powell, visionary and founder of The Entrepreneur’s Source® , the leader in career transition coaching.

Many people may balk at venturing out on their own during times of economic turmoil, but a slow economy can be a boon to entrepreneurs. Here are some important factors to consider:

Easier to find financing. Economic volatility typically results in lower interest rates and cheaper credit, which can help fuel your new business. Many investors may also be searching for an alternative investment that provides less risk than the volatile stock market.
Finding talent is a breeze. During an economic downturn, it is easier to find highly qualified, reliable employees because more people are looking for work.
Shoestring budget benefits future growth. Learning how to operate a franchise during lean times will help enable you to increase profit margins as the economy improves and Americans ramp up spending.
Proven business model. Franchising provides a proven business model with brand recognition. Franchisors provide start-up support and service to help business owners achieve success.

Even during times of relative economic stability, approximately 1,800 workers per month see their jobs cut, according to the U.S. Bureau of Labor Statistics. As job security plummets and benefits wither, many Americans suffer from Battered Career and Battered Investor Syndrome. Being passed over for promotions, outsourcing and automation have left many American workers afraid to leave their corporate jobs. Individuals who face Battered Career Syndrome® have little to no job security and experience high turnover. If the novel coronavirus is kicking your Battered Career Syndrome® into overdrive, The Entrepreneur’s Source® can introduce you to the possibilities of entrepreneurship.

The Entrepreneur’s Source® uses a proven system of Career Ownership Coaching™ to help potential entrepreneurs identify their goals, needs and expectations to reach a point of clarity about their career. At no cost, coaches work with clients to help them meet their ILWE, or Income, Life, Wealth, and Equity goals.

“There is light at the end of the tunnel,” Powell said. “If we can reach as many individuals as possible during this time to help people reach a point of clarity about their future, then we feel like we have done our job as Career Ownership Coaches™. Our clients are out there feeling much brighter about what the future has in store, and that’s a win/win for everyone.”

If you are ready to take control of your financial future, visit the Your Career 2.0® launchpad to find out how entrepreneurship might be the key to your success.