Trends in Franchising

The Entrepreneur’s Source Franchise Friday — 5 Reasons Aspiring Entrepreneurs are Leaving Corporate America

The Entrepreneur’s Source Franchise Friday — 5 Reasons Aspiring Entrepreneurs are Leaving Corporate America

On last week’s Franchise Friday show, host Paul Segreto was joined by self-employment and The Entrepreneur’s Source Coach Susan Mell. Susan’s background includes 30 years of experience as a business owner—her first business in the wireless industry included four retail locations, 42 employees and $3 million dollars in annual sales.

Across the past 12 years, Susan has become a successful multi-unit franchisee, with eight franchise locations and five independent contractors throughout the country. She is passionate about helping people achieve their dreams of self-employment through helping them to discover franchise opportunities that they would not discover on their own.

Susan shared her insight on today’s franchise candidates, and why people are deciding to forgo corporate America in favor of business ownership.

The Corporate America to Entrepreneurship Movement

We’re seeing an ever growing segment of the population, including Baby Boomers that are realizing their retirement funds are not going to take them through the Golden Age like they planned.

People in corporate America are tired of staying in positions where they are working more hours with fewer resources and less pay. They have experienced the loss of a job, or are tired of the extra workload without the extra pay or recognition.

5 Reasons Aspiring Entrepreneurs are Leaving Corporate America – The Entrepreneur’s Source Franchise Friday

1. Lifestyle is the new wealth. When I ask clients the reasons they want to start a business, the number one reason isn’t money; it’s lifestyle. Being their own boss, controlling their own destiny and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance they can’t achieve in corporate America is often more important to aspiring entrepreneurs.
2. People are feeling unappreciated by corporate America.  You do a really great job, you have all these accolades and win all these awards, but at the end of the day, a new CEO can come in, a company can get acquired, private equity can change direction and people just don’t feel appreciated anymore.  Again, it’s not all monetary here, more of it is about the way people feel about their time and self-worth.
3. There is no such thing as corporate loyalty. I hear that every day—clients talk about the companies they’ve worked for and felt they really did a great job for and felt loyalty to, but they didn’t feel that loyalty back. Peoples’ lives are in transition; they are worried about paying bills, supporting their family and paying for their kids’ college tuition make us realize we have to be pushed to make a change.
4. Starting a business creates unlimited income potential for you and your family. You can either wait for someone to give you money and potentially take it away, or you can take control. Everybody has to decide for themselves when the right time is.  I have been an entrepreneur for 31 years and I haven’t waited for anybody to give me money in a long, long time.
5. People feel they are reaching their financial peak in corporate America. I have a 44-year-old client that he feels he is no longer employable because he’s been so well compensated that other companies aren’t willing to match or exceed that compensation. He feels that since he has reached that in corporate America, the only way to earn more money is to go out on his own.  Executive recruiters often tell me by the time employees get in their fifties, employers are sometimes not able to help those people find a position.

How to Take the First Step

As a franchise coach, I help my clients achieve the ability to dream again and to make that shift out of corporate America. I feel there are more possibilities out there for taking control of your destiny through business ownership, and people are taking advantage of the opportunities.

However, we often have to be pushed to make a change.  Sometimes you have to have difficult things happen for you to get outside your comfort zone.  It’s easier said than done.

For more information on taking the first step toward entrepreneurship, visit https://entrepreneurssource.com/

Tune in at 10 AM ET every Friday for more insight on franchising, entrepreneurship, and small business ownership on Franchise Friday at http://www.blogtalkradio.com/franchisefriday