Industry News, Trends in Franchising
In an unfavorable jobs landscape plagued with part-time and temporary positions, unpromising opportunities and high competition for the few openings available, more job-seeking parents and children are becoming business partners to take control of their professional futures through franchising.
According to the Bureau of Labor Statistics, the average length of unemployment for workers over 55 has risen to more than a year. What’s more, a recent analysis by The Associated Press found that 53.6 percent of those with bachelor’s degrees under age 25 were jobless or underemployed, a 12.6 percent increase in the past decade.
“A vast majority of today’s unemployed baby boomers are seasoned executives with severance packages who are now looking for new ways to invest in their future. This trend, coupled with a bleak job market for today’s college graduates, has led more and more parents to partner with their children and invest in themselves by opening a franchise,” said Terry Powell, founder of The Entrepreneur’s Source, the nation’s leading career and franchise business coaching network.
Parent-child partners find franchising to be a lucrative vehicle to entrepreneurship because it offers easy-to-follow systems and combines the many benefits of business ownership with a brand name, experience, proven operating system, and ongoing guidance and support provided by an established franchisor. Prospective entrepreneurs are also attracted to the countless types of franchise business opportunities available.
“Finding a franchise concept that allows everyone to leverage their skill set is imperative when identifying the right opportunity for a multigenerational partnership. Even if the parent isn’t fully engrained in the business – leaving their child to run the operations – they should still have an interest in the concept and be able to utilize their experience or skills to provide support,” Powell added. “When everyone is active in the business, we often find the parents handling jobs that require local connections while the children take care of day-to-day operations and online marketing.”
The Entrepreneur’s Source hosts educational webinars to help aspiring entrepreneurs learn how to start building the blueprint to reach their desired Income, Lifestyle, Wealth, and Equity. Visit www.theentrepreneurssource.com/franchise/ to get started.