Forbes Coaches Council

Navigating Career Uncertainty With Franchise Ownership

Today’s world is accelerating with radical new technology and innovation on one side and supply chain and labor shortages on the other.

While the bold entrepreneurs explore new worlds, the average American may put their dreams on hold and brace for impact. They hold back from pursuing their own personal journey while they watch from the sidelines. I have a theory for this I like to call The Career Ownership Uncertainty Principle.

Under this theory, people allow macroeconomics and the uncertainty of geopolitical momentum to overcome their personal goals. They put their income, lifestyle, wealth and equity goals on the back burner and wait for the stock market to climb before starting a business. However, history consistently shows there is never a perfect timing of the stock market and no perfect time to start pursuing your American Dream.

Romanticizing The Status Quo

The 24-hour news cycle is not the only trend potentially making people wary. Staying close to home to stay safe following the pandemic outbreak resulted in many Americans trying to make the best of a bad situation. A trend swept social media encouraging Americans to romanticize their current life to keep optimism up. Videos sporting the hashtag “romanticize your life” were viewed more than 525 million times on TikTok. In the videos, social media influencers capitalize on life’s simple pleasures, such as watching the sunrise from the front porch of their home or buying a bouquet of flowers to decorate the table for a weekday meal.

It’s important not to sweat the small stuff and strive to maintain a positive attitude. But when the media begins prompting people to be satisfied with the status quo, it becomes a problem. In a bid to attain personal satisfaction, people may be neglecting to validate the importance of achieving self-sufficiency and financial freedom, leaving many Americans failing to fulfill their potential.

Entrepreneurship Is Booming

Don’t be fooled by the naysayers and fall victim to career ownership uncertainty. Entrepreneurship thrives during uncertainty. While the news on CNN, Fox and MSNBC might be bleak, career ownership remains a great strategy to hedge against an unknown future.

Back in the 1980s, when I started The Entrepreneur’s Source, interest rates were at historic highs, and the United States was in the midst of the Cold War. Today, my company has more than 130 coaches and has helped hundreds of thousands of people discover self-sufficiency. Not surprisingly, a recent report from the U.S. Census Bureau confirms it, according to NPR. At least 5.4 million small business applications were filed in 2021, up from a high of 4.4 million in 2020.

Benefits Of Business Ownership Abound

Entrepreneurship enables people to discover a new path to achieve financial freedom. Here are just a few of the benefits of business ownership.

• Diversify your income. If you are living paycheck to paycheck, saving up for the future can be daunting. Owning a business helps you diversify your income, so you don’t put all of your eggs in one basket.
• Innovation and drive. The corporate structure often limits creativity and hampers motivation. Working at the helm of your own business will require innovation and drive to succeed.
• Unlimited growth potential. If you have a growth mindset, entrepreneurship does not have a glass ceiling. You can scale your business to increase your profits on your own timeline to meet customer demand.
• Flexibility. For many corporate workers, commuting, business travel, and spending your day at a desk take a toll. Juggling family activities and your career is never an easy task. Business owners can create their own schedules to make the daily grind more manageable.

Careful Planning And Solid Advice Minimizes Risk

People considering entrepreneurship often view it as a high-risk proposition. And if you look at the numbers, they would be right. Nearly 50% of small businesses fail during the first five years. Fortunately, starting a business from scratch is not the only way to take charge of your future. Investing in a franchise allows you to own a business with an existing game plan for success. Franchise owners can reap the rewards of unlimited earnings potential and create a generational legacy for their families.

If you are uncertain about your future, it’s important to take action. Here are some steps you can take to get the ball rolling.

• Determine your goals. Understanding your five-year plan is the first step to achieving your dreams. Retirement may be a long way away, but it’s never too early to take some time to envision your future and determine what you need to make your dream a reality. Put pen to paper to write down a list of goals you want to meet.

• Evaluate your options. If you are at a crossroads in your career, it’s important to take time to evaluate your next move. Even if it feels like you are stuck in a rut, there are opportunities to explore. Take time to determine if you will achieve your goals by taking another corporate job, starting a business from scratch or investing in a franchise.

• Explore financing options. Being your own boss is an attractive proposition, but many people balk at business ownership because they think the price tag is too high. Starting a business is not out of reach, particularly in franchising. The franchising industry offers a wide variety of tools to finance your investment. Whether you choose an unsecured loan or let your retirement savings help you achieve your dreams, business ownership is attainable. Talk to a financial advisor to explore the different financing opportunities available to allow you to achieve the American dream.

Don’t let uncertainty hold you back from providing a legacy for your family with a career you deserve.