Forbes Coaches Council

Three Tips For Making The Leap To Career Ownership

Terry Powell is the Visionary Founder of The Entrepreneur’s Source, North America’s leading Career Ownership Coaching franchise.

I am amazed at how often history repeats itself. Economic experts speak in terms of the “Everything Bubble.” Bloggers make economic analogies to the cycles of spring, summer, fall and winter. Radio talk show hosts debate if inflation is “transitory” or not. The world is abuzz with economic chatter just like it was before every other major economic event. The real question is not how you invest next month but how you invest in yourself to create generational income, lifestyle, wealth and equity for your family.

Last year, the outbreak of the pandemic sent our economy into another tailspin. The pandemic threatened to derail economic gains by shuttering businesses and sending the stock market on an uncertain trajectory. Pundits sparked recession fears, and Americans braced for the worst. However, the rollout of the vaccine, falling Covid-19 numbers and government stimulus efforts prompted a fast recovery. The franchising industry was slated to erase nearly all of the losses it suffered in 2020 by the end of 2021, adding 26,000 locations and nearly 800,000 additional jobs, FRANdata reported.

The future outlook remains upbeat.

While President Biden’s economists predict the end of the Roaring 20s in 2022, franchising is on track to rebound and grow despite some temporary setbacks from the global pandemic. As a result, many small-business owners are optimistic about the future. Home prices are on the rise, but they are still being listed at rates 11.6% lower than listings from 2017 to 2019. The passage of the infrastructure bill is raising expectations, and many economists remain confident in our country’s economic recovery.

Despite intimidating statistics, the outlook among small business owners is positive. Franchising is positioned to grow by 7% in 2021, reaching pre-pandemic levels of economic output by the end of the year. Franchising allows someone to take career ownership and be self-sufficient with a widely recognized brand that has a proven track record. Franchise businesses have a higher success rate than startup businesses, and it is typically easier to secure funding and generate profits quickly.

Discover a path to self-sufficiency.

To prevent history from repeating itself, Americans should be prepared to weather economic downturns. Don’t sit around waiting for the next economic crisis to take action to improve your future. If your corporate career has left you feeling helpless or if you face an uncertain future, investing in yourself is the answer. Take time to learn your financial and lifestyle goals to help you achieve your vision.

Trends and bubbles come and go over the years, but one constant remains true. When you invest in yourself, take ownership of your career and become self-sufficient, your vision can outperform and outlast the conventional predictions. It’s never too late to pursue a new future.

Whether you are interested in bulking up your retirement savings or simply want to improve your work-life balance, career ownership can help you take charge of your future and discover a new path to self-sufficiency. Striking out on your own with a proven franchise brand may be an opportunity to pursue a passion and reach your full potential. It can help you to reap the benefits of high earnings and the chance to make a difference in your local community.

I believe every person needs to explore their career path possibilities, not just within the context of current societal trends but written from the perspective of history books a century from now. Keep true to your vision to succeed.

Business ownership prevents a vicious cycle.

I have spent more than 37 years helping entrepreneurs discover how to take charge of their futures. Coaching helps people at a crossroads in their career determine whether they want to start a new business, invest in a franchise or take another corporate role.

Business ownership provides a profitable path to self-sufficiency with training and support to ensure success. Entrepreneurs can rely on franchising to be self-sufficient with a widely recognized brand that has a proven track record. Franchise businesses have a higher success rate than startup businesses, and it is typically easier to secure funding and generate profits quickly. While some business owners may be hesitant to sign on the dotted line and agree to pay royalties to a franchisor, the franchising industry is positioned to grow by 7% in 2021, reaching pre-pandemic levels of economic output by the end of the year. If you are considering franchising, understanding your goals and conducting proper due diligence can ensure you pick the right business opportunity. Investing in a franchise business where you share the values and growth strategy of the parent company can make all the difference.

Here are a few tips I’ve learned during my career as an entrepreneur that could help you along the way.

• Make sure to understand your goals. One of the biggest mistakes fledgling business owners make is failing to take time to lay out their goals and expectations for the future. Knowing your goals will help you pick the right brand or business model to achieve your vision.

• Ask for help. Opening a business is hard work. Having a team that can offer support, guidance and training will make all the difference. It takes a village to achieve success, so don’t be afraid to tap your resources or pick a franchise with a roadmap to profitability.

• Do your research. Before you sign on the dotted line, make sure to vet a potential business opportunity by touching base with owners of other locations or similar business models. Learn how long it took them to turn a profit. Make sure to ask them if they received adequate training and support to confidently launch their business. Your peers are one of your best resources because it’s likely that if they are dissatisfied, it’s not the right choice for you.

Discovering a path to financial freedom through entrepreneurship can help you take advantage of the economic recovery and prevent history from repeating itself, ending the vicious cycle of career dissatisfaction.

Source: https://www.forbes.com/sites/forbescoachescouncil/2022/01/13/three-tips-for-making-the-leap-to-career-ownership/?sh=6d275e9a32b9