With unemployment rates falling to a level around 5.6%, some people are considering putting their dreams of franchise or business ownership on hold for the perceived security of a real job. If this is you - don't let this happen! Here's why:
• Job security doesn't exist anymore. Times have changed, company reorganizations and layoffs occur all the time, and we simply don't have the same job security that our parents or grandparents had. According to the Bureau of Labor Statistics, the average number of years that employees stay with an employer is currently 4.6 years. Long gone are the days that an employee stays with the same company over the course of their lifetime.
• Wages are down across the board. According to a paper released by the Economic Policy Institute, wages are falling for workers at all education levels. Additionally, many people are finding that if they lose a job, it is difficult to find a replacement, let alone one at the pay scale they once had. One way to combat this is by being proactive and finding the right business or franchise opportunity that puts you in charge of your income potential.
• Entrepreneurs really are the happiest people. The Global Entrepreneurship Monitor Report released last year showed entrepreneurs across the world rated their well-being higher than that of non-business owners. There simply is no need to be stuck in a job when the opportunity for happiness through business ownership is an achievable goal.
• Franchises are achieving success. Based on the IFA's Franchise Business Economic Outlook for 2015, franchises are outperforming the economy as a whole, with the franchise sectors GDP predicted to grow faster in 2015 than the U.S. economy. (According to the same report, the growth outlook for the lodging and real estate sector is the highest at 6.3% for 2015, while the quick service restaurants business line continues to be among the growth leaders.) Just keep in mind there are numerous franchise opportunities available, so its imperative that you spend a thorough amount of time researching your options to find the franchise that is the right fit for you.
• Funding is available! A variety of innovative programs are out there to help you fund a franchise, including one that allows you to use your retirement funds tax- and penalty-free. Best of all the government will assume as much as 40% of the financial risk of the investment. But just as finding the right franchise is key, so is finding the right funding partner. There are big differences in what is out there in terms of experience, expertise, and capabilities — so research your options.
Don't get mislead by the idea that because the unemployment rate is lower, you should abandon your dreams of franchise or business ownership. It can be a dream come true for you and others who are looking for greater long-term security and income—and happiness.