One Alternative to Those Hit by Unemployment May Be Franchise Ownership
November 18, 2008 // Franchising.com // EDEN PRAIRIE, MN - With the nation's unemployment rate at 6.5% - the highest rate since March 1994 - many of those unemployed people are looking for an alternative to finding another job. "We see this happen in cycles," said Lori Kiser-Block, President of FranChoice, Inc., a national consultant company that helps individuals find their ideal fit in a franchise business. "Whenever the unemployment numbers rise, we find more and more people interested in franchise ownership."
There are a number of reasons people look to franchising as a solution to their current joblessness, said Kiser-Block. "Many of the displaced workers are executives with great business experience and high incomes. They realize that it may take a very long time to find a new position in corporate America. Even if they do find a new position, they understand they may be vulnerable to the next layoff."
Franchise ownership, however, will give them income opportunities and control over their future, said Kiser-Block. "Besides the experience these executives bring to business ownership, they often have cash available from severance packages or job buyouts. While the money may not be enough to replace current earnings for the former executive, when invested into a business, the returns can be enormous."
There are also advantages to purchasing a franchise business over starting a business from scratch, according to Kiser-Block. "A franchise business will provide the franchisee with a known brand and a national advertising campaign to make potential consumers aware of the product or service provided. The franchisor provides thorough training and opening support so that the business can be up and running more quickly. Also, the very best franchise opportunities have a proven system with a track record of success for the franchisee to follow. These are just some of the benefits of owning a franchise business.
"Franchising is not for true entrepreneurs," cautions Kiser-Block. "If you want to make up the rules as you go along, franchising is not going to produce the results you are looking for. But for those willing to play by the rules and work hard to achieve results, franchise ownership can bring both job satisfaction and potential wealth."
Franchising is uniquely American, added Kiser-Block. "We recognize the value of a brand and are driven to support the growth of our economy. Every day we speak to individuals that changed their lives and that of their families through franchising. We know it works."
FranChoice is a national network of consultants dedicated to helping consumers find their ideal match in a franchise business. Since 2000, FranChoice consultants have helped over 40,000 people identify and investigate the perfect franchise for them through their free service.