The pandemic and resulting economic crisis have caused many of us to reevaluate our financial security, amplifying the desire to have greater control of our financial destiny. It has awakened us all to the reality that job security can not be taken for granted.
It may seem counterintuitive, but times of economic uncertainty have always presented great opportunities for those willing to take calculated risks. With many jobs already lost or furloughed and looming rounds of corporate downsizing ahead, there is no better time to invest in yourself.
No doubt, the business landscape has changed drastically but here are some reasons why entrepreneurial optimism is on the rise and why now is a great time to take the leap into business ownership rather than remaining frozen in the face of uncertain times.
- Job uncertainty: No matter how secure you feel in your current employment situation, the pandemic has awakened everyone to the possibility that situations can change very quickly. Unforeseen events can create massive disruption and the job you didn’t think was going anywhere suddenly has. Pursuing business ownership opportunities in essential, recession resistant business models can bring a new level of security.
- Investment uncertainty: While the stock and real estate markets continue to climb to new highs, many are unconvinced that the gains will stick around long term as unemployment numbers continue to climb and consumer confidence continues to swing wildly. Now is a great time to capitalize on recent gains and invest in yourself.
- Greater access to capital: Funding reserves are at an all-time high and new funding options are emerging. Interest rates are also near all-time lows. This means you can start your business properly funded, removing one of the most common causes of business failure.
- Greater access to employees: The pandemic has created a large pool of high-quality candidates looking for employment. This is to your advantage when building a business that relies on quality employees to grow.
While the climate is right for starting a business, the current slow growth economy leaves many businesses with less margin of error. For this reason, franchising offers a great option for more risk adverse entrepreneurs. Franchises offer:
- Opportunities in a wide variety of industries, including many that operate in essential industries that have proven to be resistant to recession.
- Established supplier networks and a defined cost models that put you in a better position to estimate costs and plan accordingly, rather than just guessing.
- An established brand reputation and a detailed sales and marketing plan that makes customer acquisition easier and goes a long way in mitigating risk.
- A proven business model that comes with a team of experts behind you. Being in business for yourself, but not by yourself has never been more important than now. A franchise comes with support and training that helps lessen the learning curve that comes with starting a business.
- A network of other franchisees who are going through the same thing as you. Being able to leverage the power of the network is invaluable when it comes to obstacles you might face that are unique to your industry.
- A financial asset you have control over. In addition to creating income while you operate the business, franchised businesses also tend to resell at a higher market valuations than independent small businesses.
With so much uncertainty in the world today, your financial security does not need to be one of those things. Now is a great time to take control of your destiny and create greater personal and financial freedom through business ownership.