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The Great Resignation: What is Means for Franchising

According to the U.S. Department of Labor, at the start of February there were roughly 10.6 million available jobs.  That means, as it stands, every minute more than 90 people are quitting their jobs.  What has been deemed as the “The Great Resignation”, this trend grew out of the coronavirus pandemic which caused employees to take long hard looks in the mirror about how, when, and where they wanted to work.

Fed up with the status quo and burned out from being chained to their desks, American workers are on the hunt for better pay, flexibility, and an improved lifestyle.  They want to finally take control of their own lives and put their energy toward exploring their true passions.  Many are exploring these passions by opening their own businesses which is currently translating into big gains for the world of franchising.  

As the mass exodus from corporate America is slated to continue, here we discuss why franchising will continue to be a key beneficiary of the national quitting trend.

In Business for Yourself, Not by Yourself

According to the SBA more than half of all new businesses will fail within their first four years of operation.  In contrast, over 90 percent of all new franchises will survive for more than seven years.  As employees are looking for that next chapter beyond the corporate grind, they first and foremost will be seeking greater control in that equation.  

The last two years have created enough uncertainty for a lifetime so beginning a brand-new venture might create a greater risk than people are willing to take on.  Franchising offers the best of both worlds – a platform for greater control over their career and incomes all while buying into a system that has already been proven and vetted out.

Flexibility Is on the Rise

Since the onset of the pandemic, and the shift to remote work, workers have quickly realized that the old mantra of 9-5 (and sometimes beyond) doesn’t necessarily have to be their reality.  Thanks in large part to the acceleration of tech, work can be where you want and when you want while still being profitable.

Franchising provides for the opportunity to take back control of your time management and create the work-life balance that works for both you and your family.  Many of the tasks related to owning and operating a particular franchise are thoroughly supported by the brand, especially as it pertains to oversight.

Franchising is Resilient

Over the last few years, we have witnessed both the rapid rises and rapid falls of companies as the world moved quickly from one crisis to the next.  The pandemic quickly accelerated the success of virtual exercise group Peloton, but as the world shifted closer back to normal its outlook fell just as fast.

Franchising, however, is a tried-and-true tested system that has navigated many uncertain times throughout our history.  While we are still ebbing flowing back to normal, franchising is still standing strong.  In fact, the International Franchise Association reports that more than 26,000 franchising locations were added in 2021 alone.

Ultimately, while there are many new job routes for new corporate refugees, there is a strong argument for exploring franchising as the next chapter.  Franchising provides a ready-made business, where aspiring business owners can join an established brand and adopt a proven system, while still maintaining control of their own destinies.  

Have you recently just left your job looking for what’s next?  I’d love to talk and see how I can help you build a secure future for you and your family. 

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