It never hurts to consider your options…
Last week, Deloitte released a damning report of the pandemic’s effect on the US crude oil, natural gas, and chemicals industry. A review of the findings, which cover the time period from March to Aug. 2020, reveals the following grim statistic: approximately 107,000 jobs were lost—the fastest rate of downsizing ever recorded. Furthermore, even if oil prices can hold at $45 a barrel through 2021, it’s estimated that 70% of the jobs lost may never return.
Will the energy industry’s future include you?
According to other key points of Deloitte’s research, we may be witnessing a sea-change in how the energy industry must operate in order to survive. Industry giants are facing pressure from multiple angles. Loss in market value led to Exxon Mobil Corporation’s removal from the Dow Jones Industrial Average. BP is set to reduce oil output by 40% over the next decade. And Shell and Schlumberger job cuts run into the tens of thousands. The report’s conclusion is ominous—to survive, energy companies must decarbonize and embrace a future-focused on renewables.
Considering an alternative career option can be a daunting task, but many in the energy industry have already done so. The so-called “Brain Drain” has led a good deal of the workforce into other trade industry sectors including technology, consulting, and IT services. The job market is more robust and these industries aren’t tied to commodity-based price volatilities.
But there’s also a third option—taking the entrepreneurial route. As Houston’s franchise expert, I’ve helped dozens of former workers in the energy sector launch a new career act. If you can read the writing on the wall, and you don’t see a future for yourself in the energy industry, it never hurts to consider your options. I can introduce you to dozens of franchise concepts where you’ll be your own boss.
You may have never considered a future as a franchise owner. But when you see all of the benefits and advantages franchising has to offer, you may easily change your mind. Most of my clients from the energy industry who went on to become franchise owners are happier than ever before. That’s because they’ve experienced the difference between working for someone else and working for themselves.
Considering a new career path doesn’t have to be an unpleasant experience. In fact, you may discover much more of your self-worth than you ever knew. Owning a business of your own through franchising is an advantageous option. If you’ve never run a business before, franchising provides an operational roadmap. If you go by the book, your chance for success is highly likely. And you’ll have the full backing of not only the franchise brand but other franchisees in your system.
Even the experts can’t sugarcoat the energy industry’s future outlook. The majority of its workforce won’t be returning. And even if they do—it may not look remotely the same. Considering an entrepreneurial alternative at this stage of your career can be an exciting option. If owning your own business appeals to you and you’re willing to explore what you really want to do next, FranNet of Houston and the Gulf Coast Region can be your guide. Trust us when we say, there’s a perfect business model out there for you. Finding your perfect match is our specialty.
About the Author: Diana Trondsen, FranNet Market President
Click here to connect with me. I’m Diana Trondsen, FranNet Market President, Franchise Consultant serving Houston and the Gulf Coast Region of Texas. To schedule a no-cost, no-obligation appointment, you can call, email or attend one of my upcoming webinars on franchise ownership. Together, we can find the business you were meant to run.