These are actual questions my wife asked me, NOT during the 2020 pandemic, but rather in mid-September 2001. The horrific 9-11 atrocity had just happened, the stock market was crashing and it was looking like the U.S. would be going to war with Iraq. Why would anyone in their right mind quit a lucrative senior management job and start a business? I have to admit, I did pause (for a day or two) and reconsider. But something (maybe naivety) prompted me to forge ahead with the plan I started formulating a few short weeks earlier. Perhaps it was dumb luck, but for many reasons, the timing ended up being perfect! Eighteen years later, and having owned two successful franchises, I can empathize with those who are grappling with the idea of business ownership during current unsettling times.
Do I encourage everyone to do what I did? Absolutely NOT. Business ownership doesn’t make sense for most people. It takes a certain temperament, acquired skills that translate well, and a healthy personal balance sheet for starters. And, even more important, you need motivation and a very compelling reason for wanting to be independent. When all those ingredients come together, that’s the time to start, regardless of the near-term economic outlook.
Did you know that the majority of wealthy people in America are business owners, not employees? Many of them launched businesses in dicey economic conditions, and survived to tell about (some via their own media outlets)!
While lots of people dream of owning a business, sadly, most never do, even those that have what it takes as noted above. Studies have shown the primary reason is the fear of failure. Unfortunately, that fear often gets in the way of gathering the facts and learning about such things as risk mitigation. Franchising allows aspiring business owners to bypass the significant challenges of a startup and choose an established business with a developed system and strategy, thereby mitigating some of the risk!
I know the pandemic can make it scary to think about going into business for yourself.
Sure, gyms and food establishments have been hit especially hard, but look deeper and you’ll find there are many more “essential businesses” that are thriving despite the current situation. You would not believe how many of those business owners began right where you are now: Longing for more, doing their research, and choosing a franchise concept built to thrive under varying economic scenarios with the guidance and support of a franchise partner! Many of those owners are extremely busy right now, providing much need services, such as home-care, facility sanitation, building modifications, and more.
At FranNet, we help people determine whether business ownership makes sense for them, and, if so, how to strategically find the RIGHT fit. Our services are provided at no cost and with no obligation. We’re offering an array of online educational events, many of which focus on essential services and/or recession-resistant business. Check out our schedule at www.frannet.com/mcory, and click both Local and National events. Feel free to call or write with any questions, or to discuss your personal situation:
Mark D. Cory, FranNet of Michigan | 313-821-5060 | [email protected]