How some recently unemployed individuals are restarting their careers through franchise ownership
Some individuals who want to be in charge of their own professional destiny but do not intend to dream up a unique business plan are increasingly pursuing franchising as an alternate path.
An article on MSNBC.com points to a growing trend of men and women who find themselves unemployed considering franchise ownership instead of conducting a more traditional job search.
"Franchising is a dynamic and growing way for people to get into business for themselves and these trends illustrate the many franchise opportunities available in a diverse array of industries," said Lorraine McLachlan, president of the Canadian Franchise Association, earlier this year when discussing 2009's most sought after franchises.
The article notes that franchising is seen by many as an easy path to entrepreneurship and a way to forge economic independence. However the news report also profiles many franchisors who say that hard work and personal investment really define franchising.
Experts agree that research and due diligence on franchise opportunities is critical. Understanding the future revenue growth and timeline for that growth is necessary for individuals foregoing alternate income or using savings to open or buy a franchise.
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