One of the dreams of most working individuals, if they were to be honest, would be to have their own business. Perhaps for you in a perfect world you would have such a business that allowed you to pick the days and hours you showed up at the office. For others the ideal situation would be to have no bosses and no employees. Unfortunately, over the last few years many folks were downsized and faced with changing directions in life.
If you are one of those individuals who has experienced a downsizing I hope and pray that you and your family are weathering the storm. I believe it is just a passing storm and sunny days are ahead. The difficulty is when you are in the storm all you see is doom and gloom. Hang in there and don’t give up.
As you know the US economy has been struggling since 2008 with millions of workers either unable to find work or significantly under employed. We sure do miss the good old days of March 2007 when the unemployment rate was 4.4%. Looking back it is clear that we were heading for a downtime as the housing bubble was ripe for bursting and the normally stable financial institutions were taking too many risks for the sake of maximizing shareholder profits. Thus the perfect economic storm came together to create the near global economic depression.
Unfortunately all of this lead to many folks losing their jobs, homes and hope for a bright future.
Losing your job brings along with it many fears and hopes and in some cases relief. I have heard many folks say that they were glad that it finally happened. For many folks working in an environment when everyday that you go to work you think it might be your last day is stressful. The day that the unpleasant news arrives at your office or cubicle brings both sadness and anger. Although you might have been expecting to get downsized, when it actually happens you feel like you have just been punched it the gut.
So once reality sets in and you have had a few days to digest what has happened to you, what do you do next? Do you pursue that dream that has been in your head to start your own business or try to get back in to a 9 to 9 job (9 to 5 is a thing of the past)?
Well you could get yourself a franchise and start building your future nest egg that way. The problem with buying a franchise is that the startup costs, are often too high. What I have found is that folks often look at he franchise fee and think that owning a business is doable. They many times overlook or fail to realize that addition funding is required to open and maintain the business.
For example, let’s say that you wanted to open up a subway. At a minimum you would need about $50,000 cash to get started. Then you need to get financing in the range of $92,000 to $315, 000. The actual costs would depend on the location and whether you are building or acquiring someone else’s property and equipment. So if you have the upfront cash required and can obtain the financing you are in business.
For many folks who want to go the small business route, generally there is some borrowing from retirement plans or taking out a second mortgage on their house. The challenges associated with starting a small business without adequate financing is emotionally and physically trying. Generally, companies providing financing insist that you have some stake in the game and thus require you to risk more than your time and effort.
The other issue with opening up a franchise is that you have no idea if you are going to like it. Many folks find out quickly that in order for the business to succeed a great deal of sacrificing is required. The owner is usually the first to arrive and the last one to leave.
There is a website called Franchise.com where you can get a better sense of the financial and personal commitments required to open up a franchise.
So if you don’t have funds to open up a new business is your only option to get back into the 9 to 9 grind? Well, obviously if you have bills to pay and need a little food periodically, you have to do what you have to do.
You also have an opportunity to go into business for and by yourself via the internet. Quite simply there are billions of individuals on the internet everyday. Believe it or not it’s relatively cheap to start an online business. There are endless possibilities when it comes to the internet. You just have to understand the basics of what customers are searching for and how to get it to them.
The great thing about building an online business is that you literally can get started in days rather than months or years. You can create one at your kitchen table and not spend your severance pay or retirement funds doing so.
I hope that you understand that you have choices if you have been downsized or if you are underemployed. If opening up a franchise is your heart’s desire and you have the means to do so, I would suggest you get started as soon as you can but proceed cautiously.