(Article published on www.frantrends.com)
If you’re considering the purchase of a franchise or are an existing franchise owner my guess is that you’re worried about how today’s economy will impact your business. As a seasoned veteran in franchising, I tell you not to worry. I have been in this field for 25 years and have seen a number of economic challenging times, so much so that I can tell you what the stock market will do - it will continue to have ups and downs.
As the founder of The Entrepreneur’s Source (E-Source), my Business Coaches have placed tens of thousands of people in franchise ownership opportunities before; during and after similar crises have taken place on Wall Street, in the job market, and with natural and man-made disasters. In fact, after all the recessions, our country has in every instance come through healthier than before. As a company whose success is measured by the success of the people we place in franchising, over the last 25 years with two recessions taking place, we have prospered each and every year, without exception.
Understand that in all bad times, an equal number prosper to those who don’t; the only question is what side will you fall on. Keep in mind that during the early 90’s and early 2000 recession we prospered as did our clients - in fact after those difficult times, franchise owned businesses had overall sales increases of 8%.
A recent survey from the International Franchise Association (IFA) of 994 franchise owners indicates that franchise growth has outpaced the U.S. economy by over 500 percent in 2007, with franchises of the types surveyed posting sales growth of 8.9 percent. The study also indicated that the franchise industry contributes $2.3 trillion in economic output annually, supporting 21 million jobs representing 15.3 percent of all private sector jobs.
There are always opportunities for people with the right combination of skills and ambition to take control of their future through business ownership. Over 50% of all millionaires in the U.S. are entrepreneurs. To seek the income, lifestyle, wealth and equity you need to reach your personal and career goals, you must first see the wisdom of taking control of your destiny and stop the insanity of expecting employers and/or your reactive investments help you reach your goals. Creating a world where you have control of your life and are self-sufficient has the most guarantees for success. And business ownership is the way to make this happen.
Just remember “This Too Shall Pass” and it is up to you to decide which side of this opportunity/disaster you will fall on.