High Unemployment = Franchise Buyers
Unemployed Professionals are lining up in today’s economy. Most of the large companies are hoarding cash and cutting positions where possible. The Pharmaceutical industry, the Financial Sector and others have seen massive layoffs. It is from these industries and others where tomorrow’s entrepreneurs and future business leaders are born.
Throughout history, many of the world’s most successful and powerful companies have been launched during difficult economic times. It is when the competition is weak and most are running for cover when the truly innovative and forward thinking individuals shine.
Franchising is an interesting industry. It is the duplication of a successful business system through a franchisor/franchisee relationship. The franchise buyer should be someone who is enthusiastic, motivated and entrepreneurial, but also willing to follow a system and stick to a defined business program. This presents an interesting quandry for franchise sales people in that you want someone with entrepreneurial behavior….but not too much.
What is so intriguing about a market such as the one we are in today is that it presents opportunities for franchise growth. Strong, capable candidates are being forced into the “entrepreneurial marketplace” as they are laid off from full time employment by the thousands. MBA’s, CPA’s, JD’s and other highly educated and decorated professionals have been forced to consider starting their own business. As a franchisor looking for qualified franchise buyers, this presents a wonderful franchise sales opportunity. These buyers have the experience and background of following a defined system and rigid structure of full time employment in management positions. People who in a good economy would not give a franchise investment a second look are now visiting franchise tradeshows and going through franchise discovery days.
Of course, there are down sides to a weak economy, access to capital, slower consumer sales, lower levels of confidence and others, but remember, it is the bold who build empires, not the meek.