The Case for Business Ownership in a Down Economy
In the midst of a global economic downturn, rampant inflation, and continued uncertainty across most industries, many members of the workforce are feeling higher levels of job insecurity. Even employees who have been with companies for decades – particularly those in executive roles – are falling victim to restructurings and layoffs as companies realign their workforces.
So, what should an experienced professional do to secure their future and weather the current economic storm?
For many professionals with strong work ethics, proven leadership qualities, and the ability to follow proven processes, the answer is clear: business ownership.
But does it make sense to start a business when a recession may be looming? The answer depends on the type of business you choose. Let’s explore one industry and business model that is perfect in both turbulent and thriving economies – even for non-entrepreneurs.
Recruiting Agencies are Crushing It
Despite increasing reports of layoffs, America’s workforce remains vibrant. With an estimated 10 million open jobs, businesses that are involved in recruiting and career services are blossoming. From a practical perspective, there are many macroeconomic trends and factors that favor the future of U.S. job market. Consider:
- In the U.S., we are #1 in innovation, which takes human capital to maintain. The sheer number of jobs that will be created due to innovation portends well for the recruiting industry.
- There is a shortage of specialized talent and a pervasive skills gap. Simply put, there are not enough highly skilled professionals to fill the specialized jobs that are open today. Even if unemployment rises, it will not impact college-educated management professionals in highly technical roles. Recruiters who specialize in these areas will continue to have their hands full.
- In the past, companies would be able to place an ad, receive inquiries from qualified applicants, and then make hiring decisions. Today, internet recruiting has become so cluttered, it’s often referred to as the “black hole,” where applications get lost somewhere in the digital universe. Increasingly companies are turning to specialized recruiters to fill their important roles.
Recruiting agencies play an important role in a down economy. As companies restructure and their staffing needs change rapidly, they need the support of recruiters to fill key openings.
Franchises Offer Security
Recruiting agencies have a high potential for success in all economies, but how does that help an aspiring entrepreneur with no experience in the industry? The answer is by building a business through an established company that offers franchising opportunities.
Through franchising, business owners can follow a proven roadmap to ramp up quickly. There’s no need to learn from trial and error; the right franchising company will take the time to train, coach, mentor, and support new franchisees to ensure the success of the business. After all, both franchisee and franchisor have a mutual interest that the business is profitable and growing.
One of the best parts of business ownership is the sense of freedom it creates. Entrepreneurs are free to live where they want, do they love, and – importantly – secure their financial futures.
FPC Franchise Opportunity
FPC National is a top-ranked recruiting firm that boasts 60+ offices throughout the country. With more than 50 years of franchising experience, FPC National partners with aspiring entrepreneurs to guide them in opening, managing, and maintaining profitable recruiting businesses. Through proven processes and practices, franchisees are taught a successful formula so they can hit the ground running and quickly reach their financial goals. FPC has been included in Forbes’ prestigious annual list of America’s Best Professional Recruiting Firms in 2018, 2019, 2020, 2021 and 2022.
With FPC franchisees, there are no boundaries where they can do business. They choose their locations, their specializations, and their lifestyles, while building a company that will secure their financial futures.
Learn more about FPC franchising opportunities and criteria here: www.fpcfranchise.com