Resources

Career Change

Have you ever thought about trading in your 9 to 5 to become a business owner? This was the topic that Jeff Herzog and Rob Mandelberg of Streambank Media discussed during a recent wide-reaching webinar: The Unintentional Entrepreneur: Leverage your corporate experience to create a successful business.

Hundreds of potential entrepreneurs registered for this high-impact webinar. Here are key takeaways from our discussion:

Job Insecurity:

Gone are the days when you work 30 years for a company and then retire to enjoy your golden years with a generous pension. According to the Bureau of Labor Statistics, the median length of time that wage and salary workers were with their current employers hovered around four years – a far cry from yesteryear.

And when you think about other factors such as age discrimination (which is reported to start when you’re in your 40s) and technology displacing human workers, it’s no wonder that people are feeling more insecure about their careers than ever before. Plus, with interest rates creeping upward, many people are reluctant to relocate for a job in a new city if it means securing a new mortgage at a much higher rate.

In short, because of greater job insecurity, unlimited earning potential, and the freedom to control their own destinies, many career employees are considering business ownership as their next move.

Qualities of a Business Owner:

What is your impression of a typical “entrepreneur”? If you are picturing a big-idea thinker in their 20s wearing a hoodie and sneakers to work, you may be in for a surprise. Of the 5,000,000+ businesses that were started in the U.S. alone last year, many of them were launched by professionals – just like you – who built their careers in management working for a series of companies.

The reason that many department managers, directors, vice presidents, and other leaders do so well as business owners is because the same traits that made them successful as an employee are the same qualities that help them thrive as an entrepreneur.

Commonly, successful new business owners possess the following qualities:

• Process-Oriented: If you can follow proven systems to achieve business objectives, you can run a profitable business.
• Metrics-Driven: Effective entrepreneurs possess the ability to interpret data to make decisions that produce favorable outcomes.
• People-Centered: Successful business owners understand that people are the true drivers of business success.

Entrepreneurs come from a wide range of industries and have experience in diverse areas of business, including recruiting, team building, budget management, supply chain operations, and other primary functions that help a business run profitably.

Startup vs. Franchising:

Two main challenges that prevent people from starting a new business are risk and startup costs. For many businesses, the barrier to entry is substantial, requiring financing or tapping into their life’s savings. Additionally, starting a brand new business in an unknown field is fraught with uncertainty.

But there is another option. In the webinar, we discussed the benefits of becoming a franchisee with a well-established company. There is no need to blaze your own trail, as successful franchisors already have a proven roadmap, comprehensive training programs, and helpful support systems to ensure that their franchisees succeed. In many cases, the startup costs for franchises are substantially lower than those associated with a new business.

In addition, the risk involved in opening a franchise Is far less than the risk associated with starting a new business. Good franchisors are committed to your growth and will provide the coaching, guidance, support, and resources needed to give you the best possible chance of success.

Recruiting and FPC National

With the average length of tenure at a job to be just four years, there is a lot of movement in the recruitment industry. Recruiters thrive in both strong and challenging economies, and this field is not jeopardized by the recent advancements of AI.

With more than 60 franchise offices across the nation, FPC National has partnered with many career employees who have decided to transition to business owners. We have proven systems, experienced mentors, and a robust national network to help new franchisees hit the ground running and thrive. As a Forbes-ranked Top 10 Executive Recruiting Firm, FPC National is a well-respected and secure company.

To watch the entire webinar, please click here: WEBINAR 

Is business ownership right for you? Let’s hop on a call and see if becoming a franchisee makes sense. You can schedule a call here.