The massive laid off resulting from the corona-virus impact on businesses was sudden. That’s how it is sometimes – life can present hard nuts without any prior warning. This is why we should have some form of hedge, at least for those situations we can do something about.
For instance, individuals who already started an online side hustle while still employed won’t feel the impact of the laid-off as much.
Lost Jobs May Never Come Back
The covid-19 pandemic is still hammering various industries so hard, resulting in more and more job dismals. You’ve probably heard the recent announcement by United Airlines to lay off 16,000 people. And, according to the University of Chicago’s prediction, more than 41 percent of lost jobs due to the pandemic will never be regained. So, don’t get your hopes high up of getting your job again when the economy improves. It may end up as a futile hope.
So, what now? Do you plan going on a job search in the present situation, what would the outcome be? Even if luck is on your path and you find one, what happens if the economy goes further haywire (as experts have been predicting) and you find yourself laid off again?
Why Not Take the Giant Step of Becoming Your Own Boss?
Luckily, the American government encourages entrepreneurship because it accounts for a substantial input to the economy. In essence, you have the freedom to start your own business, as long as you follow the due process. Becoming your own boss and eventually hiring others would be the best route to follow in the times we are in right now.
So, once you’ve braced up to this awesome decision of working for yourself, you can leverage the option of opening your own business or go into franchising. However, bear in mind that each of these options has its own advantages and challenges.
If you decide to start from scratch, you will go through times of learning the rope and doing trials and errors until you uncover what works and what doesn’t. But, it’s certainly rewarding eventually.
If you rather choose to franchise, it offers you the opportunity to build upon another person’s proven techniques and processes. One of the biggest pros that come with franchising is that there’s no time to waste in starting your own business, plus most of the promotions have been done for you.
Besides, getting a loan on the business franchise is easier because you have an effective and proven business model in your hand to convince the lender. However, you would usually need a substantial amount (up to a million or more in most cases) to get a franchise.
Starting your own business means no one is calling the shots for you. And, you will take all the credit for your performances. But, make sure you have a working idea on the ground so that you can kick off without delay.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams
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Thanks for providing practical suggestions that encourage building relationships with readers.