Do It Yourself
When corporate benefits are layoffs and cutbacks, why not buy a franchise?
"Whenever there's a contraction in the job market and executives lose their jobs, a lot of that money flows into starting businesses," says Robert Purvin, CEO of the Association of Franchisees & Dealers. "Economic downtimes were almost always good blips in the franchising marketplace."
With companies large and small laying off huge chunks of their white- and blue-collar work forces, franchising insiders are hoping for another good blip. "[Laid-off workers'] most pressing interest is being master of their own destiny," says Don DeBolt, president of the International Franchise Association. "[Another] need is to create an asset they can someday either pass on to their children or sell to provide security for their later years."
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
A 115-Year-Old Startup? The Leaders of This Family Business Are Honoring the Past and Building for the Future.
-
Turn Your Managers Into Your Biggest Asset for Winning the Great Resignation
-
'It Was Like a Drug': How Dave's Hot Chicken Grew a Cult Following in an East Hollywood Parking Lot
-
This Goldman Sachs Alum Launched an App That's Helping Young People Manage Their Finances and Healthcare (And She's Raising Millions of Dollars to Do It)
-
One of America's Richest Women Took Zero Outside Investors. Here's How Aviator Nation Founder Paige Mycoskie Did It.
-
4 Expert-Backed Strategies for Improving Your Communication Skills
-
This Couple Escaped Arranged Marriages in Pakistan. Now They Run a $14 Million Brooklyn Shoe Brand.