Where Are People Going In the Great Resignation? Many Are Buying a Franchise

Franchises are seeing an influx of people who left their corporate jobs and want to be their own boss.

learn more about Jason Feifer

By Jason Feifer

People are leaving their jobs by the millions. Over 3% of the American workforce has voluntarily quit.

Where are those people going? Many are starting their own businesses, which is why new business applications in the United States have nearly doubled since the pandemic began. And as Entrepreneur learned while reporting its new Franchise 500 issue, many of these people are going into franchising.

It makes sense: Franchising provides a kind of ready-made business, where aspiring entrepreneurs can join an established brand and adopt their system. That can be perfect for someone who has left a corporate job, does not have a business idea or the knowledge to build something themselves, but still wants to be their own boss.

So, what's in store for these new entrepreneurs? And what kind of risks are they taking on? I spoke with PIX 11 Morning News in New York about this. Watch above!

Jason Feifer

Entrepreneur Staff

Editor in Chief

Jason Feifer is the editor in chief of Entrepreneur magazine and host of the podcast Problem Solvers. Outside of Entrepreneur, he is the author of the book Build For Tomorrow, which helps readers find new opportunities in times of change, as the host of the podcast Help Wanted, where he and cohost Nicole Lapin solve listeners' work problems. He also writes a newsletter called One Thing Better, which each week gives you one better way to build a career or company you love.

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