For a large number of mid- and senior-level business managers and executives, the current recession has brought something they didn't readily envision – layoffs and unemployment. Job security is no longer a given benefit at their corporate level. The former wealth creation strategies – registered retirement savings plans, pensions, real estate, stock portfolios – have ceased to become guaranteed. Age discrimination, now known by the politically correct term "over-qualified", is a key player in the corporate world.
This new trend does not seem to be a short term solution to the current recession but, rather, a change in employment attitudes and management strategies. As a result, experienced executives have also changed their attitudes. They have come to the realization that the time has come to control their own destinies and become their own bosses. The best investment is investing in number one.
Rather than starting out and building new companies from the ground up – a lengthy and often expensive process, white collar professionals are applying their skills to "white-collar franchises." The greatest asset these executives have is a wealth of intellectual capital – management skills, marketing, communications, human resources, strategic planning, and more. Purchasing and operating a "white-collar" franchise – not the traditional fast-food outlet or convenience store, allow these skills to be applied to a situation where the manager is his own boss.
Fortunes can be made in a recession. This is the right time to pursue self-employment. Labour costs are down and there is a large pool of available talent. Real estate prices have fallen. Finance rates – for those with good credit – are lower. In all, overhead for a business is much lower. Combine this with top management skills and one has a winning combination for a successful business through franchising.
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