Unless you're living in a cave without WI-FI, you know that the US unemployment rate is at about 10% as of this writing. So, just who is it that's been getting downsized?
Manufacturing has been hit especially hard, and the entire automobile industry has been turned upside down.
Most of the folks that choose to work with me in their search for franchises to buy are middle management types and above. I spoke to a group of these folks today, at an ExecuNet meeting. I present seminars on franchise ownership about twice a year for this executive networking group, a group of recently downsized $100k+ folks. I wanted to share their former job titles, so you know who it is that's actually out there either competing for jobs, or looking at "other options."
Here's the breakdown of the attendees;
- 3 HR Managers
- 1 Product Line Director
- 2 Business Operations Managers
- CFO/COO
- 2 Marketing Managers
- President
- VP Sales
- Plant Manager
- Auditor
- Automobile Component Engineer
- 2 Product Managers
- VP Sales and Marketing
- Online Learning Executive
- Marketing/Business Development Manager
- Senior Level Financial Manager
- Sales Support Executive
- Sales Operations Manager
- CEO Advisor
- 2 Operations Managers
Can you detect a pattern?
A couple of them came up to me after the presentation, and wanted me to follow up with them, so that they can learn about some of their "other options." If they're serious about going into business for themselves, and have the patience to find the right opportunity, I'll work with them in an advisory role, and see if I can help them not lose money in a franchise business.
Business ownership may or may not be the right thing for them to do. Together, we'll find out.
Sometimes, a new job is a better option. It just depends on the situation. It's not up to me.
How to Use a Franchise Opportunity Website
The 10 Commandments of Franchise Research
What You Need To Know About Franchise Consultants/Brokers
Hi Joel,
Interesting coincidence – I just wrote an article for OPEN Forum about good and bad reasons to start a business if you’ve been downsized or laid off.
In many cases people just want to replace their income. If income replacement is their primary goal, they’re better off getting a job. It’s very very tough to start a business and get back to making an executive-level pay package in a short period of time. It takes years to get back to that level of pay in a business. Of course, after a number of years, having your own business can really pay off… but not right away.
Anita
Anita,
So true! It HAS to be about more than money. The money will hopefully come sooner rather than later…
For me, it’s about freedom and control.
Joel
Yes, that’s me in front of the cave. I usually only enter the cave if there’s a doorman out front! Thanks, Joel! Oh yeah, good post!
Paul,
Thank you for commenting.
Thank you for not calling ME the doormat.
JL
Wow…good post. You are a great adviser. Been learning much on your blog. Thanks. 🙂