Many people with one job simply can’t afford to make ends meet in this economy, so they have turned to a second career. The problem is that coordinating schedules with multiple bosses can be tricky, and there are inevitably conflicts with the needs of each company. Worse yet, some people who are struggling to hold down more than one job actually end up not being able to meet the expectations of either job.
A franchise is a perfect choice for a second career because you can choose a business that operates part-time or seasonally. For example, you can open a tutoring franchise that is only open late afternoons and evenings. You can operate a mobile food franchise that operates only on the weekends or at lunch. The benefits of operating franchises seasonally are tremendous. For example, if you are a teacher or other professional that has the summer off from work, then you could own a summer camp franchise or mobile shaved ice business.
You can choose a franchise that is related to your first job. Many people obtain knowledge or earn degrees for specific subject areas, but they don’t utilize all the information they learned in their primary job. This is where a second career as a franchisee makes sense. For example, maybe you earned a degree or certification in a medical field, such as medical transcription, nursing or pharmacy. With this background, you might enjoy a second career operating a medical transportation or senior care franchise.
Approximately 30,000 people are laid off from companies in the U.S. each month. That’s a staggering figure. Having a second career as a franchisee puts you in an excellent position if you are laid off from your first job. Even if you don’t completely lose your first job, in this economy, it is becoming common for companies to impose furloughs and pay cuts between five and fifty percent. For most Americans, a reduction in pay causes them to dip into savings or retirement to make ends meet. Some even lose their houses because they are unable to afford their mortgage payment.
As a franchisee, you can adapt your situation to make up for lost income by expanding your franchise business. It is easy to adjust by working more hours, opening a new franchise location, or starting a second type of franchise. Some franchise opportunities lend themselves to multiple income streams. For example, a sports franchise for kids could make money from player participation fees, apparel merchandising, and concessions.
With investment strategies underperforming and companies reducing benefits, retirement packages are leaving baby boomers without a safety net. Many Americans retire from a primary job only to find they need to take up a second career to make needed income. Franchises are a good way to continue working part time after retirement. Because you are your own boss, you have the flexibility to make your own schedule and set work hours. You can choose a franchise that is unrelated to your first job and explore a hobby you have always been passionate about. With franchises, retirement is anything but boring.