In the midst of a recession when you lose your job or think you might be on the verge of getting a pink slip, you might have a thought about being self-employed. Some folks are so inclined to act on such thoughts, but what type of business would you start and how do you know it will succeed?
Perhaps this is why many turn to franchising as a vehicle to own their own business. In a recession franchises are not completely immune, although they do fair much better than independent small businesses in the middle of the storm. One franchise category that our Think Tank identified seems to be rather recession proof.
They say there is nothing guaranteed in life except for death and taxes and so, why not look there for your next franchise opportunity. If you do not see yourself running a funeral home, maybe a tax and finance service might be the ticket. Recently, we interviewed a successful Jackson Hewitt franchisee, Bob Bradach in California.
While other businesses were laying-off their workers in the area, Bob was adding more employees to meet demand. How does Bob do it? Well, he tells us he stays involved in the community and that he picked a solid industry to participate in. Finally, he said he picked one of the top tax preparation and finance service franchises; Jackson Hewitt.
Turns out Mr. Bradach also joined his franchisor’s National Advisory Council and is the epitome of a team player. This just goes to show you that even in a recession there is opportunity in chaos, and franchising just may be where your next opportunity is waiting. Think on this.