Investing in Alternative Careers

The disruption of the dawn of the 2020’s seems to be coming to an end. We have worked from home or from other safer spaces and now are reassessing what it all means to our careers.

As vaccinations become more plentiful and people partake many companies have recently started to reopen their spaces or announced when they anticipate that happening again. Re-hiring efforts springs anew as employment open houses become much more commonplace.

But there is a problem. In many cases former employees aren’t running back to reclaim their previous positions. Some because they have found employment elsewhere. Others continue to collect unemployment. And many seek out new opportunities as their old positions are not going to be refilled. Or they have grown to like a “Lifestyle” where home living and working align very nicely and many other companies are searching for their skill set.

But still many remain frustrated, out of work and are at the end of their networking road. The accepted methods of finding that new job (networking and consulting) this time are not producing like they used too. Add in the generational changes to the workforce population and many, especially older executives, face ageism while younger are still learning the value of relational interactions to enact their transactional methods.

Executives young and old took time during the pandemic to reflect on their lives and their state in that life. The thought of rejoining their lives before the “Great Interruption” gave them pause. A pause that made them wonder. Wonder about what alternatives were out there for them.

Many looked to competitors. Others decided that maybe similar, yet different industries may be the way to go. While others decided to go the consulting route. But a small group decided to visit me and seek advice on what a franchise business model was all about. They wanted to see how the other half lived and what the features, benefits and downsides were to considering self-employment or franployment.

So, what exactly is franployment? It is an alternative way of working where the individual invests in a business model that gives them direction in terms of operations, marketing, sales and implementing the best strategies to garner revenue. It’s putting yourself in a start-up business situation with a team of experts helping you to do it right.

Every recession you have to dip into your 401k plan to cover some short-term expenses, pay the 10% penalty and then you get a job, and it takes the next several years to recoup all the money you withdrew and paid a penalty on to get your money.

In the entrepreneurial world of franchising, you invest in a business model by turning that 401k plan into your own private equity fund, buy the business model and pay no penalty for taking out the 401k funds. That’s what I said. You pay no 10% penalty. Now for those of you that are uber risk adverse there are several franchises whose business models do not require you to work it full time. That’s right you can keep on working while a manager runs the business for you, and you get an owner’s benefit without leaving your current employer.

What I am seeing on a more frequent basis are executives investing in a franchise with a ten-year commitment and a semi-absentee status which becomes their glidepath to leaving corporate life and delaying any need to dipping into their “Nest Egg”. In fact, some even expand their footprints upon their escape from corporate.

Look we all have our threshold for risk. Some of us are totally risk adverse and franchising would not be for you. Some are interested but then run for cover when it comes time to either commit or not. Finally, there are those that understand the risks. Do heavy due diligence and validation of concept. Get themselves an Alternative Career Coach, like me, to help them identify an industry they like. Then help them consider several franchises we expose them too. And finally prepare them for the different steps that a franchisor will take them through.

By the way we are just like an Executive Search Consultant or a Real Estate agent. Our advice and time with you are free to you. Our commission is paid to us by the company that you buy a franchise from if in fact you do. We are not salespeople. We are educators and mentors.  

Believe me in franchising some do fail but many more succeed. The ones that do their due diligence thoroughly. Follow the business model system. And seek counsel from other more experienced franchisees have a better chance at success. If all of this has piqued your interest feel free to contact me at bfoley@theyounetwork.com or if you want some more information visit our website at www.theyounetwork.com.

I look forward to connecting with you shortly.