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The Entrepreneur’s Source Reports: College Grads Team-Up with their Parents to Pursue Franchise Ownership

In an unfavorable jobs landscape plagued with part-time and temporary positions, unpromising opportunities and high competition for the few openings available, more job-seeking parents and children are becoming business partners to take control of their professional futures through franchising.

According to the Bureau of Labor Statistics, the average length of unemployment for workers over 55 has risen to more than a year. What’s more, a recent analysis by The Associated Press found that 53.6 percent of those with bachelor’s degrees under age 25 were jobless or underemployed, a 12.6 percent increase in the past decade.

“A vast majority of today’s unemployed baby boomers are seasoned executives with severance packages who are now looking for new ways to invest in their future. This trend, coupled with a bleak job market for today’s college graduates, has led more and more parents to partner with their children and invest in themselves by opening a franchise,” said Terry Powell, founder of The Entrepreneur’s Source, the nation’s leading career and franchise business coaching network.

Parent-child partners find franchising to be a lucrative vehicle to entrepreneurship because it offers easy-to-follow systems and combines the many benefits of business ownership with a brand name, experience, proven operating system, and ongoing guidance and support provided by an established franchisor. Prospective entrepreneurs are also attracted to the countless types of franchise business opportunities available.

“Finding a franchise concept that allows everyone to leverage their skill set is imperative when identifying the right opportunity for a multigenerational partnership. Even if the parent isn’t fully engrained in the business – leaving their child to run the operations – they should still have an interest in the concept and be able to utilize their experience or skills to provide support,” Powell added. “When everyone is active in the business, we often find the parents handling jobs that require local connections while the children take care of day-to-day operations and online marketing.”

The Entrepreneur’s Source hosts educational webinars to help aspiring entrepreneurs learn how to start building the blueprint to reach their desired Income, Lifestyle, Wealth, and Equity. Visit www.theentrepreneurssource.com/franchise/ to get started.

 

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The Entrepreneur’s Source Reviews Today’s Job Market: Unemployment to Empowerment

Today, The Entrepreneur’s Source reviews the current job market and its recovery and how it is causing more and more unsatisfied employees to turn to alternative career options like franchising and business ownership. Since the recession hit in 2008, the job market has been a scary place. Today, almost seven years after the recession first struck the nation, the economy and job market is showing signs of recovery. Consumer spending is on the rise and the unemployment rate has slowly continued to decline, but this doesn’t mean that the end is near yet.

The Entrepreneur’s Source Reviews the Job Market

Although the economy and job market is slowly recovering, a recent report from the Economic Policy Institute (EPI) found that we are still years away from a full recovery in the job market. The American job market isn’t predicted to make a full recover until August of 2017, and that’s only if the economy continues to recover at the same rate that is has over the past year – adding about 246,000 jobs a month.

“Each year, the population keeps growing, and along with it, the number of people who could be working,” said Elise Gould, a senior economist at EPI. “To get back to the same labor market we had before the recession, we need to not only make up the jobs we lost, but gain enough jobs to account for this growth.”

If the job market does continue to recover, corporate employees are still plagued minimal wage increases as the prices of products, goods and services continue to rise. With layoffs, rightsizing and downsizing becoming the new norm and jobs being lost due to cheaper labor in other countries or new technologies, employee loyalty is at a dangerous place.

“Outsourcing is a way of life,” said founder of The Entrepreneur’s Source Terry Powell. “The border less aspect of a digital revolution makes outsourcing jobs easier and impacts our economy. These are just things we need to adapt to and live with.”

The Entrepreneur’s Source Terry Powell on The New Normal

Although we’d all love to put our faith back into the job market, for many it’s just too soon to do so and many of these wary ex-corporate American employees are turning to alternative career paths. In today’s New Career Economy, job security is long gone, and because of this, an individual’s typical career path has dramatically changed. You have a choice, you can either fight it or embrace it. The Entrepreneur’s Source views this career change as The New Normal, with many individuals choosing to explore alternative career and new business opportunities outside of working in corporate America.

“More people are realizing that it is time to take control of their destinies,” The Entrepreneur’s Source Terry Powell said. “Being the laborer or the worker bee and giving their souls to their careers for corporate America is no longer the typical choice of most pragmatic people.”

This change in the economy has caused many individuals to take their career into their own hands by becoming self-sufficient. When an individual decides to take control of his or her career, this is the first step of your journey to self-sufficiency.

There are many vehicles to success when it comes to self-sufficiency, so those striving to take control of their career should identify their unique Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals to better identify what alternative career path may be the best fit for them.

Work with an Alternative Career Coach!

You don’t have to go through this journey alone. Bringing on an alternative career coach at this stage in the process could be a beneficial move to help you better identify your I.L.W.E. Goals and what Possibilities, Options and Dreams you envision for your future. For more information on how an alternative career coach can help you begin your journey to career autonomy, contact an alternative career coach at The Entrepreneur’s Source franchise today.

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The Entrepreneur’s Source Reviews Franchise Opportunities

The Entrepreneur’s Source Reviews Four Top Factors when Consider When Evaluating Franchise Opportunities.

It’s easy to be overwhelmed by the sheer magnitude of choice when looking into franchise brands to invest in.

There are thousands of franchise opportunities out there, but not all franchise brands and opportunities are created equal. Depending on a wide variety of factors, such as your goals, desired lifestyle, preferred time commitment and more, some franchise brands may not be the right fit for you. Do you know what aspects to consider when evaluating the thousands of franchise opportunities out there? Today, The Entrepreneur’s Source reviews four crucial things to examine when evaluating franchise opportunities to help you narrow down your search and zero in on the perfect fit for you.

      1. How the opportunity aligns with your I.L.W.E. Goals

Examining how a franchise opportunity aligns with your specific goals for your future is a great first step in evaluating if a franchise opportunity is right for you. If you haven’t already examined your Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals, then now is the perfect time to do so. Establishing these objectives can help you gain clarity about what you’d like your future to look like and comparing this to how a specific franchise brand could be leveraged to accomplish your goals, needs and expectations can be a telltale sign whether it’s a good match for your aspirations.

      1. The overall cost of the franchise investment

Many people think there is no way they can afford to invest in a franchise, but franchises come in all shapes, sizes and prices. In fact there are franchise concepts in nearly 100 different industry sectors, with investment levels ranging from as little as $10,000 to $3 million or more depending on the specific opportunity. If you only have a certain amount of capital available to invest in a franchise business a good way to start eliminating opportunities is to look at the required capital for the initial and continual investment. Examine the costs that go into opening a franchise, such as the franchise fee and real estate investment, and ongoing fees such as royalties. If these costs seem feasible for you, then that’s another check mark for the franchise opportunity being the right fit for you.

It’s important to be conscious of what feasible means to you so that you do not limit your options from the start. You may be surprised to learn that you can find capital to fund your franchise in non-traditional ways. To learn more about nontraditional funding options, click here.

 

      1. The systems and level of support offered from the franchisor

In franchising systems are king. What makes great franchises great, is that they have simple systems that are replicable and duplicable. Franchise systems are designed to make sure the service or offering creates a standardized customer experience, but also so that the franchisee can save themselves significant time, energy and money.

Most franchise brands offer ongoing support from the franchisor, but depending on the franchise brand this can greatly vary. If you don’t have much business experience investing in a franchise brand that offers a greater deal of support – such as a 24-hour hotline or on-site training – may be an ideal aspect to look for in a franchise opportunity. However, if you’re a previous franchisee or business owner, then a large amount of franchisor support may less valuable to you, so you may want to look for an opportunity with less continual support. There’s no right or wrong amount of support, but prospective franchisees need to establish just how much they need and consider franchise opportunities offering that desired amount.

      1. Are your values aligned?

Like any relationship, whether it’s personal or business, becoming part of a franchise system is a partnership that is interdependent and should be a win-win for both the franchisor and franchisee.The most successful franchise brands are thriving due to their franchisees. On one end, the franchisor needs to feel confident that each franchisee will represent the brand well and elevate its name. On the flip side,the franchisee must feel like he or she is getting the value and support out of the relationship with the franchisor. Without both parties being satisfied, it would not make sense to create this partnership. Are your vision, mission and values closely aligned with that of the franchise system? If no, this is a sign that this franchise may not be a good fit for you.

You Don’t Need to Go At It Alone!

Properly evaluating franchise opportunities, if left to your own devices, can take extensive time and energy, but following a proven process like the one The Entrepreneur’s Source offers actually makes it less overwhelming and can help you uncover opportunities where you least expected it. It can actually be a manageable and empowering journey; some may even say an exhilarating one.It is not coincidental that 95% of our clients who embark on this “journey of discovery” with us, end up discovering options they admittedly never would have looked at on their own or had prematurely dismissed.

If you’re still not sure where to start or want someone to guide you through the process of uncovering and evaluating franchise opportunities, contact an alternative career coach at The Entrepreneur’s Source franchise today. E-Source coaches can provide you the leadership and guidance that you need to help you uncover if an opportunity may be the right fit for your goals and aspirations. For more information on how a coach can help you better evaluate franchise opportunities, contact a coach today http://www.entrepreneurssource.com/blog/contact/.

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