Career Transition Alternatives in the COVID Economy – 4 Minute Read

The COVID era is like any other major life event that forever shapes our perceptions of the world around us in unforeseen ways. This year has come with an abundance of hardships, hurdles, and fears, both personally and professionally, for people across the nation. Due to the economic status brought on in the face of the epidemic, many of your clients are likely finding themselves out of work, underemployed, and in a challenging financial situation without many traditional employment prospects. The whole workforce structure is rapidly evolving, with positions eliminated, downsized, remotely-filled, or outsourced, often for the business to survive.

Not Just About Work Changes

The changes taking place aren’t simply due to just the alterations in work life. They also stem from your client's psychological perspective. The fear brought on from the pandemic created an atmosphere of vulnerability that leads to a heightened sense of immortality. Most of your clients are now considering the fragility of life and how short it is. It motivates them to pursue their dreams of business ownership versus simply get another job or build their wealth portfolio for a secure future. When your life perspective changes, so too do the goals you make. What you want and need in the here and now versus the future takes on new meaning. People are thinking more about their end game versus only short-term rewards. They are considering and often taking chances that they might not have before COVID hit.

Steering Risk-Takers in the Right Direction

Life and career coaches have begun to switch gears to better serve those they counsel by looking outside the traditional roles and transitional career opportunities. Their goal is to inspire their clients to move outside of their comfort zone and try something a bit more risky and fulfilling. Professionally established experts like Frannexus, an award-winning franchise consultancy, have been a frontrunner for change, “Frannexus is the expert and has helped a number of my clients explore the option of becoming a franchise owner,” said Allison Task, Career, and Life Coach.

Why Franchising?

COVID-19 has resulted in the unemployment rate taking a significant hike, with more than 30 million Americans filing for unemployment in just the first couple of weeks following the pandemic hitting US shores. That left more than 18% of the workforce without a job or career. And although it might seem like a risky time to show your entrepreneurial side, there are parts about the current economic environment that indicate that if you find the right path, switching it up can be life-altering. And it might also help you find what has been missing in your personal growth and fulfillment.

The economy was severely impacted by COVID, with consumer spending cut by 40% with more cuts forecasted. And according to a study by Franconnect, “ around 90% of business and residential service brands continue to bring on new franchises while restaurants are the opposite with only 25% of food-service brands continuing to grow.” That means that consumers are looking to invest in things like home improvement and maintenance while being sequestered at home even in the face of an economic downturn.

Franchise Opportunities to Watch for as we Enter 2021

As people continue to cut back on their non-essential spending, which is directly affecting the restaurant chain franchises, they continue to invest in home improvement projects and upgrades despite home sequestration during this economic downturn. Franchises that deal in those types of industries are not only surviving the economic downturn; they are thriving.

Other essential franchise industries are also fairing well. Things like HVAC franchise businesses are gaining speed and giving franchise owners a way to get out of their current career track and open a successful business right out of the gate. Where people can choose not to spend on non-essential products and services, they have no choice when it comes to those things that are critical to day-to-day life.

Landscaping, lawn care, and tree services are also continuing to perform well. Taking care of your home or business by cutting back dangerous limbs or caring for expensive landscaping are all things that cannot be put on hold until a later time. If people don't maintain things around their homes, then they usually end up spending a whole lot more to fix the problems that have been ignored. So for your clients that are aspiring business owners, they should look at essential industries and businesses with proven franchise models that can weather any economic storm to be successful.

The idea of being brave during a time of turmoil, like we are experiencing with COVID, can be super scary for an entrepreneur, no matter how adventurous their spirit. Hard times and how they can make you feel can inspire your clients to follow their dreams. Owning a business can be highly profitable and fulfilling, but only if it lasts and survives. That is why franchising is an excellent happy-medium. When your client owns and operates a franchise with a proven business model, it lowers their risk of business ownership.

The key to finding a successful franchise begins with research to find what the market needs at specific times in history. During a pandemic like we are experiencing, successful non-essential franchises can not only survive the lull in the economy; in many instances, they can thrive. If you are a career or life coach, owning a franchise can not only help your clients ride out the storm; but come out the other end standing tall and personally fulfilled.

By leveraging your client’s skills, strengths and experience, I help them find the right opportunity to reach their personal and professional goals. Learn more!