If you’re a management-level executive who’s recently been down-sized in mid-career, here are some things to think about before putting all of your efforts into finding another job – especially if you’re open to a career change.
Being in the executive recruiting franchise business puts us in the catbird’s seat when it comes to recognizing and understanding employment trends. In fact, our national recruiting website gets many resumes posted by men and women in the same position as you.
Here are the realities. It is taking older workers – late 40s and up – much longer to find a new job in today’s environment. In many cases it takes well beyond a year. Some job seekers we see have been looking for 18 months and more.
Many of our owners have followed a path to our front door that started with a job search and ended with an investment in themselves. Here are some of the reasons we’ve seen for exploring this option sooner rather than later.
- In today’s business environment, if you receive an offer for a same-level position with another company, there is a chance that it won’t be at the same pay scale as your previous positions. Unfortunately, companies these days are willing to forego greater experience to hire lower paid employees – and, in many cases this means they’ll hire and train younger workers.
- There are no guarantees. Yes, you may ultimately find a financially and personally rewarding next job, but if the fit isn’t there or the business climate shifts again, you may be in job search mode again sooner than you would like.
- Build from financial strength. We have spoken with many men and women who get panicky six- or eight-months or a year into a job search and begin to explore purchasing a business or a franchise in the event they can’t find an appropriate job. By the time they start in this direction, severance pay may be over and they may be going through their nest egg to pay the mortgage and other living expenses, making ownership an unattainable objective.
- If you’ve thought about owning a business but aren’t sure whether you have what it takes, consider your previous experience and that you probably have many of the skills required to handle a staff and operate a business. Going the franchise route offers allows you to combine that experience with a proven business model and the additional training you’ll need to succeed.
- The franchise sector happens to be a great place to invest in your future. It held its own through the recession and had significant growth in 2012. Some of our franchise owners had their best year in business in 2012!
- According to a recent quarterly update by IHS Global Insight that was done for the International Franchise Association, franchise businesses are expected to continue to grow this year at a faster rate than other business sectors in terms of job creation, new business formation, economic output and GDP contribution.
- The franchise business services sector – of which our FPC executive recruiting network is a part -- is growing at a faster pace than franchising as a whole. This is due, in part, to lower franchise fees and other start-up costs. In addition, B-to-B businesses also tend to make better use of the owners’ corporate experience.
- Many franchise companies – including FPC – provide financing for a part of the franchise fee. There are other financing options available, as well, to preserve as much of your savings as possible while you build the business.
Imagine creating a secure future where there are no limitations on your earnings. Many of our FPC owners tell us that beyond seeing their investment payoff in monetary terms, they can’t put a price tag on the personal freedom they enjoy. You’re your own boss, but you get the support you need for long term success. As we say at FPC, it’s “being in business for yourself, but not being alone."
What options are you considering in your career transition? Thanks for letting us know in the comments what you’re finding in your job search.
If you’d like to learn more about executive recruiting, franchises and FPC, why not download a recording of our popular webinar, "A Great Career Opportunity You May Never Have Considered," to learn more?