4 Reasons You Can Make the Economic Downturn into Something Better

🕒 Estimated Reading Time: ~3 minutes

One of my millennial sons has been particularly hard hit in his professional life. The mini-recessions and downturns in the last 15 years have been tough. The current ’19 into 2021 pandemic has been downright brutal. However, over the years, he has learned to respond with a can-do attitude. He sees options, he is never idle, and he is constantly thinking of new ways to secure his financial future.

This resilience is important in times of crisis. A recent Forbes article on strong leadership specifically addressed positivity while preparing franchises for the unforeseeable future. The dismally high levels of unemployment are distressing, but those who look positively at change can find self-employment in a franchise. The downturn gets people thinking of options and ideas.

The Pandemic Economy

It’s gonna be a tough economy for many sectors for months. But setbacks shine a light on those who become franchise entrepreneurs. This can be the best time to start a franchise if you are looking for a new opportunity and have a positive outlook. This is the time to control your destiny and take advantage of economic trends that support certain industries. Here are a few reasons it could work for you:

1. You can copycat an idea. Franchisors already have proven track records for you to emulate. You don’t have to spend your time coming up with a new business idea; instead, use what already works. Or if you already have a good business, maybe you can let others copy your idea by franchising what you know.
2. You see the silver lining. If you are unemployed right now and can see the positive aspects of that, you will see a chance to get out from under a job you didn’t like and then choose to change your career path. Rather than a burden, this time is an opportunity for you.
3. You have money to invest. Large or small, if you have the capital to invest, a franchise offers tax shelter and a way to make your nest egg grow. Building a business is not for everyone, but if you like to be close to your money and how it serves you, it could be a perfect time to use a portion on being your own boss and money-manager.
4. You want to help. Another positive personal trait is one of wanting to serve. Sure, you want to work and make money, but if it also helps others, it feels better. Communities need experts in cleaning, home repair, mobile services. Communities thrive when they have local franchisees who provide what the areas need. And the franchises that provide such products and services are less likely to be impacted at the next economic crisis.

Do not let an economic turndown frighten you. Franchise prospects are numerous and available to meet your needs. Focus on the silver lining, and lead the way into a franchise opportunity with (a positive) attitude.

Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.