You might think, from the headlines, that only the tech industry is facing mass layoffs. A recent article in the Wall Street Journal declared, “Tech Workers Face a New Reality as Talent Wars Turn to Pink Slips.” The article touches on a growing unease when it comes to how tech workers feel about their jobs. While Twitter, Meta and Amazon come to mind, they are not alone.

Dig a little deeper and you’ll discover Salesforce, Peloton and Gap among them. The entire list of companies laying off workers is too long to include here. If you are among the individuals with a pink slip, the length of that list won’t matter. What does concern you is where to go next? Some of you are no longer just considering tech, but also looking at logistics and financial services because those fields seem to offer a little more security.

The current employment market in the US is strong — with high job growth and low unemployment rates. However, if we learned anything through the pandemic, everything is subject to change.

According to the Commerce Institute, “Data from the US Census Bureau shows that an average of 4 million businesses are started every year. That average is from the past five years of business formation data in the United States…5.4 million new business applications were filed in 2021, which is the highest of any year on record and a 53% increase from 2019.”

One option for someone who’s gotten a pink slip or been offered the golden buyout is to explore becoming your own boss.

Within that option is the opportunity to explore the franchise world. The beauty of a franchise is you get to check everything out in advance. The franchise company will provide all kinds of info on their training, support and digital marketing, for example. You’ll also have the opportunity to talk with existing as well as former franchisees.

On one hand, you could start a franchise as an owner/operator or if you’re the empire-builder type, you might want to consider multi-brand, manager-run options. Some opportunities are new with an exciting bright future while others are familiar, tried and true. Just about everyone wants a business that is recession-resistant and pandemic-proof!

There are lots of options available and some you may never have even considered. You might be surprised to learn some of the huge growth areas include Personal Services, Home Services, Health & Wellness, Pets and Children’s Enrichment. Whatever franchise sector is of interest and whatever the time commitment, there are many options for you to explore. Remember, a time of upheaval is also a time of opportunity.

If you may be looking at a pink slip in your future and want to investigate other options, contact me today at 925-642-9976. Start your journey of exploration!