“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.” — Jimmy Dean

During today’s COVID-19 pandemic and all the uncertainty that surrounds us, it would be easy {and understandable} to just want to bury our heads under our pillows and just wish time to fast forward until we can all be lock-down free again. But when you surface, where will you find yourself? I’m guessing exactly where you are today.

As of April 1, a record 6.6 million Americans had filed for unemployment according to the U.S. Department of Labor. Prior to the coronavirus pandemic, the record number of initial claims filed in a single week sat at 695,000, which was reached in October 1982. So as we can see, the direction this wind is taking our economy is down a very scary and unpredictable path.

So the question becomes, “If you find yourself one of these statistics, how will you adjust your sails to reach your {desired} destination?”.

Here are a few things to think about if you have considered business ownership in the past and/or have recently found yourself unemployed and are exploring alternative employment options:

#1. FUNDING IS AT AN ALL TIME LOW… The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020. Additionally, you have the ability to access your retirement account tax-free and penalty-free to capitalize on your business! Timing is of the essence here. These incentives have a deadline!

#2. THERE ARE RECESSION-RESISTANT BUSINESSES… Trust me, I know the thought of going into business for yourself can be intimidating especially in times like this. I am a small business owner. But, have you thought about who is control during those times for small business owners? You are. You control your destiny.

Small business owners in the health-care, commercial cleaning, security, pet, restoration, hair care, home improvement, sanitization, moving and storage industries, to name a few, are all examples of recession-resistant types of businesses.

#3. EXPLORING BUSINESS OWNERSHIP IS A COMPLICATED PROCESS… There are hundreds, if not thousands, of different franchise brands in the market today. How do you know where to begin? How do you know which one would be the perfect fit for you? Does it require you to be 100% involved, or can you still stay engaged with a part-time or full-time job? Will it provide the return on investment (ROI) that you desire? Is it scalable or will you reach a ceiling at some point? Does it leverage your business strengths? Will it meet your long-term personal goals? Is it within your financial means?

Each franchise concept has different requirements of its franchise owners and what may be a concept that is appealing to the eye, may not meet your long-tern financial goals or fit your lifestyle. This is when working with a franchise coach/consultant in the industry can prove very valuable. I can help you navigate those waters in a confidential manner to narrow down opportunities that could be the perfect fit for you.

#4. TIMING IS OF THE ESSENCE... I can’t emphasis this enough. The incentives that the Gov’t is extending for small business loans to rejuvenate the economy has a deadline. And the process of finding the right business for you can take 60-90 days to fully go through the process and sign on the dotted line. What better way to utilize your time today than to explore alternative employment options, such as business ownership. Take the time to educate yourself today. Signing on the dotted line, if you so choose, is weeks or months down the road.

Are you ready to adjust your sails?

If so, I would be happy to answer any questions you might have. Simply reach out to me at stacie@fusionfranchising.com or 319.440.0857.

I can also put you in touch with financial and legal resources that specialize in franchise ownership and can address any questions you have in those areas. Learning what the incentives are and how they can directly apply to you is a great way to start the discussion.

Be well. Be healthy. Stay home.

And keep adjusting your sails till you reach your destination.

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Author: Stacie Shannon | Fusion Franchising

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