The Employment Exodus: Time to Own Your Own Business
Usually after some types of economic upheaval consumer trends, buying habits and business practices are altered. After a cycle of economic downturn, come periods of prosperity and stability. Conversely, evitability after periods of economic growth, market downturns are not uncommon. These predictable cycles are often manageable. It is the unexpected economic ‘disasters’ that cause fundamental change in the way businesses, consumers, and employees react.
During the COVID global pandemic which has caused unprecedented damage to many businesses, we are still in a period of unrest and imbalance. The uncertainties of whether business as usual will ever really return, has many wondering whether it’s time to make radical changes.
“As pandemic life recedes in the U.S., people are leaving their jobs in search of more money, more flexibility and more happiness.” (Hsu, 2021)
In a recent piece in NPR, Hsu notes that many employees are ready for change. “The pandemic has given people all kinds of reasons to change direction” (Hsu, 2021). In one industry (Hospitality), more than 700,000 works have resigned and sought greener options, notes Hsu. These workers have decided that low paying, or unsatisfying jobs are no longer something they will stand for and are looking for more fulfillment in their future employment. Craving flexibility to live their lives and not just work for a living, thousands of would-be employees are making the jump out of the workforce all together.
“According to the U.S. Department of Labor, during the months of April, May, and June 2021, a total of 11.5 million workers quit their jobs” (Kane, 2021).
But where are these employees likely to go? Some may never return to the traditional workforce and instead opt to start their own dream business. There are a couple of compelling reasons.
Self-actualization and control – Workers no longer want to be victim to arbitrary layoffs. Instead, they want to be more in control of their own circumstances
Autonomy – Being your own boss means no longer being victim to poor mangers or a toxic work environment
Time to make an impact – Many employees had decided that it’s time to make a real mark, and they want to leave a legacy for their families
Finances are available – Savings have increased and loan availability has improved since the start of the pandemic and there are new opportunities to finance your future business endeavors.
Hire satisfaction – working in your own business allows for an increase in personal and professional satisfaction and work-life balance
It’s clear that work has been changed forever. Remote working, more flexible schedules, and a focus on higher levels of personal satisfaction are going to drive many to decide that now is the time to make a permanent change in their work life.
Owning a business that is structured, offers unlimited support, and yet offers the freedom to run the business as you see fit seems like a pipe dream but it’s closer that you expect. As traditional business continues to struggle with upcoming and ongoing changes, they will need professional objective business coaches to help them navigate the waters. A certified professional business coach or business coaching firm can assist any type of business adjust and pivot their business models for future success. Business coaches serve to increase employment, increase revenues, and drive economic development in their communities.
Consider exploring the benefits of self-employment and business ownership. Choose a partner who has a proven track record and year of experience. Picking a franchise with a proven system and unlimited growth potential can set you up for years of success.
If you are considering jumping out of the firing pan of traditional work, but don’t want to burn in the fire of self-employment, building a real business opportunity may be on your horizon.