In 2022 it is becoming increasingly common for employees to break away from corporate jobs to become their own boss. As the COVID-19 pandemic caused numerous layoffs and prompted many employees to work remotely, some made the choice not to return, deciding to instead become self-employed.
Many People are Turning to Self-Employment
The PEW Research Center reports that while the number of employees in a typical corporate setting dropped during COVID-19 and never recovered, the number of self-employed workers did recover from COVID-19 pandemic levels by 2021. This showcases the opportunity for growth as a self-employed company owner across the United States. Business ownership is not for everyone, but for those with a desire to be self-employed, starting a company or franchise can be a perfect opportunity.
Within an uncertain economy the security involved in being free from the control of a boss and corporate structure is very inviting. Though the economy remains largely similar to previous quarters, the prices of many necessities such as fuel are on the rise. Additionally, inflation is lurking around the corner. Given this current outlook, starting a new business or franchise is an appealing solution. The real estate market, and specifically property management, has seen a large increase in financial opportunity in recent years, making housing an ideal industry to enter.
The Benefits of Starting a Business in an Uncertain Economy
Both investopedia and hubspot blog have written about the benefits of starting a business at an economically uncertain time. However, many potential business owners too afraid to become their own boss when they are not confident about the economic uncertainties. There is no perfectly safe time to start a business, it will always be a risky venture, but if the owner is prepared then uncertain times can give the new entrepreneur an edge up on competition. There will likely be less competition from other new businesses if you choose to begin your venture when times are perceived to be economically uncertain. Established businesses will also be affected by economic conditions, likely slowing or halting new innovations in favor of stability. If you can create something new while no one else does, your business or franchise will stand out. There is substantial evidence that customers who come to a business during times of uncertainty will stick with that business once economic conditions improve. If your services can fit the needs of customers in an uncertain economy, how much more can these customers trust you when the economy is thriving again?
No matter the economic conditions surrounding you, it is important to make sure you are entering a market with demand. About half of new businesses fail within five years, and about 35 percent of these failures are due to a lack of market need. People will always require a place to live, meaning real estate and property management will always be essential industries. This ongoing need for housing will increase your chance for success as a business owner.
The Personal Benefits of Becoming Your Own Boss
Aside from the economic upsides, becoming your own boss provides you with greater opportunities for freedom, flexibility, work-life balance, and fulfilment. According to a survey conducted by Emergent Research and Rockbridge Associates and appearing in Forbes, 77 percent of workers who are self-employed did so to be their own boss, followed 74 percent of self-employed workers drawn to the flexibility that working independently affords. Many of these respondents stated that working for themselves increased their happiness and even their health! At All County®, many of our franchisees express that flexibility is one of their favorite parts of owning their own business. As franchisees, they are afforded the opportunity to maintain a work-life balance that caters to their desires and needs, and allows them to prioritize time with their families more than they could in a traditional position.
Many self-employed owners find significantly more meaning and fulfilment in running their own business, as they can impact their communities. Nasdaq recently reported that close relationships between owners and customers as well as a strong belief in a company’s goals or values are the main encouragements to potential workers. As a business owner you set the company climate you want to experience and gather consumers and employees around you that align with that vision. In property management, this includes the development of a strong system of owners and tenants who you help by managing their most important asset, their home, and who in return support your business. As expressed by one of All County’s® newest franchisees Dan Goodman, “we find that if we're honest and upfront, we can expect the same in return and everybody has as pleasant a working experience as possible.”
Building a successful business in economically certain times requires the new boss or franchisee to have a solid business plan. In economically uncertain times this is especially important. Building a customer base before the doors of your new business open, and ensuring that you have the support and financial means to become your own boss are requisite. Providing solutions for these needs is just one of the ways that being part of a franchise system such as All County® Property Management can make becoming a business owner simpler and more lucrative. With the support of All County’s® brand, procedures, and staff it becomes easier to succeed where others may fail. With determination economically uncertain times may be the perfect chance for you to turn your self-employment dreams into a reality.