Franchises are hot when economy cools down


We’re in a cyclical time of increased entrepreneurship right now. This usually happens whenever the economy slows down and people get laid off. That’s when mid-career corporate employees decide this is the last chance to go into business for themselves. They get swept away by presentations at hotel ballrooms touting the hottest business ideas and franchises.

The funny thing is that the best time to open a new business is when you’re in a down economy. That’s when space and employees all come cheap. But beware that you must do your homework before buying a franchise.

Very often corporate types who are used to bureaucracy have difficulty being the sole decision makers in their newfound businesses. So my advice is to get your hands dirty first. Go and work in the field of the franchise you want to open. Don’t tell the employer you’re doing research, just get in there and empty out the garbage or sweep the floors! Make your mistakes on somebody else’s dime and decide if you want to be in the business.

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