The economy and job market have been on a roller coaster since the pandemic hit in the early part of 2020.
First, the stock market took a nosedive and reached some all-time lows, only to rebound to all-time highs. The same has occurred in the job market. First, we were experiencing the lowest unemployment in years, only to be followed by the highest unemployment since the Great Depression of 1929.
Presently the stock market is rising, but there is still unemployment, and daily you read about major companies that are either laying off or eliminating jobs by the thousands.
If you have lost your job and find it difficult to find another job in an area of your expertise, then you may want to consider taking control of your future and buying a business. By owning your own business, you have more control of your future. You are allowed to use the talents you were using at your old job and apply them to a vocation that will allow you more flexibility and income.
The pandemic has created chaos in all areas of our daily lives and business, but it has also created lots of opportunities, too. Remember, overall nothing has really changed. People still need to eat, shop, communicate with each other, travel, vacation, read, sleep, etc. The only thing that has changed is how we will do these things after the pandemic is over, and it will be over eventually. Our world will be different just as travel and security have changed since 9/11, but we will still continue to live and thrive, and life will go on.
Buying a business is the quickest and least risky way to get into business, because when you buy a business that is already operating with employees and customers you have a cash flow from day one. If you can’t or don’t want to buy a business, you can start a new business. And in today’s world, if you want to reduce your risk, you may want to consider buying a franchise. A franchise is a business with a proven track record in the industry of which the franchise specializes, and all you have to do is follow the business formula the franchisor provides to you.
If you are really passionate about a certain business idea or concept, then you can start your new business from scratch. Either way, whatever option you choose you will be in control of your future more so than what you would be if you were to get another job – if another job is available.
As I was taught many years ago and live by today: “If it is to be, it is up to me.” Maybe there is a business calling your name now.
Terry Monroe (www.terrymonroe.com) is the president and founder of American Business Brokers & Advisors. The author of four books, he most recently published Hidden Wealth: The Secret to Getting Top Dollar for Your Business, with ForbesBooks. Monroe is a professional intermediary, consultant, and market maker for privately-held companies and has been involved in the sale of more than 800 businesses. In his 35-plus years of service, he has owned and operated more than 40 different businesses. At American Business Brokers & Advisors, he serves as a consultant for business buyers and sellers throughout the nation. As an expert source he has been written about and featured in The Wall Street Journal, Entrepreneur magazine, CNN Money, USA Today, CEOWORLD, and Forbes.