Do It Yourself
When corporate benefits are layoffs and cutbacks, why not buy a franchise?
"Whenever there's a contraction in the job market and
executives lose their jobs, a lot of that money flows into starting
businesses," says Robert Purvin, CEO of the Association of
Franchisees & Dealers. "Economic downtimes were almost
always good blips in the franchising marketplace."
With companies large and small laying off huge chunks of their
white- and blue-collar work forces, franchising insiders are hoping
for another good blip. "[Laid-off workers'] most pressing
interest is being master of their own destiny," says Don
DeBolt, president of the International Franchise Association.
"[Another] need is to create an asset they can someday either
pass on to their children or sell to provide security for their
later years."
Ruth Sperring was interested in creating something for herself.
After spending 15 years in the customer-service department of a
large printing company, Sperring learned her North Carolina
division was closing. As the plant finished existing contracts,
Sperring began exploring her options.
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"I was overqualified for a lot of jobs, and I got very
frustrated," Sperring says. "I decided if I was going to
have to start over, I would do so building my own
business."
Sperring discovered
Kitchen Tune-Up, a remodeling franchise she bought in 1998. She
used her severance for income while starting the Hickory, North
Carolina, franchise. "There's uncertainty with being
self-employed," she says. "You have to have guts and
faith."
Though a 9-to-5 job sometimes sounds easier, Sperring is
completely grateful for the benefits of owning a franchise.
"As an employee, you're not privy to what's going on
and may not realize your job is in jeopardy," she says.
"A job would be easier and doesn't require quite as much
work, but it also offers no security."