Job Satisfaction Statistics: Leaving a Job You Hate to Pursue Entrepreneurship
We get it. You hate your job. Your days at work – whether in the office or at home – are unfulfilling and you’re starting to feel burned out. You may be surprised to learn that you’re not alone. In fact, recent research conducted by Microsoft found that 50% of employees and 53% of managers say they feel burned out at their jobs.
And this feeling spans generations. The latest study from Asana points out that 84% of Gen Z, 74% of Millennial, and 47% of Baby Boomer survey respondents had feelings of burnout in the last year. Job satisfaction statistics are dropping, and more people are quitting their jobs to pursue other ventures. If you’re considering a career change, learn how franchising could introduce more enjoyment with work.
IS FRANCHISING REALLY A REWARDING OPPORTUNITY?
According to Entrepreneur magazine, over 3% of the workforce in America participated in The Great Resignation. Meanwhile, new business applications in the U.S. have doubled since the start of the COVID-19 pandemic. Turns out, many of those applicants are actually going into franchising.
Franchise ownership has a lot to offer. The job satisfaction statistics noted in a recent survey by Franchise Business Review show that 88% of franchisee respondents enjoy being part of their particular franchise systems. An impressive 80% would recommend the franchise opportunity to other entrepreneurs. Of course, there are a number of factors to consider when researching various franchise opportunities. However, should you find one best suited for you and your talents, franchise ownership can be a satisfying career path for those looking to leave corporate America.
RISKS AND REWARDS OF FRANCHISE OWNERSHIP
Like any business venture, franchising has its own risks and rewards. Sure, you get to be your own boss and take control of your financial future. And you get to start a business with a proven blueprint and an established brand name. However, all businesses – regardless of their name or product – require hard work. Even when you invest in a franchise, there are no guarantees. You'll need to be ready to manage employees, stay on top of your profits and losses, and weather any economic changes. And while that may seem overwhelming, know that when you join a franchise, you get hands-on training. You’ll know how to run your business before you even open your doors. Plus, there’s always ongoing support in case you run into a situation you’re unsure how to handle.
HOW TO LEAVE YOUR CORPORATE JOB FOR FRANCHISING
If you're ready to make the leap into franchising, there are a few things you’ll need to start doing now to ensure a higher chance of success.
- Research various opportunities: Analyze different franchise brands and determine which ones align with your interests and goals. Thoroughly research each franchise that piques your interest before starting the franchise discovery process.
- Draft a financial plan: All businesses require funding. A benefit of joining a franchise is you know up front what the investment costs look like and how much you need to have in cash before even getting started. Plus, most franchisors have strategic partnerships with lenders who have backed other franchisees before you.
- Talk to other franchisees: The only ones who can really tell you what it’s like to run the business on a daily basis are current franchisees. Be sure to draft a list of questions to ask each one you talk to. That way you can compare answers more easily.
- Don’t rush: If you're not quite ready to leave your current job, try finding a semi-absentee, fully absentee, home-based, or even mobile franchise that allows you to create your own schedule while you’re still employed. This helps you diversify your income sources while determining whether business ownership is right for you.
This process is completely dependent on your timeframe and current capacity. You can complete each of these steps at your own pace. Oftentimes, the reward for investing in a franchise is well worth the risk.
THE TAILORED CLOSET: INVEST IN A CAREER YOU’LL TRULY LOVE
The home improvement services industry is on the rise. With the bigger shift to remote work over the last couple of years, people have been spending more time at home and have become more interested in making updates and improvements to their space.
So, why franchise with The Tailored Closet? We’re proudly part of the Home Franchise Concepts family of brands and are therefore backed by an industry giant. We have top-of-the-line training and support for our franchisees – plus a proven business model. Interested franchise candidates can expect to invest just under $180,000 to get a The Tailored Closet franchise up and running. However, we do offer qualified candidates in-house financing of up to $44,000 toward their initial startup costs. See the Franchise Disclosure Document for details.
The job satisfaction statistics don’t lie. If you’re tired of working for someone else, try working for yourself. Call us today or fill out this form and one of our franchise advisors will be in touch.