Preparing yourself for the New Career Economy by Jeff Gordon

Is it time you took control of your future? Over the past decade, many of us have had to make changes in our career path that we were not expecting. What I am writing about has been called the “New Career Economy”. When we compare the “New” with the “Traditional” career economy of the past, we have found that the days of working for a single employ­er and retiring with a pension and a gold watch is a thing of the past. The “New Career Economy” no longer offers the security and financial rewards that our parents and grand­parents depended on. There are many factors contributing to this “New Career Economy” effect. Some to consider would be corporate downsizing, job insecurity, job dissatis­faction and burnout. People are looking for freedom, securi­ty, benefiting from their own hard efforts and to create a pos­sible career option for their children.
75% of the population wants to be self-sufficient, but the majority do not know how to get there. For those that would like to consider self-sufficiency, there are a few options:
1. Start your own business from scratch
2.Acquire an existing business
3. Consider franchising
Starting your own independent business can be the most risky. Length of time to ramp up can create cash flow prob­lems in future years. The independent owner must have knowledge of all phases of the business and have the ability to create and execute an operating plan. Purchasing an exist­ing business offers a lesser degree of risk because of existing customers, which means immediate cash flow. However the value of the business may be at its peak, you are paying for the cash flow which could make this a more expensive option. With either option the owner of the business is “going it alone.” That perceived freedom and security that they were seeking is in great jeopardy.
The third option is franchising. The majority of franchis­ing opportunities require no experience or background. Franchisors are looking for people who want to be in the business of business and not be technicians. Franchisors also look for people who are interested in not only a single unit, but also in multi-units, masters, area and regional develop­ment opportunities. Franchising allows a business owner to be in business for themselves but not by themselves. When purchasing a franchise you are getting into a proven business model that you are able to validate before committing your investment dollars.
In closing, we know that the job security of the past is no longer available. We also know that for the majority of Canadians there will be a need to work later in life to be able to afford retirement. Now might be the time for you to con­sider self-sufficiency through starting a business, acquiring a business or franchising. You owe it to yourself and your fam­ily to discover what options are available for you.
Jeff Gordon moved to the GTA in 1974; living in Pickering with his wife Debbie and daughter Patricia. His previous work experience was working for several large financial institutions performing quality assurance testing on a variety of banking machines. After being downsized he sought a career change, where he found The Entrepreneur’s Source because “I enjoy helping my clients discover the possibilities of new career options.”