Franchising
This week, Al Cothern watched as laid-off workers streamed out of Lehman Brothers' headquarters in midtown Manhattan with boxes in hand, and his heart went out to them.
Cothern spent 11 years working for a national subprime mortgage lender as a senior vice president and had visions of some day becoming an executive vice president before retiring from the world of finance.
It didn't quite work out that way. He was laid off from his job a year ago this week.
"It's like a slow chain of dominos falling," Cothern said, referring to the bloodbath of lost jobs in the financial sector.
"I was worried when I lost my job, but I saw it as an opportunity to make a change and get away from the things that were bothering me throughout my career, mainly the ups and downs of the markets," he explained.
And boy, did he make a change.
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During tough economic times, lots of people start to consider going into the franchise biz.
Maybe your job with a corporation is being downsized, or you always wanted to be an entrepreneur so a severance check may help you buy a franchise. You figure it’s easier than starting your own business from the ground up.
Folks, I’m hear to tell you, take this decision seriously. Buying a franchise is not like renting an apartment. You can’t just walk away from it.
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I was one of those teenagers who had really bad acne growing up, and I tried everything to clear my skin up.
I even swore off chocolate and Kalamata olives for 2 years but it really didn’t make much of a difference.
When I hit my twenties a friend of mine treated me to a facial for my birthday and I was in shock how much it helped my skin problem. I vowed to get lots of facials so I to could become one of the lucky clear-skinned humans. That is until I found out how much my really nice friend ponyed up for the facial.
It was nearly $100 for a half-hour treatment at some fancy schmancy Manhattan salon. Being a poor journalist at the time, I figured it would be the last time I’d make it to a facial spa.
But what if there were drop-in facial shops that offered cut rates on facials? (Look at all the cheap manicures you can get on almost every street corner today.)
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| Ivan Hunter / Getty Images |
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If you don’t have a lot of money or an idea for a product or service, but still want to run your own business, franchising is an option.
Lately I’ve heard from lots of college kids and Baby Boomers alike who have been thinking about becoming franchisees as a way to bypass, or leave behind, a 9-to-5 job working for "The Man." Some people see it as an easy alternative and a way to strike it rich.
Unfortunately, they’re living in the Land of Franchise Oz.
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