Where Are People Going In the Great Resignation? Many Are Buying a Franchise
Franchises are seeing an influx of people who left their corporate jobs and want to be their own boss.
People are leaving their jobs by the millions. Over 3% of the American workforce has voluntarily quit.
Where are those people going? Many are starting their own businesses, which is why new business applications in the United States have nearly doubled since the pandemic began. And as Entrepreneur learned while reporting its new Franchise 500 issue, many of these people are going into franchising.
It makes sense: Franchising provides a kind of ready-made business, where aspiring entrepreneurs can join an established brand and adopt their system. That can be perfect for someone who has left a corporate job, does not have a business idea or the knowledge to build something themselves, but still wants to be their own boss.
So, what's in store for these new entrepreneurs? And what kind of risks are they taking on? I spoke with PIX 11 Morning News in New York about this. Watch above!