Redundancy a time to reset

Redundancy a time to reset

The Coronavirus like many other events in the past has triggered a wave of redundancies.

The nature of the crisis and where it is different is that Australians are spending more time at home with family and taking stock of what is important to them in life.

Take this opportunity to not only reset your personal life but reset your professional life.

While putting food on the table for your family is important, so too is balancing that with your mental health and doing something that you can get passionate about.

When you’re looking at franchise opportunities, it is important that you consider your level of interest and passion in both your potential role in the business (will you be dealing directly with end customers rather than managing staff?  Will you be doing the admin and book-keeping for the business?) and the type of product you will be selling.

Consider whether you are someone who is happy operating a business flying solo or whether you will need the collegiate support of a franchisor and other franchisees to keep you passionate and inspired.

So ask yourself:

- Which of the following industries can I get excited about?

  • Accommodation & Food Services
  • Administrative & Support Services
  • Agriculture, Forestry & Fishing
  • Arts & Recreation Services
  • Construction
  • Education & Training
  • Financial & Insurance Services
  • Health Care & Social Assistance
  • Information Media & Telecommunications
  • Manufacturing
  • Mining
  • Professional, Scientific & Tech
  • Public Administration & Safety
  • Rental, Hiring & Real Estate
  • Retail Trade
  • Transport, Postal & Warehousing
  • Electricity, Gas, Water & Waste
  • Wholesale Trade

These are the Australian Bureau of Statistics ANZSIC codes, there is a franchise business in almost every industry, so you will have the option to go it alone or find a franchise business

- Will I go it alone or with the support of a franchise? If going with a franchise are the other franchisees in the group passionate? Is the franchisor passionate? As you will want to be surrounded by other passionate business owners and a passionate head office

- What role will I play in the business on a day to day basis? And how will I delegate the tasks I don’t enjoy?

Remember when it comes to a business it is all about balance. Financial considerations are important, as is lifestyle and for the long term passion is what will provide the emotional drive to reach your goals.

All the best on your reflections during this period and stay safe.

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