The ranks of corporate refugees are growing. The term was originally given to someone that had been downsized or displaced from a long-time corporate career. Through no fault of their own, they went from high-level, high-paying positions to unemployed in a flash — leaving their financial futures uncertain. Now a new type of worker is joining them, instead of being pushed out of positions, people are showing themselves the door — boldly choosing to become a corporate refugee, rather than put their fate in someone else’s hands.
The idea of someone working in one job for life no longer exists. Studies show more than half of U.S. workers are forced out of longtime jobs before they choose to retire. Fifty-six percent are laid off at least once. Only one in 10 of these workers ever again earns as much income as they did before their employment setbacks. For those over 50, layoffs are the most common way they get kicked out of the cubicle, and more than a third of those who experience one layoff go on to experience additional ones, in the last decade of their work life.
Life After Layoff
The realization that they have little or no job security creates a real concern for those in corporate America, and they become highly motivated to control their own destiny. Most corporate refugees are looking to build equity or wealth, maybe create a family legacy and, most importantly, taking back control of their lives and creating a lifestyle. They are typically highly educated and often have valuable sales, marketing, and administrative experience. Corporate refugees also possess time management, teamwork, and communication skills. They usually have a treasure trove of contacts, have access to capital, and knowledge of specific products and markets to make a business successful. Because of this, the decision to transition from employee to entrepreneur can be an easy one.
Some corporate refugees decide to leverage their existing skills and experience to create a business closely tied to their old careers. Others use the opportunity to start a totally new endeavor in a business in an entirely unrelated field. There are several options for corporate refugees who want to be their own boss.
Become a Consultant
Consultants exist in just about every industry. Starting an independent consulting practice is one way to turn a depth of knowledge and years of experience into a business. A consultant is an expert who advises others in a specific field on how to fix problems, provide solutions, improve results, and implement necessary changes.
Some perks consultants enjoy include the power to choose who they want to work with and the freedom to set their own rates for their services. One downside is that consultants often spend more time finding clients than they do helping them.
Start a Business
Starting a small business is an option for those who want the freedom to make their own decisions, design their own business model, and enjoy a flexible schedule. There is a lot of research and analysis that goes into starting an independent business — from the business plan itself, location of the business, supply chain, hiring, accounting, and more. While there is excitement that comes with building a business from scratch, the reality of the risks and responsibilities can be daunting to professionals who are used to being an employee.
Purchase an Existing Business
Purchasing an established business has considerably fewer startup headaches. Established methods of conducting business as well as existing employees and customers are already in place. However, the purchase costs tend to be much higher than starting a business from scratch. There may also be hidden problems associated with the business, such as debts to service or uncollectible receivables. A change in management can also bring the risk of losing key employees, vendors, or customers.
Open a Franchise
Franchise ownership is a great option for corporate refugees looking to become self-sufficient and to move away from depending on the job market for employment and career satisfaction. It is also one way to mitigate any underlying fears and concerns about going into business. Franchising is a cross between starting a business and buying an existing one. Buying a well-established franchise puts people in business for themselves, but not by themselves. Franchisees benefit from brand awareness, operational support, marketing, established clientele — all of which can help ease the transition into business ownership. For those who want to reduce their financial risk or have goals to scale a business quickly, a franchise might be the perfect option.
The Uni K Wax Opportunity
Investing in a Uni K Wax Studio franchise is a great way to transition from corporate refugee to entrepreneur without starting from scratch. As the nation’s leading all-natural wax franchise, the brand offers a way into the multi-billion-dollar waxing industry.
As a franchisor, Uni K Wax provides franchisees with turnkey, comprehensive support as well as:
-Exceptional exclusive territory availability
-Service and product innovation and quality
-Exceptional operating system, with standards developed over 22 years
-State-of-the-art POS, operations, marketing, and distribution systems
-Exclusive product manufacturing and distribution
-Certified training to all staff on systems, procedures, and operations
To learn more about waxing franchise opportunities with Uni K Wax Studios, go to https://staging.unikwax.com/franchises/.