What About the Economy? Michigan will be Okay, per U of M Economists!

Having counseled thousands of individuals contemplating business ownership over the past 23 years, a recurring question I hear is “Should I start a business in this economy?”. I’d be surprised if a prospective entrepreneur wasn’t thinking about that. It certainly entered my mind as I was deciding to take the leap of faith in the fall of 2001, given the events of 9/11, a plunging stock market and the U.S. getting involved in Middle East conflicts. Resigning myself to the reality that there would never be a “perfect” time, I moved forward as a business owner and haven’t looked back. Since then, myself, and scores of other business owners have survived the Great Recession, a few mini recessions and a pandemic!   

You may hear or read economic warnings. Today is no exception. But economists at the University of Michigan predict the Michigan economy, while negatively impacted by planned tariffs and restrictions in immigration, will see jobs and income gains from tax cuts. Here is a quote from their recent report that appeared in Crain’s Detroit Business: 

“Although we acknowledge the very real risks of economic disruption ahead, we believe the most likely outcome is a state economy that withstands these challenges over the next two years, with moderate job growth accompanied by relatively low unemployment, tolerable inflation and rising real incomes,” the economists said in the report. “The U.S. economy has gone through times of great uncertainty before and emerged intact. We project that both Michigan and the nation will follow that path over the next two years.”

What does this mean for you if you’re thinking about starting a business? Although this is not the rosiest of pictures, given current dynamics, our economy will respond with the resiliency that we’ve seen time after time over the decades. However, I would advise you to proceed CAUTIOUSLY under any economic conditions or predictions. If you plan to employ the franchise model as a safer and more predictable entry into business ownership, engage the free services of an experienced franchise consultant, like myself, to guide you through a strategic search process. We’ll introduce you to concepts that will not only best leverage your transferable skills and your desired role in business, but also those that have a track record of success despite economic downturns or pandemics! Franchise research provides you with the unique opportunity to hear directly from franchises and learn how they’ve weathered (or even thrived in) tougher times!

If there is such a thing as a “perfect” time, it’s at the point where you’re armed with the facts and have gained a sense of confidence that you can accomplish your business and lifestyle goals by utilizing a proven model!

Would you like some help to determine if business ownership makes sense for you and if the timing is right? Let’s talk! www.calendly.com/markcory