Economists predict we are in for another recession, some say as soon as next year. Is your job recession proof?
A study by the U.S. Bureau of Labor Statistics revealed that baby boomers held 11.7 jobs from age 18 to 48. Whether because of a recession or job dissatisfaction, baby boomers tend to spend less time at one job the older they get.
If you are thinking of switching to a new job or career, be sure to do your research. First find out whether a career has growth potential, is stagnant or is dying a slow death. There’s no use putting effort into landing a particular job today if it is likely the position won’t exist two or three years down the line.
The bureau’s latest report on the employment situation, published earlier this year, shows the highest job gains occurred in health care, food services and drinking establishments, professional and business services, construction, and in transportation and warehousing. Employment in other major industries, including wholesale trade, information, financial activities and government, showed little change.
Take Stock of Your Skills
Once you’ve narrowed down your industry based on future growth, take stock of your skills. Suppose you are an accountant looking to transition to a career in healthcare. While you might not be aware of all the ins and outs common to your newly chosen career path, the special skills you’ve sharpened from years of accounting can help.
You don’t have to be a doctor to take advantage of the growing healthcare industry that now stands at 18 percent of GDP and continues to grow. The healthcare sector is rapidly evolving. Consumers are looking to play a more active role in managing their care. Everyone is trying to be healthier, and boomers are seeking affordable solutions to help them maintain an active, pain-free lifestyle. Consumers from all walks of life and of all ages are embracing alternative ways to treat and prevent pain and promote overall health and wellness.
The skillsets acquired from former professions, such as accounting, can aid in the management of health-related new business opportunities, such as franchises. The Joint Chiropractic — a franchise model that provides affordable quality healthcare to local communities — is perfect for those with an entrepreneurial spirit, looking for the benefits that come with working for yourself, but not by yourself.
While no one can guarantee a “recession-proof” career, there are some that may survive an economic crisis better than others. Even when the economy suffers, people continue to require medical treatment, which is why healthcare is now a $3 trillion industry that continues to grow.
Growth of Franchise Jobs
Franchises create jobs faster than other businesses. Franchise job growth is expected to climb at a faster pace than the rest of the economy for the fifth consecutive year, according to The Franchise Business Economic Outlook: 2015, by the International Franchise Association Educational Foundation and IHS Economics. Franchise businesses will add 247,000 new jobs this year, totaling nearly nine million jobs. That is in addition to the 235,000 franchise jobs that were added in 2014.
The Joint Chiropractic is one classic example of a franchise business with a simple, proven operating model of clinics that are quick to open with attractive economics. The national healthcare franchisor is actively seeking to award new franchise licenses in several states, including Florida, North Carolina, New Jersey, Pennsylvania, Kansas, Alabama, Ohio, California and New Mexico. For more information on franchise opportunities, visit www.thejoint.com/franchise.
Mid-life Career Switch
James Adelman built a successful career over many years selling high-end real estate in Arizona. When the bottom of the real estate market dropped out in 2008, Adelman suddenly found himself with a choice to make. He could either hang on and wait for the market to come back, or he could look for other opportunities where he could apply the marketing insight and people skills he had acquired through the years to an area that was still growing.
Never one to wait patiently on the sidelines, Adelman opted for the latter. After doing his research, he concluded that the $12 billion dollar chiropractic industry was the sector to be in. One opportunity in particular stood out — The Joint Chiropractic, a national healthcare franchise of private pay chiropractic clinics.
In 2011, Adelman opened his first two clinics in Utah; this year, he will open two more in California. He taps into the techniques he learned while selling real estate — such as how to select the right location, how to enhance curb appeal to draw the curious into his clinics, and how to become a part of the fabric of a community to help build visibility and referrals. Today, Adelman’s first clinic, The Joint Sugar House in Salt Lake City, is one of the most profitable in the system.
His story is a great example of the strong American entrepreneurial spirit, and one that can inspire others to think beyond where they are and what they know today in order to achieve future success.
From Law Enforcement to Healthcare Entrepreneur
When Paul Trindel first joined the Greensboro, N.C., police department in 2000, his main reason was a desire to protect and give something back to the local community. It was this same type of compassion that led him into the world of franchising — first with an ice cream specialty restaurant, and then with The Joint, a chiropractic clinic.
Of course, juggling two demanding careers is often a challenge. But its ease of operation is what makes The Joint a smart choice for a busy entrepreneur. Unlike a restaurant franchise, where owners have to schedule and manage 25 to 50 high school and college-age workers, Trindel points out that with The Joint you’re working with a handful of professionals limited to the chiropractors and wellness coordinators. In addition, patient files and documents are electronic, streamlining operations and facilitating patients’ ability to visit clinics across the U.S.
Trindel opened his first clinic in Greensboro in December 2012. It wasn’t an instant success — healthcare isn’t something people just sample on a whim like ice cream. But a combination of the tremendous people skills Trindel acquired as a police officer, great patient references and some savvy digital marketing now has the Greensboro clinic thriving. It is currently seeing 1,200 patients per month, and that number continues to grow month over month.
While Trindel views The Joint as a great business opportunity, what is most important is that he has found another way to provide value to the residents in his community. That, he says, is the real key to success in any business.
Visit the bureau’s official website (www.BLS.gov) to access job growth projections for the next few years in your chosen field.