Executives Embark on Second Careers in Tough Economy

Current employment challenges provide opportunities for seasoned business people

Minneapolis, Minnesota (Grassroots Newswire) 10/6/08 -- For many people, searching for the next career move in today's rocky economy can been likened to pulling teeth. As more and more companies are being forced to tighten their budgets and cut staff - as in the recent loss of positions in the financial services area - there are career choices for the seasoned executive that capitalize on their experienced mindset that can be most rewarding – business ownership.

Despite the serious challenges in the current economy, however, Carolyn Herfurth, business coach with The Entrepreneur's Source in Minneapolis, says there's a light at the end of the tunnel for many seasoned executives looking to make promising career changes.

"The unemployment rate has soared within the past several months. Yet there are opportunities that can be pursued in business ownership, particularly in the franchise sector," Herfurth said. "Rewarding careers are available for business professionals with valuable experience; paths that can help them become successful in a new business venture."

With economic indicators projecting a downturn in the labor force and a trend toward leaner companies, the New Career Economy® is now a reality – where gone are the days when individuals work for one or two employers, receive lifetime benefits and retire boasting double-digit service time from one employer. The future, long-term security will be gained through individuals managing their own careers through self-employment and other alternative career options.

A recent CNN Money special report highlighted the fact that unemployment reached a four-year high as "employers trimmed payrolls for the seventh month straight in July" and how the overall jobless rate in the country rose over five percent. But, this doesn't have to be a career stopper for Minneapolis-area business executives and professionals, according to Herfurth, who said the small business ownership in franchising has especially proven to be a thriving outlet for downsized professionals or career changers to pursue.

The Entrepreneur's Source is a leading business coaching firm specializing in helping people discover the right business for their goals, needs and expectations and assist business owners to reach a new level of performance, Herfurth said. The Minneapolis office also provides executive coaching in areas including: opening a new business, communications and leadership, market and business planning, exiting a business, increasing profitability, expanding operations and exploring a new business. And with their new strategic partner, E-Myth Worldwide, using the business success systems they can help small business owners develop the strategic knowledge to start a business or take an existing business to the next level of success.

The Minneapolis location uses a "discovery process" to help people explore business options and uncover possibilities that match their personal objectives and income goals. According to Herfurth, 95 percent of the people who are helped by The Entrepreneur's Source become an owner of a business they would have never considered – or had discounted.

"For over twenty years now, I'm proud to say that The Entrepreneur's Source has been a reliable source for 'all things entrepreneurial' especially for business executives seeking a career change. The company has been the premier source for self-employment options, franchising information, education and training," Herfurth said. "We can help those individuals – who have worked in the financial, marketing or other business field for the majority of their careers – easily and successfully move into the rewarding option of entrepreneurship."

Paula Anderson

As a self-employed commercial realtor, Paula enjoys a great deal of schedule flexibility and earns a nice living. Her husband, David, loves his corporate career with Best Buy and intends to stay with them until he retires.

Paula and Dave were interested in establishing a family business that would allow them to continue their existing career paths, yet create a family business for their kids to participate in. They also wanted an equity building business model that has repeat and referral customers.

They found just the fit with Educational Outfitters. It's a retail business that provides school uniforms and spirit wear. They also offer athletic wear and corporate apparel (think golf shirts with company logos).

With Paula's sales and customer service abilities and Dave's retail background, they make a great team. Paula works "on" the business by focusing on building relationships with schools to ensure they have the right colors and uniforms in stock when the kids come to shop. Their employees work "in" the business and run the daily operations - serving the families who come to buy their school uniforms, doing screen printing and handling customer service. Dave is the behind-the-scenes guy monitoring the books and inventory. Neither Paula nor Dave works full-time in the business.

The kids roles? Well, all of the kids helped paint and get the store ready for opening. Today, their 15-year old daughter Lauren works on the floor selling, Jack is a stock boy and checks out customers and their youngest Grant, does a lot of the embroidery. As the business matures and the kids do to, there will be more for them to do to earn their keep!

So if your kids need uniforms or spirit wear - stop by their store in St. Louis Park on West 36th or give them a call at 952-927-6778. Not only are they ready to help, they donate 3% of sales back to your school!