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With More Bankers Laid Off, What Can Small Business Franchises Offer?

Written by: Candice Clem

Article Overview: Of all industries stung by recession, the banks have possibly been hit the hardest. But that doesn’t mean there’s no hope for bankers who have been let go.

With More Bankers Laid Off, What Can Small Business Franchises Offer?

Everyone has been hit by the recession, but perhaps none more than the banking industry. Banks have seen a great variety of troubles in 2008, mostly resulting from outrageous over-lending to homebuyers who would never have the resources to make their mortgages. This year saw Washington Mutual all but collapse on itself before being bought out by JP Morgan Chase Manhattan; then Wachovia was consumed by Citigroup in September; and only a month later, in October, Goldman Sachs had to make cutbacks, which resulted in a layoff that left over 3000 employees without work. In total, at least 110,000 banking jobs have been lost so far in 2008.

A Fortune Magazine article printed just after the Goldman Sachs fallout asked a very important question in the midst of all this banking turmoil: where are all these laid-off bankers supposed to go? The answers they listed included smaller investment firms, government agencies, business consultancies, and foreign investment markets.

Of course, what they failed to mention as a viable work option was franchise business. Though many people overlook the possibility of owning and operating a franchised small business, it is a great potential source of income that comes with an established track record and often involves very little overhead cost. If you are an ex-banker looking for work, and purchasing a business for sale sounds like a viable option in your given conditions, here are a few franchise ideas that benefit from a franchisee with a financial background.

Roni Deutch Tax Center
In 2006, 62% of American personal tax returns were professionally prepared and filed, and according to research, tax preparation is still one of the most fragmented industries that exist. What all that means is that there is unrivaled demand for tax preparation and accounting services, and so far, there is no single company dominating the market. Therefore, the opportunity to get in on this industry’s success with an up-and-coming franchise like Roni Deutch Tax Center is a great one. Though having previous financial industry knowledge helps, it is not necessary, as the franchisor can teach you everything you need to know. And with a variable business model that can be operated either seasonally or year-round, with other financial services as well, there is room here for anyone to put taxes to work for them.

Global Broker Systems
Knowledge of banking is directly applicable to franchisees in this financial brokerage home business. Franchisees work with various loan agencies to give clients access to all kinds of financial support, like lease financing, debt restructuring, accounts receivable loans, and much more. Because some of these services are so hard for businesses to come by in the current economy, this business is in high demand, and as such, a franchisee’s earning potential is through the roof. Some brokers begin on a part-time basis, but when they find what they could be earning, they quickly advance to fulltime brokering.

Blue Coast Financial Group
Another great franchise option for someone with a background in banking is Blue Coast Financial Group, which specializes in providing expense recovery cost-saving services to businesses of all shapes and sizes. Whether a franchisee has past experience in financial work or not, the franchisors can train new Blue Coast Financial Group advisors in all aspects of providing specific services including workers compensation recovery, cost segregation studies, energy deregulation, and equipment leasing. In all areas, this home based business is dead set on saving clients money in any and every way possible, which, backed by smart marketing systems and pre-set appointments, can exponentially increase your income, even in recession.

Credit CRM
Knowing a thing or two about the banking industry, lending, and particularly mortgages can only add to a person’s success as a Credit CRM credit repair agent. Each day, more and more people are finding it virtually impossible to find a lender that will let them purchase a home, all because lenders are increasingly picky about the credit scores of their loan recipients. Work from home as a Credit CRM franchisee and help these people fix their credit scores. It’s a great way to help others while taking advantage of a strong business opportunity.

Padgett Business Services
When a business owner can’t manage the finances or simply doesn’t want to, Padgett Business Services steps into view as an excellent choice for out-sourced financial services. Each franchisee is fully trained, given support when a client has issues that are over his head, and even provided with support for further accounting education. And if anyone has any concerns about the validity of this accounting franchise, Franchise Business Review has recognized Padgett Business Services as one of the 50 top franchises, and Accounting Today touts it as one of the 100 best accounting firms, which puts it a neck above virtually every other accounting business and franchise out there.

Though losing a job can leave a person feeling rather destitute, there is no reason to fear for the future. Even if there is no employment opportunity on the horizon, franchises offer great business opportunities for just about anyone, including those hailing from the banking sector.

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Article Tags: accounting services, banking industry, chase manhattan, financial background, fortune magazine article, franchise business, franchise ideas, goldman sachs, investment firms, investment markets, jp morgan, jp morgan chase, overhead cost, personal tax returns, purchasing a business, single company, viable option, wachovia, washington mutual, work option



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