Higher unemployment generally bodes well for franchising. People are looking for a new opportunity, and people who have jobs are a little less confident they'll always have a job.
Sentiment: POSITIVE
When we first started the company, I didn't have any thoughts of franchising. We just had company-owned stores.
Franchising implies a financial arrangement, and I am always pleased to consider those.
In 1974, we began franchising. We didn't have any big thought process except that, 'OK, franchising will help us get to our goal of 32 stores and help us run stores farther away from home.'
A minimum wage leads to higher levels of unemployment.
From my point of view, my job is just to work hard for our franchisees, so they can maintain the position they're in, and to grow market share.
A recession is very bad for publicly traded companies, but it's the best time for startups. When you have massive layoffs, there's more competition for available jobs, which means that an entrepreneur can hire freelancers at a lower cost.
It stands to reason: Higher wages means higher loyalty and morale, which means higher productivity, which means a more profitable business.
The longer people are unemployed, the less employable they become. Skills become rusty; managers look more suspiciously at someone who has been out of work for years than a candidate already employed.
The recession's high unemployment rates may have encouraged people to start sole proprietorships, but there are many obstacles in the way of growing a company to create jobs.
In short, avoiding the scourge of unemployment may have less to do with chasing after growth and more to do with building an economy of care, craft and culture. And in doing so, restoring the value of decent work to its rightful place at the heart of society.
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