March 25, 2008 - (WASHINGTON, D.C) - With job-cut announcements becoming an all-too-frequent part of today's business climate, corporate refugees and those who are tired of "waiting to be next" are finding harbor in an unexpected place-franchise small business ownership.

"The economic conditions have created a 'perfect storm' for downsized executives to consider franchising," says franchise expert Julie Bennett, author of "The Franchise Times Guide to Selecting, Buying & Owning a Franchise" (Sterling Publishing, 2007). "Good jobs are getting scarce," Bennett says. "According to the U.S. Department of Labor, corporate payrolls shrank by 63,000 jobs in February. And two out of every three corporations are either considering or have instituted hiring freezes."

Interest in franchised businesses rose during the last recession, Bennett says, because corporate refugees had sizeable severance packages to invest. This year, severance pay may be smaller, but it's gotten easier to invest your IRA or 401(k) monies into your own business venture. "But that doesn't mean every downsized executive should use his or her retirement funds to open a franchise," she warns.

"When doing research for the book," Bennett says, "I learned it's not the loss of income that bothers most corporate executives who became franchisees; it's the loss of their support staff. You have to roll up your sleeves and do things you've never done before, like fixing the office computer and disciplining that employee who comes in late every day. If you can't see yourself answering the phone or driving the delivery truck, don't consider franchising. Try to live off your savings until the next round of corporate hiring."

Corporate refugees who do think they may be right for franchising will find a bewildering array of choices. According to the "Economic Impact of Franchised Businesses, Volume 2" a study commissioned by the industry trade group, Washington, DC-based International Franchise Association, and produced by PricewaterhouseCoopers, the country now has over 900,000 individual franchise units. The U.S. has over 3,000 franchise companies, Bennett says, and the challenge of sorting through all those options can be so daunting that only a small percentage of franchise shoppers actually purchase a franchise.

Bennett says she wrote her book to help people through the process. "Finding a franchise is simpler once you understand what type of business you'd enjoy running; how the franchise sales process works and how to investigate franchise systems that fit your parameters. A corporate refugee who spends the time to carefully research franchise offerings may find himself or herself as happy as the franchisees I interviewed," Bennett says. "One of them told me, 'Creating my own thing and being successful at it is far more rewarding than being a cog in the wheel of a corporation.'"

About Julie Bennett

Bennett is a freelance journalist who has been reporting on franchising for the Franchise Times and other publications for the past 15 years. The Northbrook, Illinois, resident has a degree in journalism from Northwestern University and has written thousands of articles on subjects as diverse as celebrity interviews and zoning issues for major newspapers and magazines. Her articles on real estate, employment and diversity issues appear regularly in special ad sections of the Wall Street Journal, and she wrote the Franchise Insight column for WSJ.com for several years.

About "Franchise Times Guide to Selecting, Buying and Owning a Franchise"

The "Franchise Times Guide to Selecting, Buying & Owning a Franchise" is a newly released book filled with advice and best practices on how to buy and then run a franchise. Through hundreds of interviews with franchisees and franchisors, Bennett has gleaned the best real-world advice and examples about what it means to be a franchisee day-in and day-out. The book is published by Barnes & Noble in conjunction with Franchise Times, the leading news and information source for franchising based in Minneapolis, Minnesota. Franchise Times is part of Franchise Times Corp., which also produces the Restaurant Finance & Development Conference and the Franchise Finance & Development Conference, as well as publishes the Restaurant Finance Monitor, a newsletter that is considered a must-read in the restaurant industry.

The "Franchise Times Guide to Selecting, Buying & Owning a Franchise" is available at Barnes & Noble stores and online at franchisetimes.com, barnesandnoble.com, and Amazon.com.

Editor's Note:

Reporters and editors may obtain a review copy of the book by calling Franchise Times at 612 767-3200. You can reach Julie Bennett at jbennett@franchisetimes.com or at 847 272-6659.

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