It’s hard to escape the high volume of human interest stories profiling people who left the banking industry to start their own business. Why are so many financial services professionals abandoning the field to venture out on their own? Often, they cite reasons that include:
1. The Economy (Of Course)
Let’s face it: Working in the financial sector isn’t what it used to be. Huge bonuses are harder to come by, and job security isn’t so secure anymore. Starting your own business means that when a sale is made, the profits are yours. It’s your risk, so you reap the reward when you take advantage of great franchise opportunities or an idea for a new product or service.
2. To Find Work-Life Balance
Yes, starting your own business is time-consuming; but by working from home or enlisting family to help out at your new establishment, there is still more opportunity for togetherness. As “the boss,” you can bring kids to work when necessary or have an employee hold down the fort when you need to attend a school event, referee a soccer game or play chauffeur. Owning your own business can often be a win-win for many family-focused professionals.
3. To Choose their Own Colleagues
Often, financial services firms are staffed by confident people with strong personalities. That’s great for business, but not necessarily an advantage for forming pleasant work relationships. For finance professionals accustomed to butting heads with colleagues, starting a business is a great opportunity to choose one’s own co-workers. Except in this case, co-workers are employees – and they can perform the tasks you prefer not to.
4. To Try Something New
For those with an investment background, there can be something exhilarating about taking a risk on a new venture. If you’ve helped others determine how to invest their money, you understand what makes a wise business decision and what doesn’t. In effect, many finance professionals are uniquely qualified to start their own business, whether it’s an independently owned establishment or one of the countless franchise opportunities with proven, established business models.
5. To Start Over
For bankers, investors and others who have taken big hits over the past few years, starting a new business is appealing for a singular reason: the opportunity to start fresh. Many are launching their own boutique firms, while others are heading in the opposite direction to pursue an entirely different industry: retail, fast food, fitness. Any of these can be highly profitable, particularly when backed by the talents of an experienced finance professional.
Since 1996, FranchiseHelp.com has been the leading resource for information on franchise opportunities and has helped thousands of people go into business for themselves. The company was recently named by The Wall Street Journal as one of the most useful sites for entrepreneurs. Follow FranchiseHelp on Twitter @FranchiseHelp and visit the blog at franchisehelp.com/blog
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