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How the Latest Layoffs May Result in Increased Opportunities for Franchise Brands and Franchisees

With thousands of recent layoffs, more people from corporate America may be interested in becoming first-time franchise owners. Franchisors need to showcase how they will support them as they take the first step into entrepreneurship.

Layoffs are coming. 

As a result, a massive population will be searching for their next career path. This creates a tremendous opportunity for franchises to promote a pathway into business ownership. 1851 Franchise Publisher Nick Powills recommends franchisors review the layoff data and target these specific audiences with digital marketing.

“For franchisors out there, this is your opportunity to position your business in front of folks that could align with who you're looking for from a persona standpoint,” said Powills.

The following layoffs were reported for November:

  • Meta, Facebook’s parent company, is laying off 11,000 employees.
  • Redfin has laid off 862 people.
  • Salesforce has laid off hundreds of employees.
  • Sada, a Google Cloud partner, laid off 11% of its workforce.
  • Barclays laid off 200 employees.
  • Citigroup laid off “dozens” of employees.
  • Zendesk has laid off 350 employees (5% of its workforce).
  • Twitter laid off 50% of its 7,500 employees.
  • Warner Bros. Pictures has laid off an undisclosed number of employees.
  • Lyft is laying off approximately 500 employees.
  • Chime, a digital bank, is laying off 160 people.
  • Stripe, a digital payments company, is cutting 14% of its workforce.
  • Opendoor is laying off 550 employees.
  • Oracle, a database management giant, laid off as many as 200 employees.
  • Software management company Gem laid off one-third of its workforce.

The following layoffs were reported in October:

  • Zillow cut 300 jobs in its second round of layoffs in 2022.
  • Cerebral laid off 20% of its workforce.
  • Philips, the technology company, cut 4,000 jobs.
  • Microsoft let go of 1,000 employees.
  • General Electric cut hundreds of jobs.
  • Peloton laid off 500 employees in its fourth round of layoffs this year.

Now more than ever, it’s important for franchise brands to get in front of potential franchisees and promote how the franchisor will support them as they open a franchise.

For those who are laid off, Powills recommends considering franchising as a viable career solution.

Watch the full video from 1851 Franchise here.