When Charles "Chub" Price first stepped through my office door, he had recently been downsized from a senior-level position at a local hospital network, the second position from which he'd been eliminated in the past 10 years.

After speaking with executive search firms and being told that employees at his level and age could potentially face a layoff every three to five years, Chub decided to break this vicious cycle, take matters into his own hands and invest in himself.

After considering several of the businesses I showed him, Chub opened Chub Price Packaging and Shipping, LLC in April, 2005. In his estimation, other business opportunities he looked at required too many employees, were more seasonal in nature or seemed too faddish. Shipping is a business that will always benefit from steady demand, he reasoned.

Today, Chub enjoys building the "sweat equity" in his business, as well as the financial security that business ownership provides.

It seems like we hear about businesses merging, plants closing or production facilities moving overseas on a daily basis. These business transitions force out valuable employees like smoke spewing from a chimney.

Like Chub Price, many of these ex-employees - tired of riding the corporate roller coaster - are finding professional and personal success as entrepreneurs.

The Bureau of Labor Statistics (BLS), a division of the U.S. Department of Labor, projects the civilian labor force to increase by 17.4 million between the years 2002-2012, reaching 162.3 million by 2012.

This 12 percent increase is greater than the 11.3 percent increase over the previous decade (1992-2002). Over this same time period, we can anticipate an increase of 21.3 million jobs, a 15 percent increase. Encouraging? Not really. Over the previous decade, total employment grew by 20.7 million jobs and at a slightly faster rate, 17 percent.

Employment growth will be concentrated in the service sector of the economy. Strongest employment growth - growth rates twice as fast as the overall economy - will be seen in the fields of education, health services, and professional and business services, according to BLS projections.

Construction is the only goods-producing sector in which employment is projected to grow. Manufacturing is expected to decline by 1 percent. Goods-producing industries in general are expected to decline from 16 percent to 14 percent over this time period.

And who will be filling these jobs? That is one of the most challenging questions employers and prospective employers face in the first half of the 21st century.

The projected growth of the labor force will be affected by the aging of the baby-boom generation Ð people born between 1946 and 1964. In 2012, baby-boomers will be 48-66 years old.

The number of workers in this age group is expected to increase significantly over the 2002-2012 decade. The labor force will continue to age with the number of workers in the 55+ group projected to grow 49.3 percent, four times the 12 percent growth projected for the overall labor force.

In 2012, youths - those between the ages of 16-24 - will constitute 15 percent of the labor force, and prime age workers - those between the ages of 25-54 - will make up 66 percent of the labor force. The share of the 55-and-older age group will increase from 14.3 percent to 19.1 percent of the labor force.

The labor force participation rates of women in nearly all age groups are projected to increase faster than the growth projected for men. As a result, women's share of the labor force is expected to increase 1 percent, from 46.5 percent to 47.5 percent, by 2012. In contrast, men's share is projected to decline by 1 percent - from 53.5 percent to 52.5 percent - over the 2002-2012 decade.

By 2012, the Hispanic labor force is expected to reach 23 million, due to faster population growth resulting from a younger population, higher fertility rates and increased immigration levels. Despite relatively slow growth, white non-Hispanics will remain the largest group, composing 66 percent of the labor force. Asians will continue to be the fastest growing of the four labor force groups.

What does this mean to YOU? If you're not in a service industry - specifically health care, education or business services - and you are of the age where new employers are reluctant to invest in you, it's time to take matters into your own hands before the "pink slip" lands on your desk.

With the increasing instability and uncertainty in Corporate America, and with a stock market that no longer offers the attractive investment opportunities it once did, franchising represents a great way to gain more control of your career and achieve your financial goals.

If you've been laid-off, have always yearned to own your own business, or just want to escape the "corporate rat race," franchising may offer the solution for which you've been looking.

Franchising has never been more popular, and the range of opportunities has never been broader than it is right now. With so many exciting businesses to choose from, there's one well-suited to almost any person or situation.

Here are some of the most common characteristics of successful franchisees:

A low tolerance for risk. Many people think that to buy a franchise, you need to be a gambler. Nothing could be farther from the truth. Successful franchisees - especially those recently downsized from corporate careers - like to avoid risk.

Any business start-up involves some risk of failure. But a strong franchise with a proven track record offers the highest likelihood of success compared to all other business models. Successful franchisees do their homework, so they know what they're getting into.

System orientation. People coming from a corporate background are used to working within a formal structure and are familiar with organizational policies and procedures. Successful franchisees also have the ability and desire to follow a proven system.

Strong work ethic. Successful franchisees are highly motivated and are willing to work hard to achieve success in their new business. This characteristic shows in their every action - putting in long hours, handling multiple tasks, taking pride in a job done right.

The best franchisees know and accept this fact, and they are happy to do what it takes to create success.

Well funded. Investing severance pay in yourself, rather than in the unpredictable stock market, is a great way to start a franchise. The franchisee must have enough liquid capital, as well as total net worth, to meet the franchisor's requirements.

A good franchisor will not allow the potential franchisee to enter into the business without the proper level of initial investment.

Positive attitude. Franchisors always look closely at the prospective franchisee's attitude. Are they asking a lot of questions about failure in the business, or do they focus on how to succeed? Do they genuinely want to learn everything they can about the opportunity?

Do they follow through on their commitments, and are they strongly motivated? Are they resourceful, consistent, self-directed and professional in their approach?

Interpersonal skills. Though this characteristic is listed last, it's probably the most important of all. Successful franchisees always have strong interpersonal skills Ð often developed from years of working with a variety of people in various positions.

Franchisees need to enjoy spending time with other people. If they do not enjoy a lot of human interaction, they will tend to become stressed, which can decrease their chances of success over time.

If you've been affected by downsizing and layoffs, or if you're just looking for a new challenge, ask yourself if you possess the qualities outlined above. If the answer is yes, then franchising could very well be the solution you've been looking for!