“Is now the time to own a franchise?”, the answer is YES. Read on to find out how.
Did you know franchise systems were among the fastest to adapt and continue to grow during post-COVID?
Whether it be Service based or Retail based franchising has continued to flourish. There are so many great systems available for anyone interested in “hiring themself”!
Having the entrepreneurial desire and financial means to take all those excellent skills sets you possess and do it for yourself can be an absolute life changer.
Here are just a few of the reasons to consider:
Support: Perhaps, the main reason you should consider owning a franchise instead of starting a conventional business is franchisors’ support. Franchisors from different industries stepped up in record time frames to help franchisees adapt their offerings, processes, and technology to cope with the changes. As a result, they’ve only become more robust in 2021 and more flexible to future changes.
Low-Interest Rates: During the pandemic, interest rates have gone down rapidly and continue to be low, which provides a better opportunity for potential franchise owners than aspiring business owners looking to do their own thing. Due to relatively less risk involved, the Small Business Administration is more likely to offer loans to investors seeking franchise ownership given its established brand, existing customer base, and higher success chances.
Labor Pool: Franchising is an excellent opportunity to hire the best of the best employees as so many were laid off or just decided not to return for a myriad of reasons allowing you the choice of the cream of the crop.
Real Estate: Many small businesses and mom & pop businesses closed their doors in 2020. This shift provided investors the opportunity to secure a variety of locations for their franchise as commercial real estate is currently a buyer’s market. With rent not coming in like it used to, tenants are more open to negotiations on lease terms.
Technology Advancements: 2020 and now 2021 became the year in which upgrading technology and digital transformation were no longer optional but necessary for survival. Overnight, Zoom meetings, contactless delivery apps, websites, and digital communication channels became essential tools. Unfortunately, many small businesses lacked scalable infrastructures and the budget to upgrade their operations, equipment, and software. However, franchises effectively adapted their systems to become productive and efficient quickly following the changes.
With the economy growing despite challenges, there’s no better time than now to own a franchise. The pandemic has resulted in the perfect conditions for getting into business for yourself but not by yourself.
