In 2020, many business experts predicted that 2021 would be the year where there will be a boom in franchising and this prediction seems to be coming true.
The pandemic saw many people being furloughed or being let go. Even if you have savings or severance or you can’t live off that forever.
Holding tight for some time and simply hoping that your company will rehire you once the economy stabilises just may not work this time. There might be nothing there to go back to. Even looking for a job somewhere else might not work as you expect it to. That still leaves you open to the risk of being in the same situation whenever the economic tide starts flowing unfavourably. This has resulted in many looking for relatively low investment business options- enter Franchising!
In some ways, the current situation has become the catalyst for many people to move from the 9-5 job mind-set to consider becoming their own boss. If you feel that you want to make that change in your life, now is the time to do it. This also gives rise to the question- “Is this really the best time to take this kind of risk?” The answer to that isn’t straightforward because like any other business venture, franchising too comes with certain risks.
Starting your own business can be an uphill task. Unless you’ve spent several years brainstorming business ideas in your spare time, you might not have a stockpile of feasible business concepts ready to delve into after you are laid-off. Since your bank account balance isn’t infinite, you do not have unlimited time to think up ideas either. In franchising, you don’t have to be concerned about these things because the business model is different from traditional ones.
The last year might have made you realize that you are ready for a change and can control your future- financially and career-wise by investing in a franchise. Owning a business can be one the best ways to have better control of your future and build wealth. You have the freedom and flexibility to be your own boss, instead of working hard for someone else. After all, if you are going to lay your bets on someone, why not just bet on yourself? Now there are plenty of reasons to step into the franchising space.
There are many reasons to consider setting up a franchise in the current landscape. However, it’s still crucial that you conduct plenty of research and determine whether a particular franchise is for you. Discuss your plans with your family and understand whether this business is aligned with your long-term goals. Speak with other franchisees in the network you plan to join, to better understand how they operate.
If you want any more information about how to become a franchisee during the pandemic, contact the experts at The Franchise Institute. You can call us on 1300 855 435 or fill-in this contact us form, and one of our experts will contact you as soon as we can.
Thanks for reading,
The Franchise Institute Team
1300 855 435