No matter which business owner you speak with, one of the most typical discussion topics is how the pandemic has changed everyday business operations. Some have been affected worse than others have, but very few have gone unscathed. Many franchises are struggling to stay afloat, and several others have gone under.
Opening a business can be scary at any time, and risks are part of it. This is truer when you start a business from scratch. It’s also why many people prefer to invest in a franchise as it helps to mitigate the risk to some extent. Since a franchise network has support and a proven system, the chances of success are greater. It’s also why many people are veering towards franchising now.
If you’d been considering franchising before the pandemic and put your plans on hold, now’s the time to revisit that decision, because:
While all these aspects seem conducive to starting a business, you still need to check various things to determine whether a particular franchise business is right for you. Also, you need to check whether you would be able to manage all the responsibilities involved in running it successfully.
Only the franchisee themselves can guarantee the success of their venture. One of the most crucial aspects is to follow the franchisor’s set system, as it is proven and well established. If you feel you can’t do that, then you need to give up the thought of owning a franchise. Not following the franchisor’s processes is one of the primary reasons franchisees fail.
You also need to be excited about being part of that network and brand and align with its values while believing in the concept. Once you have these factors in place and look for a recession-proof franchising segment, you can play it safely.
So is there some COVID-proof investment that you can consider if you have been planning to dive into the franchising space for some time? There is no guarantee that a particular investment will be unaffected by an unprecedented situation like the current pandemic. However, specific segments are better positioned than others.
Here we look at some franchise businesses that have been able to weather the pandemic storm:
Businesses that provide “essential” services have remained almost unscathed during the pandemic. Every state and local jurisdiction has some standards set for businesses being deemed essential or non-essential- but some standards remain the same nationwide. With this in view, here we look at some franchises you can consider pandemic-proof:
Businesses that cater to residential and commercial customers and provide COVID-signage products and services such as plumbing, painting, window cleaning, and other repairs have done well even during the lockdown.
If you want anymore information, 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.
fThanks for reading,
The Franchise Institute Team
1300 855 435