The rapid spread of the coronavirus and it reaching pandemic proportions is something no one anticipated in their wildest dreams. It has had an adverse impact on every aspect of our lives and businesses across all industries have withstood the worst of it.
Despite widespread pessimism amongst medium and small businesses in the present climate, it’s crucial to focus on facts and know that these crises too, will end. When that happens, you still need to be ready to set forth on your new business venture as a franchisee.
Many people feel that a 9-5 job is not for them. The corporate space can be demanding- you have to report to someone always and the completion levels are very high. It’s why many consider venturing into the business space.
However, every business comes with its risks and involves a financial investment. While you would need to invest a certain amount even in a franchising business, the risks are considerably lower. A well-established franchise brand will have a good foundation and support system in place, making it easier for you to find your footing when you are starting out.
If you had been considering diving into the franchising space for some time, but have had second thoughts about the idea due to the pandemic, think again. Here are some things to consider. The franchising business model has proved to be far more resilient than many others are. Even during times of economic downturns, the franchising community in Australia has managed to respond quickly and minimise their losses carefully.
Take stock for a bit and let’s look back at 2019. Had you found a viable, profitable and established franchising network that you wanted to be part of? Had you conducted research in the business and done all your groundwork? Now think ahead a bit and consider the current and possible future situation.
If you look closely, you will see that many franchises have been able to weather the pandemic storm much better than others have. They have tweaked their business and work processes and managed to stay afloat in these choppy waters.
While no one can predict perfectly what will happen in the future, the pandemic too will pass. Many regions in the world as well as in Australia have seen the situation changing for the better. Businesses that had been shut down for months have begun to open their shutters. Market experts aver that in 2021 there would be a massive pent-up demand for a variety of services and goods by populations returning to a certain level of prosperity. Also, many experienced and skilled people are not willing to move back to their normal working lives as if the pandemic never happened. Many employees across industries have either been furloughed or let go. This situation has acted as a catalyst and many of these people have begun to look beyond the downsides of employment.
They are now looking for business opportunities that will help them maintain some semblance of stability in difficult times. This will create the ideal climate for solid franchise business that would want to expand their networks into new markets and territories.
If you are considering becoming a franchisee, look for a dynamic and adaptable company that is also fundamentally sound. This could be an excellent opportunity for you to take that step into the business world.
When the franchisor recognises their franchisees’ strengths and provides the necessary support, and franchisees commit their hands-on work, capital, and motivation to belong to a branded, high-reputation franchise company- it benefits all the parties involved.
Prudent and smart franchisors have been using this hiatus and lull in the marketplace to strengthen their foundation and build their business’ core. They are now prepared to move quickly and take advantage of the opportunities that lie on the other side. This makes it the perfect time for potential franchisees to get things into motion and act on their plans.
If you want any more information about franchising, 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