Lockdown doesn’t mean you have to hide away from future aspirations….
So, the whole world is in lockdown, many businesses are shut, schools closed, and the elderly are in isolation, but does this really mean you have to place your future aspirations on hold?
Just this week it was announced that fast food franchising giants McDonald’s and Five Guys will be reopening selected stores across the country to allow for delivery and collection. This is on top of other franchising brands that includes Dominos and Subway that have still been offering delivery and collection opportunities via their individual specific franchise territories during the Covid-19 pandemic, proving that franchising can still come through the toughest of tests.
So, you have been furloughed or working from home? Lacking motivation or drive? Then why not use this time to plan for your future?
Franchisors are still recruiting, and you may even be able to get a reduction on the investment level in light of covid-19 (if you don’t ask, then you don’t get…). Being placed in lockdown provides you with the perfect platform to initially research the various franchises available via franchise directory sites such as Franchise Supermarket and to then schedule in a conference call to better understand. All franchisors will be offering conference meetings during Covid-19 to allow them to still educate prospective franchisees on their business opportunity. So, you could have a business meeting from the comfort of your sofa whilst sat in your dressing gown (we will not judge).
Use this time at home wisely, don’t just binge on Netflix and Amazon prime when you’ve been presented with the perfect platform to plan for your future in franchising.
There is no doubt that difficult times lie ahead for many small businesses. However, at the same time there are always opportunities to look for. So, what are the main considerations in choosing a franchise in the current difficult climate?
Firstly, choosing a franchise within the correct industry is crucial. The luxury goods sector, and any product or service that is ‘nice to have’ but not necessarily essential, will be the first to take a hit when the consumer tightens the purse strings. The exception to this, are luxury goods at the budget end of the scale, and generally, franchises that offer customers value for money or essential services will do better in a downturn.
Selecting an established franchisor is also important. Companies that have been around a long time will be experienced in managing their business through a variety of financial climates, they have been there, done it and survived it (with the t-shirt).
You will also be able to assess the franchise networks performance during a previous recession. Those that survived are most likely to be in a good position to work through difficult times.