It is always, one hundred per cent of the time, true that some businesses are growing faster than others.
It is also always true that there is opportunity you can take advantage of right now.
So, the choice is yours, hide and hope or take sensible steps forward.
We are currently hearing about the hard times in the restaurant, retail, fitness and entertainment spaces. Our hearts go out to them and I assist many friends and clients in those spaces daily. My hope is that the government support will help bridge the gap enough that they can fire up their entrepreneurial juices and develop revenue streams that they might not have otherwise considered before.
Most of all I believe this is a moment in time and like everything else, will pass. This is a period of time built for those less sexy businesses that we always need no matter what the economy or social trends are doing.
Also happening right now, I am working with both business owners and corporate executives that want to grow their empires. They are not waiting for things to be perfect because things are never perfect if you are fearful. What we are doing is taking a sober look at the market, where the opportunities are going forward and how they can best develop a new cash flow.
You know those big brands you see in your local lifestyle malls… food, fitness, etc.? Many of the owners of those businesses are looking at non retail based service options for their portfolios today. They stabilized their current business, whatever that required of them, and now that they have the time, they have identified what their portfolio was lacking Those were namely businesses that performed well in times just like this. They want to take advantage of cash flows that can spin up during this time and help them by adding new revenue in the near term, and be a solid long-term business.
My cousin is a master practitioner in the martial art of Aikido and I remember a story he told me decades ago about how his craft is different than other martial arts in that he doesn’t train to fight someone. If they throw a punch or kick he does not try to block it or punch back, rather he uses the momentum they have created to his advantage to disarm them, do no harm and end the encounter so he can move on safely.
If you look at this time in business as he would, how can you take all of the things going on in the market and use them to your advantage, while doing no harm and moving on to your next adventure?
The punch is the virus and the changes we are all having to make. If you were to capture its momentum you could be focusing on the needs your community has in the home or commercial cleaning businesses or repairs in HVAC, electrical or plumbing possibly even the needs of home healthcare so seniors don’t have to go to a group home. Those are just a few, there are many out there.
While those options are always in solid demand the momentum of the time has increased the need for certain services to deal directly with the virus or provide peace of mind for clients or their families.
By capturing that momentum for your advantage, you can work to stabilize your portfolio now and for the future. Then, when the timing is advantageous for restaurants, gyms and other business in the not too distant future you can refocus on growing that part of your portfolio again.
In Aikido if you do nothing when someone throws a punch or kick you will experience the most pain when it lands. You have to act, there are particular moves you have to make to avoid taking the punch full on then to redirect the momentum where it benefits you most.
How do you want to redirect this time into a stronger future for you and your family? How can you use this time of uncertainty to create certainty in the future?
Lending is pretty inexpensive and readily available.
The government looks to be paying the first six months of your new SBA loan, this is not a deferment those months are paid for you. I have never seen that kind of benefit before.
Countless franchise companies are healthy, active and offering huge support to franchisees. Many are very busy with incoming inquiries from people looking to grow right now.
There is solid demand in the market for a wide range of services.
Franchisors are offering the option of virtual Discovery Days so you can go through the entire investigation and most, if not all, training safe at home with no need to get on a plane.
There are real advantages available to you right now!
What is your success story? Let’s go find it!
George Knauf is a highly sought after, trusted advisor to many of the top franchise ownership groups in the world. With over 25 years of experience in both start-up and mature business franchise operations he is uniquely qualified to advise individuals that have dreamed of Building their own empires. Whether you have an existing portfolio or searching for your first franchise, he can help you to pursue your dreams. Contact the Franchising USA Expert, George’s Hotline: 703-424-2980.