The old adage in franchising is: “You are in business for yourself, but not by yourself.” This has never been a more important variable in the world of business than it is today. COVID-19 has abruptly impacted businesses on a large scale and small business owners are forced to adjust as best they can. This is when having the large support system that a franchise concept offers is most valuable.
From lender relationships and navigation of the Payment Protection Program, to operational and marketing support that can help pivot your business in a time of change, the franchise comradery is crucial to the future viability of a franchisee’s business or businesses. Fortunately, and unlike most new business landscapes, this support comes with the territory.
Along with this wide system of support, there are several other timely advantages that have recently come into play for investing in a franchise during the world’s current state. Here are just a few of these advantages:
Down Time – With more time on everyone’s hands to conduct research, more folks have the ability to become an expert on franchising and dig into a potential franchise business opportunity. If utilized to their advantage, this time frame will allow a prospective franchisee to learn more about the business of franchising and how it is engaging customers. It is also a good time to connect with other franchisees virtually to learn how their franchisors might be helping them in this time of need. This will give a prospective franchisee a good understanding of how they may be treated when faced with, and how to navigate, any unforeseen challenges that come during their time as a business owner.
Great Rates – For those with good credit, strong resources and a solid franchise concept, today offers a chance to obtain some very favorable rates. The banking industry has been impacted by the workload from the Payment Protection Program but once the dust settles, they will be looking for opportunities to lend to new franchisees with rates many have never before seen. That could be you!
Real Estate – One of the biggest elements to start considering is the real estate market. Location has always been an important factor in the success of a business and now there could be many more opportunities to take advantage of in terms of real estate. Costs have risen over the last few years, but now may start to decrease in price and increase in advantage when you are signing a long-term lease or acquiring a piece of land or property.
Struggling Job Market – These days, everyone knows at least one person who has recently been furloughed or lost their job. That said, the ability to create new jobs is one that is not to be ignored. Capitalizing on the recent shift in business and economy in the way of franchising could eventually give others the opportunity for employment. If you have the means to simultaneously benefit yourself and others, wouldn’t now be the best time to do so?
After reading thus far, you may feel like your decision should have been made yesterday. While you consider tapping into the benefits the current economic state offers and beginning the process of investing in a franchise, the important thing to keep in mind is that time is still on your side in the long run. For most franchise concepts, you will not be opening your doors the day after you sign your franchise agreement. Rather, you will begin the development cycle, which will take several months to a year (and beyond, in some cases). This time period will allow you to get through the current climate at a steady pace, learn how the world of business will pivot and grow by the time your doors are open and get prepared for your future as a successful business owner.
In this time where having control over your future, or even your present, seems like a distant reality, acquiring your very own business will grant you a sense of ownership that goes beyond the current state of things. That is something you simply cannot put a price tag on.
Jeff Brazier joined the Kiddie Academy franchise development team in 2016. In his role as Chief Development Officer, he works closely with franchise candidates to guide them through our franchise discovery process. Jeff has over 16 years of business development experience. Brazier began his career in the sports industry, with an emphasis on baseball, where he transitioned into business development. Jeff holds a BS from Towson University and MS from California University of PA.