Is the Market Right for Another Franchise?
The business world in current times is… confusing. Laws are changing swiftly, and it falls upon the shoulders of the franchise owner to ensure their brand is following steady guidelines. Everything from checking customer body temperatures, to monitoring (and posting) how many people can remain within your dwelling at a time, and beyond, need to be followed to a T.
Of course this means an extra set of tasks in checking state regulations each day. (Some cities or counties also have their own restrictions.) And as we've discussed in previous blogs, it also means finding new or creative ways to meet your market where they live. Folks can't get out and shop or receive services like they did in months past, so going forward, that calls for franchise owners to expand their reach and profit as it's more convenient for their consumers. But there are also tasks taken off of your plate in the status quo. Of course it depends on how you look at it, but it's all relative – franchisees tasks have simply adjusted, not increased.
All of this is not only doable, but an environment in which you can thrive. But as a franchisee – or potential franchisee – it might have you wondering if it's a good time to open a business.
But the answer isn't a simple yes or no. There are many factors that come into play.
Should You Open a New Franchise in the Midst of COVID-19?
First things first, can you open a franchise during the pandemic? Of course! The key is to look at your industry and how it's been affected through the onset of the coronavirus. If you exist in a field and are looking to open a second franchise within this same industry, one path will be the best to take on. If you're looking into a different industry, you might take on path B. If you're starting your first franchise, you'll look at yet a different route toward success.
The key is to understand how your industry is affected by the pandemic, and what you need to do to work around these factors. To do this, you can research on your own, as well as learning from existing franchisees, and the company itself. Pulling from as many factors as possible can help you feel more prepared to start your business.
Know what will count against you. Does your state have regulations about distances? Do you need to check customers' vitals before they enter your building? How will this affect your business in going forward?
Will There Be Extra Steps Opening Your Franchise?
A common response we hear is referencing "extra" steps that might be required of a new franchise owner. Again, it's true that the status quo might cause different tasks to be required, but not necessarily more.
The main issue, of course, is that everything we are experiencing is outside of the norm; franchise owners are unable to follow set guidelines. We are experiencing changes each day, so there isn't a long history to look upon. That's just a growing reality of things that must be adjusted toward.
However, this just means that things need to be done differently. As a budding franchisee, it means fast and quick changes, staying on your toes and ahead of the curve. It means looking at creative steps rather than going by the book. As a franchisee, learning to work in a fast-paced environment will leave you better prepared as a future professional.
Business owners, almost as a rule, need to make quick decisions. Opening in a worldwide change is a fast and effective way to transition into business ownership. It's never too early to learn to stay on your toes, and working through the pandemic is an ideal time to start.
Should You Open Your Franchise?
Ask yourself what's important. Do you want to start your own franchise? What are your aspirations in franchising? What are your career goals and when do you want to reach them? Knowing your own goals is an important first step and can lead you in the right direction. Remember that distractions happen; excuses are abundant. The key is to look beyond what could or might be standing in your way, and how to push back and push forward.
If your goals are to become a franchisee, it's time to move forward with your business purchase. COVID-19 isn't a stopping point, it's an article to which you can work around.
Put your business dreams forward and start working toward them today.
By Bethaney Wallace | Aug 27, 2020 | General Franchise Information