The best thing about franchising is that you’re in business for yourself, but you’re not on your own. In these current challenging times, even though the COVID-19 pandemic seems to be abating, the economic climate remains tough for businesses.
The pandemic impacted businesses quickly and severely, on a large scale. In particular, small business owners are having to survive as best they can, with a reduced income. For independent traders, this could be disastrous.
For franchise owners, this is where having a large support system is most valuable and could be the key to staying afloat until things get back to normal. Franchise opportunities UK enable access to an established lender
relationships, marketing, and operational support, and the genuine camaraderie that is crucial to your future survival.
This high level of support comes with the territory, so, unlike most new business landscapes, this is the perfect time to invest in a franchise business. As well as the wide support system, other timely advantages have
sprung up, as a result of the current global crisis.
Benefits of franchising my business
Most people have more time on their hands at the moment. This gives you the opportunity to conduct research into franchising and fully investigate a potential business opportunity. Doing your homework properly means you can learn more about the business of franchising and how you can best engage customers.
It’s also a great time to connect virtually with other franchisees if you can’t meet face-to-face, to discover how their franchisors are helping them in these times of need. This gives a prospective new franchisee a good understanding of how the business model runs. You can also learn how to navigate unforeseen challenges.
If you have a good credit rating and a solid franchise concept, this is an ideal time to obtain some very favourable rates for credit. Like every other industry, the banking sector has been impacted by the pandemic, but once the dust begins to settle, they will be looking at opportunities to lend to new franchisees.
While home-based franchises are always popular, due to their flexibility and low overheads, this is the time to start considering the real estate market. When starting a new business, location has always played a major
role in its success.
With the property market has taken a hit too, there could be many opportunities to take advantage of lower prices when it comes to finding the best business premises. Remember this when you’re signing a long-term lease, or buying property or land.
Is the jobs market right for franchises?
It’s fair to say the jobs market has been struggling for more than 12 months now as a result of COVID. Everyone must know someone who has been furloughed or even been made redundant, since the first lockdown began in March 2020. Capitalising on this by having a wider choice of potential employees is a major bonus.
Not only will you have access to the best talent, but you will also be giving others the chance of employment again through franchising. If you want to benefit both yourself and other people, this is the best time to do so. While you may be considering tapping into the current economic climate by investing in a franchise, don’t wait too long. It’s important to remember you won’t be opening your business’s doors the morning after signing your franchise agreement.
You must start developing your business first, which could take several months. Take advantage of the current climate to put your plans in motion, but don’t wait too long to launch your business, as you need to hit the ground running as soon as things get back to normal.
Consumers will be flocking back to enjoy the things they did before the lockdown, so you will need to be up and running to provide the products and services people are craving. Sticking to a business plan will enable you to get through the current climate at a sensible pace. After learning how the franchise world works, your business will have grown by the time your doors open and people have more disposable income again.
How has the pandemic affected franchises?
Research showed a record number of businesses had been created in 2020, as redundancies caused by COVID- 19 led to more people taking the plunge and awakening their entrepreneurial spirit. In fact, in October 2020, there was a record year-on-year increase of 12.3% in new businesses opening. This was the highest percentage growth since 2011.
The most popular new franchises launched in 2020 included storage franchises, food delivery franchises, business technology, tutoring and care franchises. The franchise industry’s contribution to the economy has increased by 46% in the past decade. Amazingly, 97% of franchisees are running profitably, according to market research.
During these challenging times, when having any control over our future seems a distant dream, starting your own franchise business provides a sense of ownership and a goal to aim for when all this is over. There are a wide variety of franchise opportunities and globally, so you’re sure to find one that you’d love doing.
Franchise – What are you waiting for?
If you think a franchise business would be the perfect choice for you, visit a franchise directory today and fill out a contact form on which opportunity is the best for you and tailors to your needs. If you think a franchise could be a good fit for you, but you are looking for more information, then I suggest you visit the Quality Franchise Association, which provides many articles to help people understand what franchising is and the benefits of ethical franchising.