Why in the world would anyone consider starting a new business now? The global pandemic still has people laid-off and businesses at less-than-peak capacity. For some, the future seems a little more uncertain than it used to be. Even in good times, there is a calculated risk in starting a new business. But this may actually be the best time to start one specific type of business—a franchise. Here’s why now may be a good time to kick off your franchise business.
Benefits of Starting a Franchise Now
The International Franchise Association defines a franchise as:
“A method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.”
Because the franchise has an established method of conducting business with a trusted brand, it’s less risky to launch than a from-scratch business.
If you’ve been longing about starting your own business, don’t let a global pandemic stop you. Some of the most compelling reasons for starting a franchise now include:
- It could allow you to regain control of your life and career. If you experienced the uncertainty of the pandemic in a way that caused you to lose your job, a franchise gives you a way to reinvent yourself. Many people have been quietly stifled by their 9 to 5 jobs and a franchise gives them a way to take control. This is especially true if you’ve been laid off or otherwise let go from your traditional job.
- You can recession-proof your job with a franchise. More than 40 million people lost their jobs due to the pandemic. Starting your own business gives you a way to control your fate more than if you are simply an employee. If you’ve been worried about losing your job, starting a franchise is a way to control your future more than if you are simply an employee. Life can still happen, but with a franchise, you are in control as much as anyone can be.
- Franchises leverage an existing brand in your own business. The model is established, the methods are proven, and your success is a little more assured in these types of businesses. During a pandemic, a franchise may be more resistant to the ups and downs of the marketplace because it’s been stress-tested well before you took one on. Franchises offer you a brand that has been through the wringer and withstood the test of time.
- Many organizations have changed their business operations during the pandemic. A franchise may offer established vendor management or pricing strategies that have been proven in past environments. This is definitely something that your competitors that are not franchises do not have. The best franchisors worked hard during the pandemic to reach out to their franchise owners to give them the support they needed during the pandemic. This kind of support just doesn’t exist when you have a from-scratch startup business.
The team at Gecko helps franchise owners by supplying them with top talent to staff their businesses. Talk to us today about how we can support your dream of business ownership.