The lockdown has put a brake on many businesses throughout the UK and the consequences for a lot of us has been devastating. While Covid-19 has halted many people in their tracks, however, others have seen it as an opportunity.
People working from home or furloughed have been considering whether to start their own businesses and take the entrepreneurial route.
While it can be difficult in the current climate, this change in attitude also presents opportunities for business owners who may have previously considered franchising out their operations.
The Benefits of the Franchise Model During a Pandemic
The final economic impact of the pandemic is still not fully realised and it may sound strange to start a list of benefits with people being made unemployed en masse. In truth, however, this presents more opportunities for franchisors to attract a bigger pool of talent to their operation than ever before.
More people are thinking about owning their business and becoming a franchisee is still one of the best ways to do this with less risk – you have a proven model that works and a ready audience which increases your chance of success.
As with any major catastrophe, if you have the right mindset, there are opportunities out there. Some business models are going to be more suited than others, of course. You might think a cleaning firm that is focused on providing hygienic office environments probably has more scope than a restaurant chain at the moment.
But it’s not that clear cut.
Consider the aftermath of the 1918 pandemic for a moment. It was followed by the roaring 20s where everyone was out partying, visiting bars and restaurants, spending lots of money and generally living life to the full.
People are also looking at new ways of operating at the moment and work from home franchises certainly present an opportunity or two – people who have never had a home office have suddenly found that it is possible and financially viable.
What Should You Do Next?
With lockdown hopefully about to be lifted and vaccines being rolled out across the UK, it’s important to start planning your franchise now.
It’s the perfect moment to assess the viability of your business opportunity, think about who is going to be interested and getting together the processes and paperwork so that you are out of the blocks quickly once life starts returning to normal.
Contact the Franchise Specialist Today
The rules haven’t necessarily changed that much when it comes to franchising.
You need a successful business, for a start. Okay, you may have stalled over the pandemic but you will likely come back stronger once restrictions are lifted. If there is an opportunity to grow and you have a model that can be relatively easily replicated by franchisees then there are plenty of opportunities ahead.
Franchising can be a challenge at any time, irrespective of the pandemic. It’s essential to work with people who understand your business and can help you put all the pieces in place so that you are ready to go, if not now when the lockdown is finally lifted.
Contact the Franchise Specialist today to see how we can help develop your business so that it grows and thrives for the future.