EVERYTHING FRANCHISING

Why Franchise Business Owners Are More Likely to Succeed Through COVID-19

No one could have expected how the impact of the coronavirus would ripple through, well, everything. If you wanted to start a business this year, you might be thinking that those plans are out the window.

But that’s not necessarily true. Here’s why investing in a franchise may be your ticket to owning a successful business.

EVERYTHING FRANCHISING

Why Franchise Business Owners Are More Likely to Succeed Through COVID-19

No one could have expected how the impact of the coronavirus would ripple through, well, everything. If you wanted to start a business this year, you might be thinking that those plans are out the window.

But that’s not necessarily true. Here’s why investing in a franchise may be your ticket to owning a successful business.

COVID Has Created More Options for Investors

Interest rates are down, landlords are more willing to negotiate shorter lease terms and rent concessions, and banks are willing to negotiate on loans with better interest rates. These conditions are surprisingly good for those looking to set up shop. Securing favorable terms now, when people are more flexible, can accelerate a franchise’s growth—especially when things start to pick back up again.

For franchise investors, another area where there’s room to negotiate is with the franchisor. If you are considering becoming a franchise owner, there are more incentives and flexibility of franchise agreement language that normally would not be achievable. Even if it’s just temporary, you can talk about what changes can be made to help you get through the pandemic. And if you need further assistance, the U.S. Small Business Administration can also help. Currently, the SBA is waiving the first 6 months of payments on any franchise acquisition loan originated before September 27th, 2020. They have additional information and useful resources such as small business guidance, disaster assistance assistance, and other relief options.

You Are Not Alone

With all the uncertainty about the future, it pays to have someone you can turn to, someone who can provide franchise industry expertise in navigating franchise ownership. A franchise consultant can be an invaluable resource for guidance and support, especially in times like these.

With Frannexus, you won’t have to take the leap alone. With extensive experience in the industry, wit, and intelligence, our team will help you reach your goals even during global unrest. It’s important to lean on your resources and on people with experience during these times. We are here to help.

In addition, when you are in business as a franchisee, you will have the staff and support who are trained with the best practices and guidelines set by your franchise. That means you don’t have to create procedures and processes from scratch. You can simply follow the “recipe for success” provided by your franchisor.

And of course, don’t forget about your potential customers. When times are tough, they’re more likely to choose a brand they trust. A franchise associates you with a name that people know they can rely on. At the end of the day, both you and your customers are taking on less risk.

Franchises Are Built to Help Each Other Out

Franchisees are part of a large network of business owners. You can learn from each other and develop collaborative and effective solutions in conjunction with your franchisor’s support. For example, some businesses are looking at texting to help with communicating with customers during COVID-19. If that’s something that can work in one location, it’s likely to work for many others.

If you’re looking for brands with the support structure that’s ready to weather this storm, our franchise consultants can help. Frannexus provides the highest level of expertise in all franchise industry sectors and operating models. We’ll find a franchise that you can partner with for the long run.

As you think about how your life is going to change, don’t forget that everyone’s experiencing the same thing. We’re all a little anxious about what the future might bring. While it’s good to be empathetic to those sharing the same struggle, don’t let that stop you from making progress. Rise to the challenge and you’ll build a business that can get through anything.  Remember, “rising tides raise all ships.”

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