We are living through a historical time that has changed our world completely. The COVID pandemic and the lockdowns arrived suddenly, so businesses didn't have time to prepare for the consequential revenue loss. As a result, there was a significant drop in the amount of business that many industries received, especially those that rely on in-person services.
Because of the revenue drop, many businesses are forced to layoff staff. The pandemic hit small businesses extremely hard, which caused many of them to shut down their stores for good. Although the unemployment rate is at the highest it's ever been, it might surprise you to learn that the number of new franchise openings is going up. The spike in unemployment is serving to accelerate the number of franchise owners. But what is the reason for this? Read more to find out about why franchising is helping downsized individuals and why franchising may be able to help you during this time:
The Versatility of Franchising means that it can provide a constant source of income
even during tumultuous times.
The issue with corporate jobs is that they typically do not allow staff to be creative with finding solutions. The status quo of corporate America also means that corporate employees tend to be expendable assets when the company falls short. It's ironic. However, a franchise lets you control everything. Autonomy means that the franchise owner can decide what they want to do and how they want to do it. Moreover, a franchise owner is not alone and can adapt to difficult situations with the corporate team's help.
There is no prior degree or work experience needed to buy a Franchise.
Many high-end jobs and some entry-level jobs will require you to have a certain amount of experience or an expensive degree to be eligible. But franchising doesn't have any specific requirements. If you have sufficient funds and you are ready to put in the work to make your franchise a success, then you'll be able to get started right away in many cases. Quick startup franchises mean that buying a franchise could be an excellent option for individuals facing unemployment.
An increase in the Unemployment Rate will negatively affect the economy, and Franchises can revitalize it.
When a new franchise opens, the economy benefits. A new business acts as an economic engine contributing to the local tax base. The independently run business creates ten jobs on average. However, a crisis like the ongoing pandemic can severely damage the economy. A rise in the number of franchises will give the economy a much-needed boost to help it flourish.
Franchising offers an alternative source of income to fall back on.
One of the perks of franchising is that it's possible to start a franchise as an additional income source. When the unemployment rate is rapidly rising, it is unwise to rely solely on one job. Purchasing a franchise will let you gain a valuable asset that will give you a steady income once you build it. It will also give you a perfect backup plan.
It is impossible to say how the future will shape up, but one thing is certain; the unemployment rate has already significantly risen and may continue to rise. Franchises are a great way to earn money without starting from scratch like you would need to do with a mom and pop startup. However, it can be quite tricky to figure out which franchise to buy and set up your finances so that you don't take any unnecessary risks.
That is where a franchise consultant can be of great use to you. A franchise consultant who knows their stuff will be able to tell you precisely what you need to do to make your franchise a success. Besides, a Certified Franchise Executive (CFE) will point you toward low investment, high margin businesses that are Amazon resistant and pandemic resilient.
If you're on the lookout for a consultant to help you figure out how to buy your very own franchise, then drop us a message, and we'll get back to you right away.
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