Why is now a ‘good’ time to franchise or expand your business?
1. Low interest rates
With borrowing interest rates at an all-time low, investors are looking to obtain better returns by putting their money into business opportunities
2. Higher unemployment
Although the job losses caused by lockdowns and reduced international travel have not been as massive as initially expected, unemployment is up all over the world and many people without jobs are looking at business opportunities as an alternative to looking for work.
3. New opportunities
During the pandemic, many old ways of doing business have had to give way to new ways, with the result that many of us stuck in lockdown have had the time to explore new business opportunities that may not have existed before.
4. Working from home
Studies show that many of us didn't actually feel 'stuck' at home during lockdowns but enjoyed not having to waste time with a daily commute or having the boss breathing down our necks. These same studies also show that productivity didn't suffer from working from home, either — in fact, in many cases, productivity went up. Many who are not looking forward to a return to normal are considering ditching their jobs for contracting, freelancing, self-employment or home-based businesses.
5. Government support for businesses
Stimulus packages during the pandemic have not only been for individuals — businesses, too, are benefitting from government hand-outs, subsidies and free or low-cost loans. This has made it possible for many of us to achieve our dream of going into business for ourselves.
6. Franchising provides an easier entry into business
For those who have never been in business before, franchises represent a kind of security blanket. Of course, there's no guarantee of success but franchises offer a business model, a brand, operating systems, and training and support.