Never Waste a Good Crisis: Why Now is a Good Time to Franchise Your Business

 

“Never let a good crisis go to waste.” 


Winston Churchill said it during the bleakest days of World War II — and we can still learn from his observation today as we grapple with the new normal of lockdowns and social distancing.


Churchill's meaning was simple but profound: Every major upheaval in the world inevitably uncovers fresh insight and new opportunities for growth. And that has never been more true than today.  

New business applications in the United States


As you can see from this Chartr graph, new business formations in the United States leapt 20% in 2020 from the year before. And that was just the start. Early indications are that 2021 will see a record number of new businesses. I don't have figures for Australia and New Zealand but anecdotal evidence suggests that the same trend is occurring here.


An important point to note is that not all of these business formations have been start-ups. A good proportion of them have been new businesses formed by existing businesses as they create new business models, products and services.


Some of these new businesses have also been vehicles for companies wishing to franchise or scale up their existing businesses. 

 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. 

 

Robin La Pere, Business and Franchise Consultant

I'm Robin La Pere, Business and Franchise Consultant.


I have a passion for helping small and medium businesses to grow and expand. One of the fastest and most affordable ways to do this is through franchising. With a background of more than 20 years in franchising, I can help with every aspect of setting up and growing your franchise.


Let's start with a free Initial Consultation.

CONTACT ME NOW FOR A FREE INITIAL CONSULTATION

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