COVID-19, also known as the coronavirus, has made a significant impact on the world so far. Every industry has been changed in some way, and several employees are suffering around the world as governments enforce social distancing, forcing many businesses to close their doors.
On the other hand, the COVID-19 outbreak has shed some light on the franchise industry. Rather than focusing on all of the negatives of this pandemic, we are here to share some of the positive ways the COVID-19 outbreak has changed the franchise industry.
The SBA has opened up the floodgates with the lowest rates we have seen
Perhaps you have looked at buying a franchise before, but the cost was just a bit over your head. Now is the time to go back and see what it would cost you with a low-interest loan. Whether owning a franchise has been on your mind or a while or you are just now considering the idea, low-interest rates are one of the many factors that will set your business up for success.
Now is the best time to vet a franchise and see which ones do well in an economical downturn
Every business will face challenges at some point. Some people are hesitant to own their own business because they are unsure of how the business will overcome challenging times and obstacles. Now is the time to look at franchises to see which ones do well during tough times.
For instance, sit-down restaurants are struggling but those restaurants that offer delivery or to-go options are bringing in more sales than they typically would.
Rather than avoiding getting into the franchise industry during a tough time, you should be learning all you can so that you get into a business that can weather any storm.
Existing franchises are cheaper to get into because of the economical downturn
Like anything else, when the economy takes a turn for the worst, the cost of everything turns with it. For example, when the economy is struggling, there is a reduced cost in real estate. The franchise industry works the same way.
If you have been eyeing a particular franchise that is for sale, now is the time to negotiate a deal. Those who are looking to sell a franchise know the economy is struggling so they will more than likely be willing to make a deal in order to make the sale. What does this means for you? You’ll get more bang for your buck!
Hundred Acre Consulting: Guiding you through the opportunity
If you have been considering getting into the franchise industry, now is the time! You can get a great deal on a business that will bring you income for years to come as you live out the dream of being your own boss.