This year has been challenging for several businesses. With social distancing guidelines and other guidelines from the CDC, many businesses have been forced to shut their doors. Most businesses closed their doors to customers temporarily, but for some, they have had no choice but to close their doors for good, after weeks without revenue.
While many businesses have struggled, there are a few industries out there who have been very fortunate during this pandemic. While many businesses have lost revenues, others have seen a significant boost in sales.
If you’re thinking of owning your own franchise, it might be a good idea to know what businesses do well during a pandemic. After all, you never know if something like this could happen again. And in that case, it’s better to be safe than sorry. Here are three industries that are thriving during the COVID-19 outbreak:
Takeout and Delivery
Many restaurants have seen a significant drop in sales, but not all of them. Restaurants that offer takeout and delivery seem to be above their annual average in sales. These restaurants include pizza restaurants and others that had a strong delivery system in place.
Many restaurants that offer delivery now work with delivery programs such as GrubHub, DoorDash, and UberEats. These delivery programs offer small restaurants a channel for online ordering and delivery.
Wingstop, the chicken wing franchise based out of Dallas, TX, is seeing a stock increase of 9% because of the recent growth in sales.
Are you looking to get into the food and hospitality industry? Those that have a strong delivery system in place might be a good consideration. After all, they have proven they can succeed even during a pandemic.
We all saw it coming before the COVID-19 pandemic, but online retailers are currently striving. Why? More and more people are at home, realizing that they need something from the store. But now they realize there is a way to get what they need even without leaving their home. Those businesses that are able to offer fast delivery and online shopping are the ones that will be successful even after the pandemic. Amazon, for instance, is opening 100,000 full time and part-time positions as the e-commerce demand spikes.
While schools and offices around the country close, the work is still expected to get done. As a result, consumers have fled all stores around the country to gather the tools they need in order to work successfully from home. Parents are buying laptops and tablets for their children so students can get their work done.
Employers are investing in telecommunication tools such as Zoom and Slack that allow for conferencing and communicating outside of the office. Once we return to the “new normal” you can expect the technology industry to continue to grow.
Hundred Acre: Connecting You To The Right Opportunity
While there have been many negatives that came from this pandemic, it has also shed some light in some other areas. If you’re thinking of investing in a franchise, now is the perfect time to do your due diligence! Unfortunately, owning a franchise is not always sunny skies and rainbows, there will be hurdles that you will need to overcome. There’s no better time to jump in and see how other franchise owners are getting through those hurdles.