2020 was devastating for everyone, with the pandemic impacting every corner of the globe. American businesses and industries got hit harder than anyone could have expected. In the franchise industry, many businesses thrived and even became essential. However, despite the financial difficulties, there is sunshine is on the horizon. Industry experts predict that 2021 is the year to own a franchise.
As the dust settles, people are searching for wise investments to boost their revenue after facing some devastating losses. Plus, nothing beats the sense of pride you feel when you own a franchise. Here are the top 4 reasons why owning a franchise in 2021 is the best business decision you can make.
You Get a Team of Experts
Owning a business can be a frightening venture, especially if you have no previous experience with ownership. Suddenly, you are the boss, and you’re essentially on your own. However, when you purchase a franchise, you eliminate the challenge of navigating things alone. Your franchisor wants to see you succeed and will equip you to do so.
As a franchisee, you gain access to your franchisor’s established brand practices, training, and reputation. You have an entire team of experts behind you to assist you in handling the major components of what makes your business run. That level of support is unmatched in any other industry, making owning a franchise an excellent business venture, pandemic or not.
Many Franchises Exceeded Expectations in 2020
Thanks to that handy team of experts available to you when you become a franchisee, many franchises did not feel the crippling effects of the pandemic like other small businesses. This is because franchises evaluated the possible challenges from COVID-19 and created solutions to deal with the shift in the industry.
Take the famous pizza delivery franchise Dominos, for example. They quickly shifted their business to pandemic-friendly offerings, like curbside pick-up. A customer arrives at the store, checks in via the app, and the pizza gets placed in a customer’s trunk. No person-to-person contact is ever made. This ingenious invention helped Domino’s franchisees survive through the pandemic, and many other franchises created similar practices to protect their franchisees from losing their business.
Securing Financing is Easier
It has never been harder to secure a bank loan. While interest rates are at an all-time low, securing financing has grown more complicated. Banks, too, faced financial difficulties last year, and they’ve been forced to tighten their lending requirements. Obtaining funding to open a business has long been the most challenging part of the process. However, when buying into an established franchise, banks see a proven business model, eliminating many of the risks that come with opening a new small business.
This is an excellent example of why 2021 is the year to own a franchise. By opening up a franchise instead of your own small business, you can get around the pandemics’ tightened financial restrictions by partnering with an established brand that brings proven results.
It’s a Buyer’s Market
When the housing market crashed, millions of homes went into foreclosure. For those with the funds to invest in real estate, this presented a unique opportunity. Coronavirus has brought around a similar benefit in the franchise industry. With so many businesses forced to close their doors, ideal locations for opening your franchise may be available. Their prices are also likely, significantly reduced. By purchasing or leasing in 2021, you have a greater chance of getting the right property at a desirable price.
Hundred Acre Consulting
COVID-19 was the first pandemic of its kind in the modern era, and it truly devastated American businesses in such a comprehensive manner. Unfortunately, it’s likely not the last of its kind. By investing in a franchise in 2021, you can confidently face future threats to your business because your franchisor has your back. They are there to help you navigate the many difficulties that can meet new business owners.
If you have questions or are unsure where to begin your journey, let Hundred Acre Consulting help. We have many established franchises to choose from in dozens of industries, and our team can help you pick the perfect opportunity for you.
Are you ready to start working together? Contact our team, and let’s get started!