There are many reasons to consider franchise business ownership in 2021. Perhaps you’ve dreamed about starting your own business, or maybe you’ve recently found yourself out of work due to the COVID-19 pandemic. Regardless of how you arrived this point, if you’re asking yourself whether it’s a good idea to buy a franchise now, during a pandemic. These are some key questions you should ask.
What Type of Industry Makes the Most Sense Right Now?
If you’re still in the early stages of researching franchise opportunities, you can narrow the search by thinking about the current climate. Starting a traditional brick-and-mortar business that relies on heavy foot traffic may pose a challenge. With a home-based franchise business, you will not need to worry about whether you can stay open amid fluctuating business restrictions, curfews, and temporary closures. You will always be “open” as long as potential customers can call or email you.
Opting for a service-based business removes one more layer of concern, since you don’t have to store inventory or worry about product spoilage. You can conduct business simply, from a small home office, garage or basement, during this pandemic and during any unexpected future events.
How Much In-Person Contact is Required?
During a pandemic, or even an intense flu season, many people seek to reduce their contact with others. When you envision yourself running your franchise business, consider how much you will need to interact with others. Will you serve hundreds of customers a day, or set up appointments by phone and then provide services during off hours? You can also take into account how many employees you will have and their level of contact. As a commercial cleaning business owner, for example, you will likely visit clients before or after their business hours, making it easier to socially distance and interact with fewer people. And if you are lucky enough to employ members of your immediate family, you can stay in your “bubble” even when you’re working.
What Will it Take to Find Customers?
Physically knocking on doors seeking clients or customers may not be possible during a pandemic. Instead, a better way to get off to a good start with finding customers is to choose a franchise with a longstanding reputation. Franchise Gator recommends choosing a franchise with name recognition, which it calls “built-in branding.”
In addition, when selecting a franchise, ask them whether they offer the opportunity to purchase leads or additional business or otherwise provide assistance in marketing locally to help obtain business. Some franchisors handle a lot of the heavy lifting in this area.
Is There an Opportunity to Help Others?
Challenging times inspire many people to engage in helping others and supporting their community in some way. If helping is in your nature, look for a franchise business opportunity where you get to provide an essential service that reduces business owners’ stress and shortens their to-do list. In addition, you could potentially provide jobs for people in need of work.