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Franchising Industry Updates

Now is the Time to Consider Opening That Franchise

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The coronavirus pandemic has significantly impacted employment and financial security throughout the United States. Unemployment remains at an all-time high, and Congress can’t come to an agreement on a coronavirus relief package that is impacting millions of Americans.

While the near-future may look bleak, franchising may be a ray of light in all the darkness. According to Entrepreneur, when unemployment increases, so does interest in franchising.

“Not having a job opens people to new opportunities,” said Scott Greenberg, franchise speaker, consultant and author. “For some, it’s easier to pursue their dreams when there’s nothing holding them back, including a stable job. People are reassessing their options, and many are considering entrepreneurship.”

Path 2 Freedom President and Franchise Consultant Wes Barefoot told QSR Magazine that the most serious potential franchise candidates are optimistic about the future. “Though we don’t know what the ramifications of the pandemic will be, these buyers realize it won’t last forever, and buying a franchise won’t happen in the next month — it’s a long process,” he said. “Educated candidates see it as a great time to go through the investigative and due diligence process.”

While it is unclear still how franchises will be impacted by the pandemic, Barefoot said the national crisis is making it easier than ever for potential candidates to measure how well franchisors are supporting their franchisees. “The great thing for candidates is that it will become obvious which brands are running without strong leadership and systems, and which aren’t focusing on franchisees,” he added.

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