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How Has COVID-19 Pandemic Affected Franchising?

Find out how Has COVID-19 Pandemic Affected Franchising?

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How Has COVID-19 Pandemic Affected Franchising?

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  1. How Has COVID-19 Pandemic Affected Franchising?

  2. No one expected living through a global pandemic. Since mid-March, the world began taking precautions to reduce the spread of the coronavirus, primarily with social distancing and the shutdowns of many industries. This has resulted in the temporary and permanent closures of hundreds of businesses across the nation, especially those that were started from scratch. Let’s explore how several aspects of the franchise industry have been affected.

  3. Franchise Creator Still Operating Despite the numerous downturns of the economy from COVID-19, the franchising industry is till booming. Our refined and tech-based approach to franchising has given us the ability to facilitate the sale and development of franchises over the phone as well as video conferences. Since the nation-wide lockdown began in March, Franchise Creator is still successfully developing various businesses into franchises and have selling multiple franchise units!

  4. Franchisors Are Still Selling According to QSR Magazine, since March 2020, at least two-thirds of franchisors surveyed claimed to continue their efforts in franchise sales. While the global pandemic is still intimidating and paralyzing entrepreneurs from making substantial business decisions, the majority of franchisors have a bright outlook on the economy recovering from the shutdown. Their optimism is a huge factor in keeping the economy rolling by offering their services/products and keeping franchise locations staffed with employees.

  5. Franchises Are Safer to Invest In If you were considering to own a business before the pandemic began, there is now a greater reason to invest in a franchise over independently starting a business. In an era where business owners are forced to adapt to restrictions to continue operations, going into business by yourself carries far more risk than inheriting a solid and proven business model. Moreover, the expertise of franchisors and their ability to guide their franchisees through this pandemic means that there are fewer obstacles to overcome when investing in a franchise.

  6. Diversify Your Franchising Portfolio Your entrepreneurial portfolio should always be as diverse as possible, but in this context, simply owning multiple locations of the same franchise won’t cut it. Now, entrepreneurs in franchising should (if they haven’t already!) consider opening franchises across multiple states!

  7. Restaurant Adaptations Restaurants have been the most among the top businesses that have been severely affected by the COVID-19 pandemic, with statistics showing that the restaurant industry might lose out on $240 billion by the end of 2020. The strongest ways to combat these losses is for restaurants to adapt several business models into their concept: primarily deliveries and to-go orders – commonly known now as curbside pickup. According to SevenRooms, approximately 92% of restaurant traffic is now delivery. By facilitating first-and-third-party delivery services, restaurant franchises can stay in business while reducing the overhead that comes with staffing hosts and servers.

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