The past two years have created an economic rollercoaster that caused professionals in all sectors of business to make one decision after another, most of them difficult. Small business owners decided to downsize, adapt, or close their doors. White- and blue-collar workers dealt with cuts in wages or hours, full layoffs, or position changes. Every aspect of business was affected, from staffing to operations to availability of financing. Nothing was easy.
The franchising industry certainly didn’t escape the turmoil, but as we find ourselves on what feels like the other, less obstructed side of the pandemic, it appears franchised businesses faired a bit better. The pandemic was a time for franchisors to lead, and franchise owners to lean in and allow themselves to be lead and supported by their franchise network, like never before.
This could be one of the reasons the franchise industry is booming post-pandemic, but there are others.
Finding the Weak Link
For franchisors, the pandemic shined a blaring spotlight on system weaknesses. This allowed franchise teams to take note, review their systems, adapt, and create stronger ones. Many independent businesses operate without systems. Often the only blueprint lies within the owner’s own mind, which we could argue, is much more difficult to scan, review, and problem solve. Also, some independent business owners felt isolated during the pandemic, scrambling for solutions to unprecedented circumstances.
Today, more businesses are making the choice to franchise. They see the benefit of creating a franchise system for training, operations, marketing, and more, so next time there’s a major financial crisis, they’ll be prepared with a strong franchise system and network in place, to help weather the storm.
Captain Your Own Ship
For non-business owners were shook up over the last two years, franchise ownership puts them in control of their own destiny. Professionals once grounded in the stability of their corporate jobs were left teetering on a quaking foundation. Companies with long histories of reliability and commitment to employees stunned workers with sudden moves.
Franchise ownership is a way for corporate refugees to take charge of their own professional lives. Being your own boss seems entirely more reliable than waiting to see what the C-suite is going to do, and the support of a franchise is appealing. Franchise ownership is a way for people to go into business for themselves, but never by themselves. For the financially qualified, joining an established brand brings that familiar feeling of stability, but ultimately gives them control over their own future.
The Inspiration of Opportunity
There’s a psychological shift in the air as well, a desire to move forward, get beyond, strive toward something bigger and better and to get clear of what we’ve all been through in our professional lives. The exploration of new opportunities fires up our entrepreneurial spirits. There’s nothing quite like the feeling that comes with due diligence, when exploring franchise opportunities. For the franchisor, it is exciting to see new faces, prospects for new territories, a shared enthusiasm for the brand. For the franchise candidate, it is inspiring to think of future possibilities; the stability, camaraderie, and potential, all made possible through franchise ownership. People are drawn toward opportunity. After two dark years, the pull is stronger than ever.
Whatever the reason, today is an excellent time to join the many who are considering franchising their existing business or exploring the possibility of franchise ownership. Either option bring with them the potential for a brighter future, and perhaps an easier ride when the next economic rollercoaster presents itself.