How Has COVID-19 Pandemic Affected Franchising?

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How Has COVID-19 Pandemic Affected Franchising?
Presented By
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Impact of COVID-19
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.
Lets explore how several aspects of the
franchise industry have been affected.
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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!
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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.
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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.
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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 wont cut it. Now, entrepreneurs in
franchising should (if they havent already!)
consider opening franchises across multiple
states!
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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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Contact Franchise Creator
Are you planning to franchise your business?
Franchise Creator can convert your local business
into a franchised brand ready for expansion
globally. Business Emailinfo_at_franchisecreator.c
om Phone [phone] Fax (786)
477-6133 Website https//franchisecreator.com/