Choosing a profitable franchise When thinking...
As an incoming or prospective Canadian franchisee, the pandemic may have rocked your confidence. That is understandable; this global event has put everyone in situations they have never experienced before. However, it's important to note that many franchises were able to survive and thrive in the height of uncertainty, and they did so largely by learning from the new lessons they were receiving during this unprecedented time in modern history.
Crises can - and do - happen
No one planned for a pandemic, and it is likely that all the sudden closures and orders to stay at home showed you just how unprepared you were for a crisis. Take the time now to review and improve your communications system, draft a security plan and make backup plans. Test those plans now, before you need to use them.
Flexibility is required
Don't let yourself get boxed in. During the height of the pandemic, the franchisees that did the best were the ones who could deliver their services and goods in different ways quickly. From virtual service options to delivery and no-contact pickup, franchisees changed and expanded how they operated to generate new revenue streams delivered in different ways than before.
Franchises are a part of the local community
When small businesses, like local franchise locations, were under stress, local communities came together to support those businesses and their employees. This community connection must be fostered. When you help others, they will be there to help you when you need it.
Employee sick days are important
Allowing time off for your sick employees is crucial. We have learned that sick people must not go into work the hard way during the pandemic.
Smart tech investments will pay off
The advance in technology use during the pandemic was incredible. Some businesses - including some franchise brands - were left behind as their competition shifted their operations and management. Being prepared for the future means ensuring your franchise can service customers with mobile tech.
A home-based franchise can thrive in tough times
People with home-based franchises were largely able to carry on with their business within the pandemic guidelines at the time. Future franchisees are likely to weigh location more heavily now than before as they consider which industry they want to own a business in.
As you search for your new franchise business, keep the lessons learned during this pandemic in mind. You never know when the next crisis will be, and you'll want to join a brand that is positioning its franchisees to weather the unexpected.