Has the Covid-19 pandemic reminded us of any fundamental best practices beyond “wash your hands”? Indeed it has, and I have an important one for you this month!
People searching for a business ownership investment who have been focusing on essential business are taking to heart the adage “do your homework!” By creating a checklist of the supply and demand fundamentals of the industry, and the underlying need of the specific business solution you are interested in… you will find an answer to the “essential” question.
A recent Forbes article suggested this: find an industry with decades of historical supply and demand and then look for a company that has added state-of-the-art technology to the problem/solution being offered to today’s customer. This sound strategy is a formula for finding a winning business investment that will provide decades of revenue and reward.
A great resource for making an informed business decision on any franchise is to research the trade associations of their industry. As a vocal advocate for the franchising model, and you are on this distribution list because you are considering franchise ownership, I recommend that you spend some time at www.franchise.org. The franchise industry is projected to contribute $494 billion to U.S. GDP in 2020, with over 785,000 establishments, employing over 8.67 million people. Franchising is big business!
While local, state and national government officials struggle to define exactly what an “essential business” is for pandemic purposes, you won’t have to struggle to understand the definition of “essential” if you do your homework and check the underlying supply and demand factors when deciding to become a small business owner. If you want to know more about essential franchises, click here to schedule a conversation with me.