As states are opening up as COVID subsides, and the riots and looting have stopped in most places, we have greater personal freedom and confidence to venture out and interact. During lock-down, with periods of great inactivity, potential business owners spent a lot of time on the internet researching Plan B. Plan B was defined by key-word searches for Business Ownership, Franchise Ownership, Starting A Business. Initially there was a lot of caution, but there is a huge increase in “taking control” right now!
Franchise companies have demonstrated their ability to pivot, by creating innovative solutions for their franchise owners to satisfy consumer demand while addressing concern over infection/exposure. There’s nothing like a Pandemic to challenge the old way of doing things and create new-and-improved adaptations. The reality is that Franchise Companies are doing a much better job of identifying and migrating into the “new normal” than entrepreneurs can. The reason for that is INFRASTRUCTURE.
THE DIFFERENCE BETWEEN GOING SOLO AND ALIGNING WITH A WINNING TEAM
Being an entrepreneur is exciting as you forge a path in a new direction, but it takes a toll you. You have to handle all aspects of your business in the beginning, and react to bad news, plug the holes, find more suppliers or new customers, and adapt at every turning point just how you do business. I work with a lot of these entrepreneurs through my Angel Investment Portfolio, and they can tell you the challenges their businesses face today. Just three months ago, the economy was showing no sign of slowing down. All business owners are trying to pivot into something that withstands COVID19. This is a world-wide challenge, and I am sorry to see my solo friends struggling.
On the flip side, solid franchise concepts have a leadership team in place to assure that each and every franchise owner receives innovative solutions, remains viable, understands new delivery methods and tests new revenue streams, and doesn’t have to do it all him/herself. There is a fabric, a network of owners, some who are experiencing exactly the same thing, and others who seem insulated. They have the benefit of sharing their experiences, asking each other for best practices, maintaining a quality experience for consumers of that brand.
There are a lot of uncertainties, but what most business owners want to be sure about is that they will survive and thrive. That their business is recession-resistant, or perhaps deemed to be an “essential” product or service. Franchising is full of essential businesses, but how do you find them? Leverage the experience of someone like me, with 30 years of investing and business success. What’s more, I am not talking about food!
SO WHAT IS GOING TO STAND THE TEST OF TIME?
Essential is anything that must be done, or there will be dire consequences. Think about your home, yard, and car, then add Mother Nature and Human Forgetfulness (and your home-owner’s policy): physical damage from storms, water leaks, HVAC that doesn’t work, locks that need to be unlocked. These are B2C (Business to Consumer) services, and every home owner knows they need these services. But equally essential are B2B (Business to Business) services that enable a small business to be recognized, liked, followed. Services like marketing, social media messaging, back-office support… anything that allows the business owner to focus on the business, not just IN the business.
Everyday that we live with COVID19, reengagement brings new opportunities to be part of the rebuilding of our economy. Consumers are spending money, and consumers are demanding better options to protect their health. Wouldn’t it be fun to be a successful business owner, starting now?