Franchising in a Franchise in Times of Crisis

Coronavirus, it is the word that we see and hear most often in these times of health crisis. Word, which we share with all the inhabitants of the planet. It talks about anxiety, fear, confinement, loneliness and uncertainty. But how do we deal with this uncertainty if we have plans to get started in the franchise business?

In the immediate future, some industry sectors have already been massively impacted: airlines industry, tourism and traveling, hotels, catering and the so-called cultural and recreational industry. Several leaders are tired and stressed and perhaps wonder if they will emerge unscathed from this financial crisis. A Quebec entrepreneur, Carl Breau, who has a business in China, assures us that the storm is coming to an end and that there is hope. “Over the weeks, the storm has lost its intensity, and things have gradually returned to normal. Today, we make “high five”, saying, we did it! “, He explains.[1]

“Never waste a good crisis”

Carl Breau suggests “never wasting a good crisis”! This principle inspired by the famous leader Winston Churchill who also applies to you, future franchise entrepreneur. It’s about adapting and changing the path to your ultimate dream of becoming your own boss!

This downtime is therefore an ideal time to revise your business plan and especially to refine it. Time in times of crisis therefore becomes an ally to deepen your values, your mission and your interests. FlagFranchise a free tool accessible to all potential franchisee candidates who would like to better target their ideal franchises model and learn about the possibilities available to them. An online questionnaire allows you to measure the available franchises that suit you best according to a group of 7 creteria!

“Prepare your franchise arrival”

The steps to acquire a franchise are numerous and no virus should stop the determination of a future entrepreneur who believes in his project. Several of these steps are still possible to pursue, thanks to video conferencing and other communication technologies. Your future franchisor has all the tools to guide you, meet you at a distance, give you training and help you without any direct contact. In addition, some funding could become even easier to obtain at this time, one must simply inquire. Why not take advantage of this storm to put on paper your ideas that could help in this kind of crisis? Each company most modify their way of doing things and some even had to review their mission in order to adapt to this new reality. Franchisors have reviewed their online services, their delivery process, how they reach their customers through promotions, etc. Ourselves, at FlagFranchise, have offered to all of our franchisor clients, during this unprecedented containment period requested by our government, a way to get in touch easily with their prospective candidates without meeting them in person. Hence, we have adapted our tool to make it easier for them. It goes without saying that all future entrepreneurs will have ideas to be well prepared in these types of situations and to no longer be caught off guard. 

“Winning business sectors in times of crisis”

Almost 2 billion people are confined around the world and this benefits certain sectors. If you want to embark on a franchise adventure that presents less risk of slowdown during such moments, here are some ideas for sectors:

  • Technology and technical support
  • Online business
  • Health, Pharmacy and mental health
  • Security services (police and fire)
  • Science and research
  • Food and meal delivery
  • Sanitary sector (disinfection companies, cleaning products, etc.)
  • Home improvement, renovation, DIY
  • Cybersecurity (telework brings several openings to phishing attacks)
  • Information media
  • Translation, linguistic service
  • Environment
  • Insurance
  • Physical conditioning (adapts well online)
  • Computer Programming
  • Computer science
  • Landscaping
  • Personal services

In short, as we have said, the storm will end and the economy will recover sooner or later. There are things to learn from what’s going on right now and it’s up to you as an entrepreneur to find what will be your new challenge, so that another crisis will never destabilize you.

Keep healthy, enjoy this pause in time and good thinking!

The FlagFranchise team

 

[1] https://www.lesaffaires.com/secteurs-d-activite/manufacturier/covid-19-accrochez-vous-c-est-fini-en-chine-dit-un-entrepreneur-quebecois/616596