While 2020 has been absolutely devastating for some franchise sectors, it is not all bad news. As the world transforms itself in preparation for the post pandemic new normal many business sectors have seen significant growth. Home Services, Elder Care and Cleaning Services have all seen significant growth in 2020 with excellent forecasts for 2021.
When looking for a franchise you should consider what the pandemic has done to change the way people look at life on a go forward basis. A significant number of workers will never transition back to the corporate office, instead opting to maintain their virtual/ home office environments. The elderly population has now become resistant to centers of care that put them at higher risk for the spread of infections in the future, again opting to receive care at home.
When looking for a business opportunity to take the place of your ex-corporate job, be sure to research these trends to ensure the franchise you select has a bright forecast for the future. Ask the Franchisor the hard questions.
- How was their business impacted by the pandemic?
- What do future trends look like for the business, post pandemic?
- What kind of support did they give their franchisees that were negatively impacted?
- How many franchisees left the business in 2020 and why?
When you are considering buying a franchise you need to understand the stability and integrity of your potential franchisor partner. Those franchises that are successful long term stand with their franchisees through the good times and the bad.