Has the Covid-19 pandemic reminded us of any fundamental best practices beyond “wash your hands”?
Yes, it has. I’ve observed this recently with my candidates. People searching for a business investment have been reminded by the words “essential business” to do their homework and check the supply and demand fundamentals of the industry and the underlying need of the specific business solution they are interested in… to answer the “essential” question.
A recent Forbes article suggested to find an industry with decades of steady historical demand and then look for a company that has added state-of-the-art technology to the solution being offered to today’s customer. This is a formula for finding a winning business investment. A brand with a unique differentiation, whether through technology, customer experience or processes, applied to a fragmented, everyday business is a winning formula.
A great resource for making an informed business decision on any franchise is to research the trade associations of their industry. Since we are advocates for the franchising model, if you are considering franchise ownership, get foundational information on how franchising works 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 is an essential business 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 investigating becoming a small business owner. A large percentage of our franchise brands have been deemed essential and are thriving in the Covid-19 environment.
Learn more by scheduling your introductory call at www.calendly.com/dbusker.
FEATURED CONCEPT OF THE MONTH
- Industry size over $400 billion with decades of demand
- Trusted and respected household brand name
- 72% of US population within 15 minutes of a local store
- Free lead generation from local store and membership program
- Current business model grounded in high technology
- Recruiting and hiring platform for small number of W-2 employees
- Residential and commercial repeat customer base
Call or email me to discuss. I’ll run through a few basic steps with you to make sure you’re a fit and do territory checks.
David Busker is the Founder of FranchiseVision and a Franchise Consultant with FranChoice, the premier national network of franchise consultants. David helps candidates exploring franchise ownership to set their criteria and then matches them with the perfect franchise. You can learn more about David at FranChoice.
View the original article on LinkedIn.