LESSONS ABOUT FRANCHISING FROM COVID-19

5 Things I want you to Learn about Franchising from COVID-19

 Everywhere in the world people are doing what they can to make a difference in this global situation. Doctor and nurses are on their front lines caring for the sick. Food banks and volunteers are on their front lines passing out food to those in need. Businesses offering essential services are on their front lines stocking shelves and organizing curbside pick-up, and franchisors are on their front lines commanding unprecedented leadership, adapting to the seemingly overnight changes in their businesses and working tirelessly to help their franchisees. On every front line, there will be tragedy, but there will also be triumph. On every front line, there will be countless stories that will become a part of our history. On every front line, there will be lessons learned that change the way we live, do business and prepare for the future. If experience is the greatest teacher, while we may wish we never had to learn these hard lessons, we certainly will be all the better for them if we really do learn from this time.

As business owners, what can we take from this experience that will better prepare us for the future? Here are 5 things that I want you to learn about franchising from Covid-19:

1.      The leadership of a franchise brand is the most important reason to invest in a franchise. When times are good, if you invested because of a widget, you may enjoy your business, but when times are hard, it is the people that you are invested with that will help you survive.

2.      The fellowship and camaraderie of a strong franchise system are fun and almost a bonus in a good time, but they are essential and the difference between success and failure in an uncertain time.

3.      In all times, good and bad, businesses (including franchisors and franchisees) need to be properly capitalized. Just like homeowners need a reserve fund to fall back on in case of an unexpected lay off or sickness, small businesses also need a reserve fund for unexpected circumstances that may make it harder than usual to make money.

4.      In good times and bad, people invest in franchises. Their reasons for investing and what they invest in may change, but they invest nonetheless.

5.      Business ownership is survival of the fittest. Don’t go it alone! Be in business for yourself but not by yourself. Partner with people who have weathered other storms, who have the confidence that can only come from experience. Walk in their shadows until you’re strong enough to stand alone.

I have been self-employed for 23 years. I have been an independent consultant with FranChoice for the last 18 years. I am 47 years old and completely unemployable! I will always own my own businesses. Before Covid-19, I was pretty sure I’d never start another business on my own. After Covid-19, I am 100% sure I will never go it alone in business ownership. I’m on the front lines of franchising every day. I talk to franchisors who tell me amazing stories of how their franchisees are rallying together and sharing best practices. I’m part of a franchise like company in FranChoice. We are attending twice weekly zoom meetings so we can see each other’s faces, feel the connection to our system and each other and share inspiring stories. If life is better when we are together so is business ownership. I am 100% sure there has never been a better time to say YES! to your business ownership dreams through franchising. Wait until you experience the leadership, hear the inspiring stories and see life as a franchise owner from the front lines.

God bless you. God bless America. God bless our World.