Is Now a Good Time to Seek Franchise Business Opportunities in the US?

2020 witnessed one of the worst health and economic crises in human history. The COVID-19 pandemic has dealt a severe blow to the world’s major economies, including America. As we rise and move forward, re-building our way through the devastation amidst the vaccination drive, there is an urgent need to stimulate the economy. Having faced the impact of sudden unemployment, people are losing their reliance on 9-to-5 jobs. There is an increasing inclination among people towards starting a business, and what better way to achieve that than by exploring franchise business opportunities in the US?

 

However, the question remains, is now a good time to buy a franchise business? Will that generate sufficient profit for the franchisee? We will seek the answers to these queries in the blog below. 

 

Pandemic Impact on the Franchise Industry

None of us are oblivious to the loss in businesses and lives that COVID has left in its wake. The latest data shows that, in the USA alone, more than 200,000 businesses (besides the usual 8% closures recorded each year) closed doors permanently. Surprisingly enough, even in the face of such adversity, the franchise industry was able to remain afloat with most of its establishments able to generate decent revenue. This further attests to the robustness of the franchise business model in present times.

 

It’s not just the best franchise business brands with a multi-national presence that we are referring to here. Even the smaller local brands were able to continue the business, with some even generating significant profit along with franchise expansion, according to market reports.

 

Experts have cited similar trends were visible during the recession of 2008. On losing their jobs, people are pushed to stretch their limits and become the masters of their fate, instead of depending on a regular paycheck that does not offer security when needed. Following similar patterns, after the harrowing experience of 2020, many are considering becoming franchise owners.

 

Benefits of Franchising Amidst Economic Crisis

Let’s further assess whether it is a good time to seek out the top franchises to buy in the USA, by listing the benefits.

• It allows you to become your own boss and be more self-reliant thandepending on the paychecks of a 9-to-5 job.
• One of the many benefits of franchising is that the risk is much less than establishing or running a stand-alone business.
• It is easier to get a loan from a bank, which otherwise is next to impossible during an economic crisis. 
  

The franchises that have survived and thrived, generating profits in the last year, are the ones that were fast to make constructive changes in their infrastructure staying at par with the needs of the pandemic-induced new normal. These are signs of resilience and futuristic thinking that make it worthy of investment.

 

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