We all know that this pandemic didn’t come bearing gifts. Instead, it came with every unimaginable sorrow known to man, death including. As a consequence, everything changed. The economy slumped, suffered a huge blow because of the pandemic. Many businesses shuttered. In fact, about 60% of businesses that closed during the pandemic are now permanently out of the picture.
Still, there’s a silver lining you should consider if you’re zeroing in on a business: franchising. Many are flourishing these days. Getting into one may be your best chance of getting back on your feet as an entrepreneur. Indeed, it’s fascinating how some well-known franchises are making massive profits despite the pandemic. Following their example could be well worth it.
Franchises Thriving despite COVID
It’s hard to believe, but some franchises are doing so well these days. Come to think of it. You’d be surprised to find out how much profit they’re making. Finding how they did it can be a lifesaver.
First on the list is 7-eleven. One of the biggest franchises that have over 71,100 stores in different parts of the world. No wonder you most likely would find a 7-eleven on every street. The good thing for them is that they acted fast when the pandemic started. They saw the importance of hiring extensively, and they did. They also paid close attention to hygiene, which paid off as well. With profits booming, they could invest in a chain of gas stations, paying about 21 billion dollars in cash.
Another franchise doing so well is ACE hardware. We all know that staying home and getting work done has caused many people to get hardware products. ACE hardware, for one, has over 5,000 stores around the world. And they have had a massive increase in profit since the pandemic started. In the first quarter of the year, reports showed they had a 4% increase in profits compared to last year.
The food sector is definitely not left out. Domino’s franchise is thriving. They have over 15,000 locations nationwide. And during this pandemic, they have proven to be very resilient. They adjusted well as to relating with customers and getting their deliveries safely. And thanks to contactless delivery, they have been able to make a handsome profit too.
How To Make The Most of Franchising These Days
Is going into franchising now a good idea? The numbers should make that obvious. There are so many things you can get from it.
So how do you make the most of franchising these days?
The first step here is finding out which franchise is for you. This would require a bit of online research. There are franchise portals, magazines, and other online resources to guide you. The important thing is making sure the franchise is relevant.
What does this mean? There are services that people still need in times like this. Which only means the franchise will keep making profits.
A good one to look into is a franchise for a printing company. For one, their profit numbers are amazing. Think about it. When businesses need all the signage they can get to attract customers, these printing companies never run out of business. And with that, your profit is bound to skyrocket as most have.
When you do find a good franchise, the next thing is funding. The good news is that funding this pandemic has become a bit easier. That’s all thanks to the SBA funding for businesses provided by the government. That certainly gives you a better chance of grabbing a good franchise.
One thing you should know is that in franchising, you are never alone. Many of the resources are already available, such as a well-known business name, legal backing, and even the format for running the business. And that’s why it’s a better option than starting on your own. You do away with all the guesswork. That can definitely up your success rate a hundredfold.