Many professionals have been thinking about starting their entrepreneurial journey during the pandemic. Perhaps you have been let go from your job, or you simply want to secure your financial future for yourself and your family.
Either way, you think business ownership could be a good way to build a path to financial freedom while doing something you love.
Becoming a franchise owner is a popular and effective route to take when starting a business. It’s often said that franchisees are in business for themselves, but not by themselves, because they have the support of a proven franchise model behind them.
Franchising is certainly an attractive option, but is now the right time to pursue it? Here are five reasons why you should consider investing in a franchise in 2021.
1. Franchise rates are favorably low right now.
If you have good credit and sufficient assets, you can expect to get a good rate on the cost of franchise ownership right now. The U.S. Small Business Administration is committed to helping Americans pursue their entrepreneurial dreams through its Franchise Directory, and SBA-affiliated banks are eager to help aspiring business owners finance the cost.
[READ MORE: Government Resources for Small Business Owners]
2. There’s plenty of time to do research.
With travel restrictions, social distancing, and limited in-person business operations, you may find that you have more time on your hands. That extra time can be used to do extensive research on franchise ownership. Take the time to weigh the pros and cons of franchises you are interested in and connect virtually with other franchise owners to make a decision that is best for you.
3. You can get a great deal on real estate.
Conditions in the commercial real estate market are favorable for potential franchisees who need a location for their new venture. Businesses that have gone fully remote or shut down completely have gotten rid of their commercial leases, and as a result, there are plenty of vacancies and opportunities to get a great deal.
4. Owning a franchise creates employment opportunities.
More people have lost their jobs due to the pandemic than they did during the 2008 recession. Millions of people are still out of work. By owning a business such as a franchise, you can make a positive impact on a struggling job market.
5. Franchise ownership minimizes business risk.
Owning a franchise comes with less risk than building a new business from the ground up in large part due to three variables: brand recognition, collaboration, and a proven business model.
Brand recognition. Instead of having to come up with a company name and branding yourself, you’ll be able to benefit from brand recognition that consumers already know and trust.
Collaboration. Franchise models offer a collaborative network that connects franchise owners so they can support each other and work together. You’ll never be alone in your struggles as a business owner, because other franchisees are there to help you.
Proven business model. Franchises already have a business model in place that works which can help set your franchise up for success. Being a franchisee takes a lot of the guesswork out of launching and building your own business from the ground up.
Interested in franchise opportunities? Check out our Franchising page for more details on how to get started.
For more information and resources for aspiring solopreneurs and small business owners, head on over to www.mydreambridge.com.