The franchise industry has been growing exponentially, as there are many new opportunities available as a result of Covid-19. Entrepreneurs used the upheaval of the pandemic to create new business models to cater to the needs of people stuck at home in the shutdown. And when the model works in one town, this is a good time to branch out into franchising and take the business model to another part of the country as well.
Innovations like mobile and delivery-only restaurant concepts are taking the country by storm. Because many people are not going to traditional sit-down restaurants as much, this is an excellent business opportunity. Additionally, because many people are doing home improvements while stuck at home, mobile home improvement franchises have also been emerging.
The rise in virtual work has left many office fronts sitting empty. This means that in most of the country, rental space is getting cheaper. Franchisors can get a space for their new business at a cheap rate, which helps the bottom line as they are trying to build the new company.
In addition to new franchises, there are some notable current franchises that have been doing well in the pandemic. Popeye’s and Domino’s pizza are flourishing, considering how many people want a take-out meal in these difficult times. School related franchises are also doing well, as the school situation across the country is difficult at best. Mathnasium, a private tutoring company, is getting a lot of business from people concerned their children are falling behind. And with all of the new safety regulations in place, franchises like Fastsigns are booming as retail establishments, restaurants, and schools clamor to follow regulations and create the necessary signage to keep people safe.
The growing franchise industry is important because it is an excellent time to get to work as a franchisor, to develop a concept and to market it to others. If you have ever had the interest in taking a chance on a business idea, now is the time. The pandemic has shaken up the snow globe of franchising, and with so many new businesses available, this is a great time to jump.
But as the old saying goes, if it’s worth doing, it’s worth doing right. If you want to make your franchise dreams a reality and jump on the bandwagon of the burgeoning franchising business, start with an experienced franchise lawyer who can help you lay the foundation for a successful franchise down the road. They can help you turn your business model into a workable business to start with, and that in turn can eventually be franchised across the country.