Thinking About Buying A Franchise? What Are You Waiting For?

As many people have lost their jobs and are looking for new career paths, now is the time to consider going into business for yourself and taking control of your own destiny. So, what are you waiting for?

2020 was a rough year. Many businesses were forced to close their doors. Companies big and small had to make the tough decision to lay off employees, while carrying the concern of the health and safety of both their customers and their loved ones. What had the potential to be a great year quickly became confusing, heartbreaking, and difficult to navigate from business and personal perspectives.

For numerous working people, the pandemic encouraged them to reconsider their careers. There is still a great deal of uncertainty surrounding the future of corporate America: Will we return to the traditional workday, and when will that be? And, when we do, will the same jobs still exist? Those who were considering going into business for themselves paused to rethink their options and do their due diligence. They waited for the pandemic to end and for businesses to begin to recover.

Amid the challenges of the pandemic, the franchise industry didn’t waver. Instead, the industry adapted and doubled down on its commitment to its lifesource: the hardworking franchise owners. Franchisors played an integral role in keeping franchisees’ business operating, by implementing new procedures, in some cases reducing royalty payments, offering guidance on navigating PPP loans, and more.

Despite the challenges of 2020, the franchise industry is expected to outpace its predicted 2020 growth rate of 1.5%. Brands across the industry took out-of-the-box approaches to ensure they could continue to see success despite hardship. Restaurant concepts pivoted to take-out and delivery, and service brands found ways to meet the needs of their customers as safely as possible.

Now, as we embark on a year that should see a return to normalcy, it is time for those on the sidelines to ask themselves: “What am I waiting for?” Now might be the time to take the initiative to start your own business and begin controlling your own destiny. When considering franchising, one question people often forget to ask themselves—and it is an important one—if you are willing to work hard for someone else, why not work just as hard for yourself in a business that is entirely your own?

For many, the hesitation to take the leap stems from the fact that franchising is a career path that does not guarantee a paycheck. But with that in mind, it is important to remember that going into business for yourself takes a certain kind of commitment and adherence to a lifestyle change that has been exciting and rewarding for so many. Franchising offers you the blueprint you need to succeed as a business owner, provided you have the drive and the willingness to put in time, hard work and commitment toward the process.

If you have the financial capabilities and you come across a concept you are passionate about that fits what you are looking for in terms of time commitment and lifestyle, lean in to your intuition. Make the decision to get started. If you wait, the brand you have fallen in love with might sell out, and you will be left with a missed opportunity.

The future still holds a number of challenges for business owners across the country, but 2020 proved the durability and resilience of so many industries—home service, health and wellness, education and childcare, and more. These segments have come out of the gate as pandemic-proof leaders in the industry and continue to be viable, affordable business opportunities. So, as we get farther away from a tough year, we move forward into a new one. Continue to consider your next steps toward entrepreneurship and don’t wait.

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