The COVID-19 pandemic has impacted each and every industry, and franchising is no different. The impact of the pandemic is huge, but not just in a negative way. Franchising has already seen many positives come out of the crisis. Many franchisers have innovated and discovered better ways of doing things. New concepts and ideas have emerged. All through the pandemic, franchisors have been going above and beyond to keep their franchise partners positive and afloat. Some have changed their business models and created new COVID-19-specific marketing initiatives. Many have had daily system-wide videos to encourage and update franchisees. There are other positive impacts of the pandemic on franchising which are discussed below:
Team Building: During this pandemic, all franchises have been turning to Google and Zoom Meetings to support each other. Seeing everybody together, even on a single screen, builds a sense of closeness, especially with many people working from home. With virtual happy hours and other ingenious themes, the business is using technology to connect with each other in a new and friendlier way.
Strong Sense of Community: In the meantime of this pandemic, everyone has seen an outburst of service and aid for frontline workers and local businesses. In the middle of this, food franchises have contributed and provided thousands of meals to hospital staff and other frontline workers. Other non-food franchise brands have supported these initiatives by making donations, donating gift cards from local businesses, and providing free services, such as delivery.
Improved Process of Sales: The COVID-19 case has prompted franchisers to find new ways to engage candidates. For the first time, tradeshows have gone virtual, and instead of bestowing behind a cubicle at expo centers, exhibitors are disclosing opportunities with franchise holders through live video and text chats.
Better Business Model: Many franchise brands have been obligated to change their models to keep their business running at the time of crisis. While doing such a thing, they have generated new revenue streams for the enduring time. For instance, food franchises are providing curbside pickup facility. Educational franchises have created online learning sessions for all quarantined kids. Many gyms and fitness centers are providing live-streaming workout sessions so that their members can still exercise from their homes and stay fit.
More Opportunities and Funding Options: If you are considering obtaining a franchise, then this could be a great time to take a loan for it. With the COVID-19 Aid, Relief, and Economic Security (CARES) Act signed, the SBA is controlling new loan programs, making it more straightforward and affordable to invest in a franchise business. Once the crisis will get over, you can smash the ground running with a new business and lending opportunity.
Overall, the franchising industry is helping its franchise holders in the current scenario of the pandemic. We hope that from the above article, it is clear how the COVID-19 case is having a positive impact on franchising.