Franchises are not a new concept and the entire franchise industry has survived many economic recessions. This industry has proved itself to be resilient. In fact, some franchises in the restaurant industry are already back at pre-COVID levels of operations. Other experts have predicted that the next year will see big booms in the franchising industry because of three factors: high levels of unemployment, low interest rates, and ten years between major recessions—which means more people have access to savings. This combination could lead to unprecedented franchise industry growth.
New Ways to Do Business
We’ve all become more dependent on technology due to the pandemic whether it’s Zoom calls with colleagues, FaceTime chats with loved ones or the convenience provided by apps that allow us to remotely order everything we need. Technology has also positioned franchises to thrive in 2021 because upgrading tech wasn’t an option in 2020—it was a necessity.
Even legacy franchise concepts have made huge strides in adopting the technologies that will keep them relevant into 2021 and beyond. When you are considering franchise opportunities, be sure to ask your franchise development representative about the ways their franchises use technology to connect with customers and make operations run smoothly.
You Can Franchise From Home
2020 proved that working from home can be a crucial aspect of running a business. As you consider franchising in 2021, be sure to consider franchise opportunities that allow you to build your business from home. America’s Best Franchises has dozens of home-based franchises for you to choose from. Franchising from home is one way to build your own legacy without fear of stay-at-home orders or statewide shutdowns. Thanks to the possibility of franchising from home, the franchise industry is ready to thrive in 2021 making now a great time to start your entrepreneurial journey.
An Influx of Young Entrepreneurs
The job market is tough right now, thanks to the economic recession caused by the COVID-19 pandemic. With job hunting being so difficult, entrepreneurship has become a more attractive option. Young entrepreneurs can turn to franchising to build their own legacy while still having the support of an established brand. With low interest rates, young entrepreneurs also have a better shot at receiving the funding needed to start a franchise business.
The energy provided by young entrepreneurs will not only boost the entire franchise industry, but it will also provide an influx of new ideas that will help franchisors adapt to the modern consumer landscape.