Right now is one of the best times in history to start a business. Yes, really. We’re not just blowing smoke, either. Sure it’s easy to look at widespread panic and think, “No way, now is not the time.” After all, there is a global pandemic taking place on a scale that has not been seen for over 100 years. But there’s a method to our madness. It’s all too easy for folks to read a few news headlines and run for the hills, let alone even consider opening a franchise. But business education goes so much deeper than that. With changing interest rates, and growing programs that are opening in order to help small businesses, now more than ever compels us to consider the idea of franchise ownership and how it can be done in the status quo. And not only done, but done in a way that’s smart, effective, and that plans for ongoing growth through any situation.
By learning from current events and taking advantage of how the government is swinging available resources, franchise ownership is not only possible, it’s incredibly smart. Think about it: starting a new business is a way to provide a need to the public, to provide much needed jobs, and it helps you pump funds back into the local economy. All while you’re profiting as a franchisee.
First, let’s look at the factors available by way of funds.
Funding Your Franchise in a Worldwide Crisis
In order to purchase a franchise business, you can either use your own available dollars, or you can take out a loan. In many cases, this is one of the biggest factors holding back potential franchise owners. Starting a franchise, depending on the platform, can be expensive. There’s a location to rent and remodel or build, there’s inventory to be acquired, branding implemented, employees hired on, and more. It ads up. Yes those dollars will very quickly start to turn around, but when footing an initial bill from day one, it can come with an intimidating price tag.
That’s where funding comes in, of course. But the thought of paying back a load for years on end, too, can become intimidating.
But today, business loan rates are at all-time lows. They’re practically begging you to fill out some paperwork! Dollars are readily available for the borrowing, and interest rates are a mere blip on the radar. That means, for all who are considering borrowing to start their franchise location, now is likely the cheapest time to do so. Start your business without going in the hole, and keep it running without drowning in mounting interests rates.
To sum up: funding rates are on your side. Start your franchise without fear by taking advantage of these low numbers. There is no telling how long they will last, either, which is why now more than ever is an important time to hop on the franchise funding train.
Industrial Services, Yours for the Taking
Now it’s time to consider what services you’ll need in order to get your franchise business up and running. Once your location is secured, it’s time to prep it for your needs. That means contracting services such as concrete, drywall, plumbing, electricity, and more. With safe working standards (allowing everyone to keep a stark distance), each of these industries can complete jobs quickly and effectively. What’s more is that you can likely get them at a lowered rate. With a decline in remodel projects or home additions, contractors have seen their schedules open up in recent weeks, so negotiate a deal. Take advantage of their slow time by finding a schedule and a budget that meets your needs.
Not only will you be making progress on your franchise business, but you’ll be helping boost the economy in the process, too. Bolster a good deed while allowing your future franchise brand to grow forward.
Create the Narrative for Your Franchise Location
Now it’s time to look at what needs to be done, and when you’d like to complete it. You’re the business owner, so go out and make things happen. With fewer people taking advantage of logistical needs, you can make your way to the front of the line. File licenses, make phone calls, get insurance quotes, and more. While many businesses have their employees working from home, they certainly aren’t closed. Find what you need in order to make your business work and allow it to happen on a timeline that works for you and your franchise’s needs.
More than ever, it’s time to be an advocate for businesses and how they relate to consumer needs. Don’t get bogged down in process and red tape. Break through the paperwork chain and come out ahead as a successful, smart, and well-planned franchise owner. With smart planning and plenty of initiative, now is the perfect time to make that a reality.