A once-in-a-lifetime global pandemic touched every aspect of our lives and led to unemployment levels not seen in the past century. The economic crisis and a pandemic that is still a threat make it seem like the ideal time to buy a franchise, but there is another side to consider. The current economic conditions are like those that existed during the Great Recession. Franchise operations were able to weather the storm, likely due to their proven business model. Franchises are available in almost 100 different industries, and range from high-investment, site-sensitive, sales-driven business concepts to low buy-in, location-free, direct-sales operations.
Franchise brands adapted quickly to operating during a pandemic, and many still have tech-friendly upgrades in place. Over 100,000 restaurants in the U.S. went out of business in the past year, but people's appetite for dining out hasn't decreased. QSRs and other franchises should investigate their territorial options. Franchises in the home services, home improvement, flooring, décor, tree trimming, window washing, call centers and painting industries flourished under the pandemic's conditions.