Franchising in a Post-Pandemic World
2020 has not been our year. For any of us really. We are seeing businesses close left and right, and it really is daunting.
You may be scared away from starting a business at the moment, and that is completely understandable. But what if starting a business is your only option? Or your only good option? Which direction should you take during COVID-19 and beyond?
2020 has led us to the discovery of what we now know are essential services. These as you likely know are services that must continue to, well, be served pandemic or no pandemic. In other words, working in an industry that cannot be turned off or replaced is a pretty great strategy to avoid being blindsided by a virus.
Essential services include:
- Grocery
- Auto Repair
- Lawn Care
- Medical
- Energy
- Water and Wastewater
- Financial services
- Justice Sector
- Lawn enforcement, public safety and first responders
- Transportation and logistics
And the list goes on….
So if you want to start a business that will continue to rise when everything falls, going with a franchise in one of the above industries may help you on your path to success.
If you do make that decision, here are the steps to open a franchise.
Automotive Franchises
On the automotive side, you have Tint World, Fibrenew, AAMCO, NOVUS Glass, and many more. These are franchises that would likely continue to operate even during COVID-19.
Medical Franchises
You have quite a few to choose from in the medical industry, including HomeWatch CareGivers, Fastest Labs, NuSpine, My Eyelab, Nurse Next Door, and many more. The medical industry must continue on even in the worst of times. Of course there are always other factors you must consider, such as your interests and skillset. If you’ve never worked in the medical industry, it will add to the amount of work you must do to be successful.
Financial Franchises
You have nearly endless options in the Financial Services industry, including Liberty Tax Service, Global Financial Training Program, Paramount Tax, Schooley Mitchell, G.I. Tax and many more. Speaking as a member of the financial services industry, the margins can be exceptionally high (50-70% net) which you just don’t get in many industries. Other industries, such as lawn care, require you to spend a lot of money on labor and materials, whereas you can run and operate a financial services franchise as a single individual. Lawn care franchises see between 10-20% net margin, and that’s if they can hit their volume targets. Of course, experience and interests are a factor and looking at numbers all day is not for everyone.
Lawn Care Franchises
Speaking of lawn care, you have many options including The Grounds Guys, Conserva Irrigation, Lawn Doctor and many more. As I mentioned, margins here can be tight but if you can get enough trucks and installers working at full capacity, you can do extremely well.
Again, 2020 is not the year we had all hoped it would be, and that can weigh heavily on your decision to start a business. If buying a franchise is the direction you decide to go, then go with a franchise that will likely weather the storm of COVID-19.
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