In this latest episode, we delve deep into the challenges and opportunities of franchise ownership amid economic uncertainties. You'll gain insightful perspectives and valuable advice as an aspiring business owner considering franchising during volatile economic times.
Key Points:
- Current Economic Climate: The world is experiencing significant economic shifts, marked by job layoffs and a general sense of crisis, prompting many to reassess their career paths towards more secure and autonomous options like franchising.
- Is It the Right Time?: While the economic news might seem daunting, we argue that there's never a perfect time to start a business. Stacey and Dave emphasize long-term investment and adapting to economic cycles, pointing out that some of the most successful companies were launched during downturns.
- Franchise Industry Growth: Despite economic turbulence, the franchise sector continues to thrive, growing at a rate of 13.7% over the past five years with projections of steady growth in the coming years. Franchises offer a proven system with robust support structures, making them a viable option even in tough economic times.
- Choosing the Right Franchise: Not all franchises are created equal, especially in an unstable economy. We recommend need-based franchises (e.g., senior care, home services) that tend to perform well regardless of economic conditions, avoiding more volatile sectors like food and beverage.
- Franchise Benefits: Franchises provide the benefit of being in business for yourself but not by yourself, offering support, negotiated rates, and a community of fellow franchisees to brainstorm solutions during challenging times.
- Marketing in Downturns: We highlight the importance of marketing during economic downturns when many cut back on their marketing budgets. Investing in marketing during these times can position a franchise to be a market leader when the economy rebounds.
This episode offers a blend of personal experience, statistical insights, and strategic advice, making it a must-listen for anyone considering franchise ownership in today's unpredictable economic landscape.
If you need assistance to help you acquire a the perfect franchise, please reach out.
What's Your Next? - Podcast
 | Author BioI’m Stacey Riska aka “Small Business Stacey”, your franchise placement specialist. I help aspiring business owners find the PERFECT franchise so they can get to the next level in life and business. |
