My answer is maybe. I don’t think there is one answer for every single person. However, I do believe there are a few things that you should consider.
The most important question to ask yourself right now is, how do you react in uncertain times? Becoming a business owner in uncertain times requires a certain amount of self-confidence, strength, and resilience. It’s not for everyone! And that’s okay. Most incredibly successful people started their businesses in recessions or times of uncertainty. This is the time you will need to rely on yourself and being innovative and creative. For those who can stay calm during the chaos, the future is bright!
Before you say yes or no to franchise ownership right now, here are five things to consider:
- Is your business model in an industry that will still be needed if times get difficult? There are so many industries that will remain strong, and some that will have their best years ever.
- Even businesses that may not seem recession-resistant to most may still have growth or stay steady. Think of your customers and how they value their time and money. Remember to calculate how many customers you need to be profitable. You don’t need every person; you need enough market share to hit your goals.
- Does your franchisor have strong marketing programs? Also, do you believe they will be innovative & creative during tough times? Many franchisors have survived all types of markets and will continue to thrive. Make sure you believe in them!
- Can you continue to lead people and stay positive? Trying times require strength, leadership, and compassion. Your customers & employees need people who will be honest, positive, and resilient. Calm is the new superpower!
- This is a time of uncertainty, and many fear the future. It’s also a time for growth. Growth requires being uncomfortable and the ability to keep going. If you keep going, even when you’re scared, you will be able to develop the strength and the confidence to know that you will thrive in whatever life throws your way.
We don’t develop strength when times are easy!
I am choosing to stay positive, stay grateful, and doing my best to be calm in these crazy times. We have made it through 100% of our bad days, and we are still here. And we are strong and united.
I believe in all of you!
