Factors To Consider Before Buying A Franchise In A Post-Covid World

For the most part, the immediate threat of COVID-19 is dying down. While nations across the world still have lockdowns and restrictions in place, the vast majority of countries are in the midst of de-escalating and loosening restrictions. While we are far from going back to the pre-pandemic norm, we can at least see people leaving their homes and returning to work.

- Jordan Low

The “new normal” we are returning to is very different than the previous norm. Hygiene and contactless interaction is on the rise and cashless payments are seeing increased usage. Brick & mortar retail was already seeing a dip in traffic due to e-commerce, and the pandemic has only served to worsen this draught of consumers.

As we mentioned in the previous issue of SME, now may not necessarily be the best time to purchase a franchise, with the economy being in the poor state it is. However, the reality is that the only way to get businesses back on their feet is to stimulate the economy and get people spending once more. Fortunately, there are a number of sectors and industries that are still able to thrive in today’s hostile business climate.

In this edition of SME, we will be reviewing a number of factors that prospective franchisees should consider before they go out to buy into a franchise in a post-COVID world.

CONSIDER WHAT YOU ARE LEAVING Are you quitting another job to buy this franchise? How did that job provide for you during the quarantine? What benefits are you leaving behind? As we have already mentioned, the global economy is not in a great place right now. Buying into a franchise right now can lead to great success, but it will take a lot of hard work and perseverance. Be absolutely sure that you will be up for the task. Above all else, stay objective. Do not buy a franchise to make yourself feel better. Buy it because it’s a smart decision made with logic and clarity.