6 Reasons to Buy a Franchise During Tough Times
Although the Covid-19 Pandemic has meant many businesses (ourselves included) are tightening our belts where we can, this is actually a really good time for budding entrepreneurs or those that have been considering buying a franchise to start seriously looking at opportunities.
I've been considering offering our Total Guide to franchise opportunity on franchise recruitment websites yet where we have been so busy, I didn't see it as a priority. However, although things are less than perfect at the moment, we do have time to work 'on' the business.
So why now?
Firstly, we're able to negotiate fantastic deals at present, as most are doing all they can to help and bring in business – and most importantly, a downturn is the best time to advertise and for you to buy a franchise!
Evidence from downturns and recessions prove that when times are tough, buying a franchise business is a good option. The majority of online and home-based franchises continue to perform well during testing times. (if you can add any survey or report which demonstrates that it’s good)
Budding entrepreneurs should seriously consider investing in their future at this crucial time for several reasons:
Many TGt customers don't see us as a luxury (which tend to be the first to go during a crisis). Although some are downsizing or even closed, many are diversifying and need to spread the word about their new offerings. Even the closed businesses are preparing for when they re-open and need to maintain their digital marketing so they don't lose their exposure and search engine rankings. Ultimately it’s far more expensive to adopt a stop start approach to digital marketing than to keep their profile consistent.
More Bang for Your Buck!
As part of a franchise, our clients have national buying power, giving them better value for money and our franchises are guaranteed revenue. When money is tight, customers appreciate that you can offer them more support and maximum exposure for less money than your competitors
Low cost to entry
You can start your business and begin to build from a very low set up fee (from £8,000+VAT for a TGt territory). This will allow you to start a business with a well-known or established brand name and a strong operating system. Plus, a lower start-up cost can help boost your profitability and ease pressure.
Cost of borrowing money is lower
The government and banks are doing all they can to help the economy at the moment and interest rates are at a record low.
Consider home-based franchises
Home-based franchises typically have lower franchise fees as well as lower start-up costs. These types of franchises also allow you to save on the overhead costs of real estate which can save you’re a huge bundle of money
You can build and manage your TGt business now with just you as the overhead and scale up when the situation turns around or when you are ready. The business can be scaled up or down according to your personal business and life goals