Be money-wise during the pandemic: Tips for Starting a Franchise Business During the New Normal
The pandemic has opened the eyes of many people on the importance of saving and investing. For certain business-savvy, determined individuals, it is also a good time to start one’s own business, or get into a small franchising venture. Visionary Filipino franchisors can be seen in various webinars and social networking sites recounting how they adapted during the initial stages of the pandemic, and what it takes to start a small business, beginning with learning the ropes on how to open a franchise venture.
Starting a franchise during a pandemic economy is not for the faint-hearted. At a time when numerous businesses have collapsed, it is the brave, hardworking, and determined individuals who carry on with tasks and sustain their dream business to generate a steady income, not just for themselves but for their families and the community where they operate.
Helpful Traits & Skills When Running Startup Franchises
Way before the pandemic, one reason franchises have become so popular is that this arrangement provides the franchisee with a tried-and-tested business model. A customer base and brand are already in place. Yet there are traits needed to sustain even a small franchise business. Resourcefulness, the innovation-oriented mindset, and a hands-on approach were the key characteristics that helped business owner Carol Astoriano of Makisushi Japanese Restaurant weather the pandemic-induced challenges.
Logical reasoning, creativity, ability to communicate with people are but some of the traits and skills that will also come in handy, if you are gearing to run a top business franchise venture. Whether you will be working from a remote location or bracing to run a small franchise outlet in the middle of your neighborhood, thinking out of the box, and also using modern tech trends, can be helpful.
Consumer habits, Ms. Astoriano realized, have changed during the pandemic era, so she had to adapt and see how her product offerings fit into customers’ current lifestyle and tastes. She came up with value meals, and also tapped the online food delivery marketplace. There are lots of great franchise ideas out there, but it takes pluck to dive in and know first-hand how to open a franchise venture. Here are some tips that franchiser or franchisor, or people behind the most successful franchises, advise:
Tip #1: When starting a franchise in a pandemic economy, zero in on what the community needs, rather than what you just want. While it makes much sense to pursue your passion, anchoring a business on what is bound to do well during both good and bad economic times is best.
Tip #2: Do not be afraid to start small and seek help when the need arises. There are associations where startup franchise operators can glean best practices and pointers from seasoned entrepreneurs as well as franchise consultants. The franchisor or franchiser is oftentimes also an excellent source of advice.
One of the most important features of the franchise contract is the provision related to the franchisor support. You see, a strong franchisor leadership is crucial, not only in the initial stages of starting a franchise business, but also in developing and executing a COVID-19 response plan.
It can be noted that the companies that will likely thrive in the new normal are those that meet customers at the points where they want to be met – in-store or curbside (depending on community quarantine directives), online ordering with digital payment options, and so on. During the pandemic, a number of Filipino franchisors devised new business formats. An example is PICKupSTICKS, a franchise venture noted for its grilled food, silog meals, and vacuum-packed goodies. It came up with the cloud kitchen, which does not necessitate operating in a high-traffic location. The business can be run from home, and costs less than a bistro or kiosk.
Tip #3 is to determine a budget and take all immediate franchising expenses into account. Essential expenses need to be factored in. For added funds to jumpstart the business, turn to trusted lenders like Blend.ph, a peer-to-peer funding platform that can provide loan assistance for startup franchises.
Food franchisors like sisters Jo Marie Tagle and Toni Rose Tagle of Lucky Cup Beverage Trading use the leading social networking site to inform the public not only about their delicious product offerings but also the affordable franchise business they offer. Hence aspiring franchisees are able to know a lot about the company’s franchising packages at a glance. Indeed, top franchises 2020 up to the present are those falling under the food sector.
Top Franchising Opportunities
Besides food, the top choices or best franchises to open in the new normal are cleaning services. A growth boom in the commercial/residential cleaning industry occurred. Private tutoring or education franchises have also capitalized on pandemic changes and consumer requirements. So have wellness sites.
Among the top franchises in the US that operate in the Philippine marketplace are the convenience store chain 7-11; delivery-focused pizza chains like Domino’s; plus other established names that have invested on safety and hygiene, making their many customers at ease.
When mulling over the best franchises to own, consider those that you can manage to run at your own pace, and see if the franchisor can extend the support and flexibility you may be looking for.
Tip #4: Gravitate towards the most viable option during pandemic times, particularly one considered an essential business.
Tip #5: Check out alternative financing when starting a franchise venture. Rather than enduring long queues at the bank or straining relations with friends when seeking a loan, go for alternative financing. Blend.ph offers alternative financing to small entrepreneurs seeking to translate their dream business to reality. Simply go online, check out the FAQs about the BlendPH franchise loan at https://blend.ph/franchise-loan/, and create an account. The BlendPH team, through its platform, processes applications by validating and verifying all submitted information and requirements. Once verified, the loan application will be endorsed to partner-lenders.
You only live once. The best time to enjoy your youth is at the ripe age of 20. Today is the...
Four Sisters Frozen Goods partners with BlendPH, an online loan agency, to offer franchisees and...
Managing debts, whether in small or large quantities, is difficult. It is a burden that others try...
Launch Your Business With the growth and propagation of continuously competing enterprises, it has...
SUMMARY: There are many ways how to improve credit score. The first is knowing your credit and...
Expanding a business is something that most entrepreneurs aspire to do. There are also many...