Buying a Franchise During the Coronavirus (COVID-19) Crisis

Every prospective franchise owner is asking the same thing in the wake of the coronavirus pandemic: “Is this a bad time to open a franchise business?”

The team here at FranNet always strives to not only be your consultant but your confidant. It’s important that we’re candid about the current circumstances not being the most ideal. The reality is that the economic landscape could affect the business you are researching. But remember – searching for an opportunity is not the same as committing to a purchase. We encourage you to continue our research journey and make sure that you are comfortable with the franchisor’s continuity plan in the wake of COVID-19.

Also, it’s important to keep in mind that there may be many businesses that aren’t affected at all. Mosquitos aren’t going away any time soon and repellant treatment will still be needed. Pools will soon be in use and will need maintenance. Home inspections will still need to happen. Children will still attend school (even if just virtually) and will need tutoring services. Life will eventually go on and business will bounce back.

This will pass – how long from now is anyone’s guess. Your goal of becoming a business owner will eventually come to fruition. You are in a powerful position because you can now ensure that your location launches at a time when this madness is behind us. More importantly though, after all of this subsides, you’ll know that the franchisor you decide to team up with can weather a storm of this magnitude. And possibly come out stronger from it.

We encourage you to please keep the questions coming. Our team is eager to assist you and address all of your concerns. Locate your local FranNet Consultant here to learn more.

Mar 19, 2020