In the wake of the Coronavirus (COVID-19), conferences have been postponed, sporting events and concerts canceled, schools closing and tourist hot spots shutting down, experts recommend that even those who show no sign of illness should self-quarantine. But that leads to much lesser evils: boredom and anxiety. You might find yourself yearning for something to preoccupy your time and mind while stuck indoors.
Since more time at home is inevitable, we encourage you to take advantage of this opportunity to really hone in on your due diligence. We at FranNet have compiled a list of some things that can help keep the ball rolling during this period of downtime. These resources are always available but, to help keep everyone safe, we encourage you to consider using them during this time.
- Stay educated! FranNet has all kinds of educational webinars on all kinds of franchise-related topics.
- Get your finances in place. Understand exactly how much money you have to invest and really dig into your due diligence. It was recently announced that the Small Business Administration (SBA) will have more funds to loan out. Interest rates are dropping as a reaction to the crisis, potentially offering you an opportunity to lock in a rate you couldn’t get even a week ago!
- Use the time to review the FDDs in detail. Now more than ever, it’s important that you have a more thorough understanding of them.
- Keep talking to franchisees in the systems that you are researching. Given the circumstances, I encourage you to see if they can meet virtually.
- Stay in good contact with the franchisors that you are having discussions with. They have been through times like this in the past and can guide you through it. It is actually a good time to test out the franchisors you are researching to see what plans they have for times like these.
- As you compile questions to ask a franchisor, you now have one to add: “What steps are you taking as a reaction to the coronavirus outbreak?” Frame subsequent questions to correlate with the types of brands you’re talking to. Here are a few to give you an idea:
- Are tutoring franchises able to conduct online sessions?
- What additional precautions are companies in the in-home senior care sector taking? Is there a higher demand? Is it hard to find nurses?
- The food industry may be hit hard. Is the establishment you are speaking with able to ramp up delivery services?
- Read a book! Not just any book. A book aimed at assisting people in your shoes. I recommend starting with this free ebook copy of More Than Just French Fries.
As always, thank you for being a valued client and for your continued trust as we manage through this time together.