How Will Coronavirus (COVID-19) Affect Your Franchise Search?

Many FranNet clients have expressed that they want to keep the focus and use this time productively as the Coronavirus (COVID-19) pandemic will eventually pass. As a 30+ year old franchise consulting firm, FranNet has seen situations like this actually become a true benefit to our clients as long as they stay focused on their long term goal.  

Believe it or not, many things are in your favor now — interest rates are low, landlords are becoming more flexible, and your overall resilience to bounce back when we eventually emerge from this crisis. In short, what is happening can actually be beneficial to you in many ways so long as you keep your head in the game. 

There are lots of ways that you can keep the momentum going over the next few weeks. We’ve compiled some of our top suggestions:

  • Hold virtual meetings as much as possible. While most of us are hunkered down at home, it is always good to see other people for live interaction. Local FranNet consultants are happy to hold any calls via online conferencing.
  • Expect franchisors to hold virtual discovery days. Remember that this is a key part of the process, so still plan on it eventually happening down the road.
  • For clients that are very close to making a final franchise purchase decision: Do not let the fear take away from your future.  Talk to the franchisors about any pre-training that you can do prior to actual training. Ask about what steps can you take to be ready to take the most advantage of your new business as soon as the crisis is past. 
  • Don’t be left behind playing catch up.  We are seeing franchisors continue with their training dates, but on a virtual basis.  We are also seeing franchisors allow clients to put down good faith deposits to hold desired territories.

Once the global panic has ebbed and begins to subside, people will be anxious to get back to normal and ride the wave up.  Will you be ready to create your new “normal”?

Mar 19, 2020