Back in March, as the pandemic began its rapid spread across the U.S., shelter-in-place and stay-at-home orders were issued. And a new term entered our lexicon—essential businesses. In essence, these establishments were duty-bound to remain in operation due to their importance in keeping society functioning. Grocery stores couldn’t just close up. Nor healthcare providers and first responders. Just the same, even the practice of cybersecurity was deemed necessary for the general public’s safety.
In the world of franchising, essential businesses received a boost in interest from candidates looking for opportunities to own an operation that sells a product or provides a service that would always be in demand. Our industry then coined these concepts as “essential franchises”.
What type of businesses were included under this new definition? Quite frankly, many of the most popular franchise operations during more normal times. Any type of home-based service business that provides consumers with a variety of skilled trade services is a perfect example. Franchises in the following categories meet the threshold of essential businesses:
- Property management
- Plumbing/HVAC/electrical services
- Automotive repair
- Laundry/dry cleaning
- Residential cleaning
- Pest control
- Senior care
In the franchising world, we’ve always had a similar term for these concepts—recession-resistant. In the franchise investigation process, many of my candidates seek concepts whose product or service is considered recession-resistant. They want to own a business that can weather and withstand tough economic times. Take, for instance, hair care. Even during a recession, you can’t just decide to skip this vital grooming service to go native!
An essential franchise is one that provides a need, not a want. And the conditions brought about by the global pandemic have certainly led to increased interest in finding a concept that meets an essential need of consumers. If you’ve been considering an entrepreneurial path to business ownership of your own, this is the perfect time to investigate the power of an essential franchise.
FranNet of Dallas-Fort Worth can discuss several franchise concepts that meet the definition. If you believe the timing is right, schedule a no-cost, no-obligation meeting and together we’ll find the essential franchise that best matches up with your skills and lifestyle goals.
About the Author
Sara Waskow is the Dallas-Fort Worth Market President for FranNet, the nation’s leading franchise consultancy. She’s a career transition specialist whose no-cost, no-obligation expertise matches individuals to business opportunities that best fit their unique goals and talents. Sara is a member of Success North Dallas, the Southlake and Grapevine Chambers of Commerce, and the Cowtown Executives Association. She graduated from Texas A&M University and has lived in the DFW area for over 30 years. She can be reached at: firstname.lastname@example.org.