BUSINESS ADVICE
Why NOW is the Best Time to Start a Franchise! by Faizun Kamal, Consultant, The Franchise Consulting Company
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tarting a business is tough in any climate. So why would anyone think about starting a business in the midst of a global pandemic? Over the past few months, I have seen many people become frozen with fear allowing uncertainty to rule their lives. I have also seen many others who are taking bold and calculated risks because they understand that fundamentally the bigger the disruption, the greater the potential opportunities that will arise from the disruption.
As a business owner myself, I understand that entrepreneurship encompasses two sides of the same coin: risk and reward. In many ways, entrepreneurship is a balancing act – containing and minimizing the risks while leveraging all of the possible rewards. And franchise ownership is unique in that through its proven business model, it reduces financial risk considerably while increasing the potential upside for its franchisees. It is a way to get into entrepreneurship with
minimal risk and greater efficiency. If you’ve ever thought about starting your own business, don’t shy away now. This may be the best time to start your own franchise. Here are some of the compelling reasons why my clients are deciding to begin their business now. “RECESSION PROOF” YOUR CAREER 40 million. That’s the number of people who have lost their jobs since the pandemic was declared on March 6. While the number itself is astounding, it masks the true toll of these numbers. For every person who lost their job, one family’s future was jeopardized. If this is you or you are in fear of getting laid off, this may be just the right time for you to start exploring business ownership. Don’t allow the vagaries of the economy or a virus dictate your future. As a franchisee, you own your own business and cannot be laid off or furloughed from it. USE YOUR TIME IN QUARANTINE WISELY As the world paused, many people also paused in their lives. They took a deep introspective look at their
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AUGUST 2020 | WWW.FRANCHISEJOURNAL.COM
