Franchise Ownership Amidst Our Uncertain Economy: Things to Consider

There’s no perfect time to start a business or buy a franchise, and in our current uncertain economic landscape, many people are thinking that they should hold off until things improve. Well, I believe they may be missing out on some great opportunities. I’m a big proponent that one of the best times to buy a franchise is during uncertain economic times.

Uncertain Times

You might be thinking, what the heck are you smoking, Gary? Well, here are some things that I know to be a reality. 

1. In the US, the average recession lasts ten months, and in Canada, it lasts three to nine months, while strong economic cycles historically last for longer than 7 years.
2. When you start a business in uncertain economic times, it is going to be harder. It is going to be difficult for you to find customers, and you are going to have to pay much more attention to mastering the business processes. You are going to be more attentive with hiring and training your staff. You are going to be more attentive to getting customers and delivering awesome client experiences. And while you are learning and focusing on all of that, you’ll also be learning how to run a good business. 
3. During that time of “practice”, when you’re climbing that learning curve, you and your team are building developing a great foundation of skills… What happens next? 
4. When the uncertain economic times turn into growth times (historically, less than one year), you are going to be right at the very front of that growth curve, and you are going to be able to take full advantage of that and ride that growth wave through the entire growth cycle, which lasts for years!

The Best Times

What do most people do though? They wait for the economy to be certain again, to already have progressed into the next growth cycle. They wait for a year or two until the growth cycle is already well-entrenched. Then start looking for a franchise, and it might take them three to six months to research the franchise, another three to six months, sometimes even a year or longer, to open it. Those people are missing a year to three years of the growth curve! That is why I say starting a business during uncertain economic times is the best time. 

There are lots of different franchise options to consider. If you are curious about exploring franchise options that thrive even during our current economic climate, let’s have a discussion.

Book a call with me on Calendly.