There’s no perfect time to have a baby. When it happens, it happens, and that makes it the right time. The same is true in business. There’s no perfect time to start a business or buy a franchise. One of the things I’m a big proponent of is that the best time 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. 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. In the US, the average recession lasts ten months, and in Canada, it lasts three to nine months. So during that time of practice, when you’re learning and you’re going through that learning curve, you and your team are developing a great foundation of skills… What happens next? When the uncertain economic times turn into growth times, 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.
The Best Times
What do most people do though? They wait for the economy to be certain again, to already have started its time of growth. They wait for a year or two until the growth cycle is already happening. 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 options to consider, and I hope to have the opportunity to help you consider your options. Book a call now.
Originally posted on LinkedIn
