Are we experiencing a recession, or not? You might have read mixed opinions on that topic. But at the very least, we know that the economy is less than ideal at the moment, and a recession is either underway or at least threatening us. You might think this is the wrong time to launch a new business… But you might be wrong.
When planned strategically, a new business can thrive during a recession! That’s because economic downturns do reveal new opportunities to fill certain gaps in the market. Follow the trends and provide what consumers want, and you are likely to find success.
A franchise can be a wise choice, because the business model has already proven itself. But that doesn’t mean just any franchise will continue to thrive during a recession. Consider these three factors as you explore your options for opening a new business.
Has the franchise differentiated itself? A saturated market, in which there are too many similar options, can prove tough in even the best times. During a recession, you want to avoid providing a product or service that is too similar to a number of other options on the market. But a franchise that stands out as unique and serves a specific demographic will remain a strong contender.
Is the franchise innovative? Tough times mean change for everyone. How well does this particular business model pivot to provide for shifting consumer demand? For example, businesses that quickly adopted online storefronts, delivery, or curbside pickup were the ones that weathered the pandemic shutdowns. If you’re considering a franchise, look into the company’s history and how they address emerging trends.
Does the franchise provide support? Franchise businesses vary with regard to the amount of support offered to new owners. You will inevitably have questions, and a healthy franchise operation will provide you with answers. With the future of the economy uncertain, choose a franchise with a strong leadership.
After you ask these questions, we feel certain Parlay Cafe will exceed your expectations. Contact us to learn more about the unique stake we have claimed in the market, and the bright future that we anticipate for all of our franchise owners.