How will you know which Canadian franchises are poised for success after the pandemic?
The global pandemic has affected various industries in many countries, and Canada is no exception. While some businesses have thrived, others have suffered, and it can be difficult to say which opportunity will be right once the pandemic is behind us.
There is no guarantee that a franchise will be successful – and the same truth applies to traditional business models – but there are some things you can look for in a Canadian franchise that may indicate that success is very possible. now and in the post-pandemic future.
Recognition of the consumer’s name
In general, name recognition and an integrated brand is a major advantage of joining a franchise. You may be familiar with the franchise itself and may have even tried its products and services. In the post-pandemic world, we can continue to see people revert to what is familiar to them, and this applies to businesses they know and recognize immediately.
Availability of commercial real estate
Unfortunately, the pandemic has shut down many businesses in Canada. While this is bad news for these businesses, it could be good news for your new location. There will potentially be more storefront space available, which can lower rents and give you more location options than you would have had before the pandemic.
Lower cost entry options
It’s understandable that you’re more careful than ever when it comes to investing your money in a business, and you’re definitely not alone. While a franchise with a lower level of investment won’t necessarily succeed after the pandemic on the cost factor alone, it can be something that attracts more franchisees faster and builds the brand faster than a brand with a higher initial investment. requirement.
Continuous growth opportunities
Imagine a scenario where you decide to invest in an industry that has performed relatively well during the pandemic, such as a cleaning service. There is a good chance that franchises positioned like this will start to grow and expand or at least consider expansion. Essentially, you could walk into the âbottom floorâ of a small to mid-sized brand that is on the cusp of becoming a nationally recognized large brand.
While the above four factors can certainly help a franchise succeed after the pandemic, there are no guarantees. You should always do a thorough and comprehensive research on a franchise before deciding to invest in it.