Downing Barber, founder & CEO of Barberitos, gives us five reasons why now is better than ever to invest in a franchise. If you were thinking about buying a franchise or still feel undecided about investing in a franchise business, this could be your moment for action. Like any prudent business person, he suggests to buy when the price drops due to fear. Thus allowing you to enjoy the benefits when the economy bounces back to normal in 2021.
Listed below are few reasons that might help you understand why now is better than ever to invest in a franchise.
1.Plummeting Real estate price
There is a plethora of key properties available in the market for occupancy. This means, there are many landlords who are willing to negotiate prices to secure good tenants. As a result, not only do you increase your chance of finding an amazing property at a key locality but also at an unbelievable price. This is seen by an increase in the number of current franchisees that are looking to expand their footprint.
2.Low interest rate on bank loans
Are you short on funds? Now is also a good time to borrow as the interest rates are at an all time low. Moreover, Small Business Administration is keen to work with entrepreneurs who want to open business now.
3.Gas price is low
We have all noticed that the gas price is now low. This means transporting goods is cheaper. As a result, there is a more disposable income in the hands of the consumer.
4.Cost of food is cheap
The closing of borders has resulted in high food supply locally. This means, the cost of food is cheap. In other words, the margin for profit is high with lower operational and food costs.
5.Diverse sales opportunities
What do you do when the traditional methods of sales drops. For instance when dine in options were limited, most of the successful restaurants jumped at the opportunity to innovate and explore new and diverse sales opportunities. For example, there has been a significant increase in the contactless delivery, curbside pick up, online and mobile orders.
Source: Fast Casuals
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