Did you know that more than 90 percent of businesses are from franchise companies? Franchises offer the appeal of owning a business without building it alone from the ground up. But the COVID-19 pandemic has stunted the franchise industry’s growth. With the economy down, people wonder if now is the best time to start a business or franchise their own business. Greg George and his partner Dennis McKinley run Franchise Genies, a company with 40 years of combined experience. Their team has owned franchises, been franchisors and grown brands from one-offs to multi-million dollar brands. George chats with Bold TV about how this industry is powering through the pandemic.
The entrepreneurial spirit of franchisees
While many people are now unemployed, they have the time to think about business opportunities. They may not desire to return to work for someone in an office. Even though franchising is not easy, certain people have the required skills. Franchisees and franchisors have an entrepreneurial spirit that perseveres through challenges. Even though some businesses aren’t doing well now, people with experience, grit and consistency are doing all they can to stay in the game. If you have the soft skills of an entrepreneur, owning a franchise may be for you.
Restaurant franchises are doing well
The global pandemic has stunted the growth of many businesses. But one franchise sector is growing amidst the lockdowns: restaurants. While everyone is at home, the demand for take-out is growing. Restaurants are multiplying business through carry-out, drive-through and/or delivery. So if you’re looking into owning a franchise, a restaurant may do well. The Franchise Genies company is focusing on food businesses while they’re in demand. If you’re interested in the franchise world, check out the interview on Bold TV. Remember that the determination of entrepreneurs brings success.