Over the last month, you’ve received our weekly communications related to the impact of COVID-19. As we continue to monitor the virus’ effect on our respective businesses, the Fish team has been discussing how and when franchise development efforts should re-launch for brands.
There have been studies and webinars on this topic that share franchise brands’ feedback on the status of their pipelines, modified goals, and, for certain businesses, the progress they have made on signing deals despite the pandemic. Some industries have been hit much harder than others, but whether you’re established, growing, emerging, or even a start-up concept, franchise development has changed. Some of these changes are short-term, but others are systemic and will be long-lasting.
With that said, our team of franchise experts — led by our franchise consulting partner, Jeff Sturgis — have worked diligently over the last several weeks to determine how a brand might re-launch its franchise development efforts.
Below are some areas brands will need to consider post-COVID-19 when re-starting their franchise development:
- Amending sections of the FDD
- Optimizing operations related to the “new normal”
- Evaluating Item 19
- Articulating the benefits of new revenue streams launched
- Target DMAs and trade areas post-virus
Clearly, every brand will need to adjust, but research shows that many high-net-worth individuals are going to rebound quickly and may even experience a V-shaped (accelerated) financial recovery. A survey conducted by Franchise Insights in late March concluded that the majority of aspiring franchisees believe the next three months will be a good time to start a franchise business. Indicating that a great deal of entrepreneurs will be looking for their next business opportunity in the immediate future due to the unprecedented unemployment rate and the strength of the franchise model.
To help build your lead pipeline when the economy reopens, Jeff Sturgis and our team would like to connect to discuss a Readiness Assessment we’ve created to help you plan to re-launch your franchise development efforts. We understand that the brand, type of business, and where you operate/want to grow will dictate the best timing, but defining a plan now is the first step.
We’re launching the Readiness Assessment program with our clients first because we deeply value your partnership. Whether you’ve had to place us on hold or you’re still engaging with us daily, our priority remains to support you and your business. Look for a note from us to set a time to discuss this program in the near future.
Our team is in the trenches and we see ourselves as more than just your PR partner. We’re an extension of your franchise development team and we
