During the pandemic, entrepreneurs opened up businesses more than twice the rate than pre-pandemic. But why and how?
Government financial help
Firstly, the government recognised that there would need to be support available to help individuals to survive financially throuought the pandemic. This is because some sectors were forced to close and would need financial help to survive or to invest in something new. Many individuals knew the pandemic wouldn’t go away overnight, so chose to build new businesses in new sectors to give them the financial stability they needed throughout uncertain times. This was reflected in franchise sign ups.
Whilst businesses were closed and individuals were left with very little to do on a daily basis, some individuals turned to learning new skills, taking on new qualifications to better their knowledge for when the world reopened. Online training became popular and with franchise academies also being held online, it made sense to turn new learnings in to new opportunities by the way of a new franchise.
Improved remote technology
This helped individuals to still be connected to the world. Remote technology gave everyone hope and a feeling of normality. Particularly when it came to business. Connectivity meant that entrepreneurs were able to discover more about franchise businesses, join virtual training academies and receive support when they were live, all through remote technology. It also meant that time could be saved, as well as travel expenses.
Wake up call
The pandemic proved to be a wake up call for many who were desperate to find something new, but needed the ‘push’ to do so. As such, many entrepreneurs chose to take the plunge and start up or start over after a real shock from the effects of the pandemic.
2020 saw our best year at ServiceMaster Brands for welcoming new franchise partners. 2021, looks to be more of the same.
If you are looking to start up, or start over, we’d love to hear from you. Contact our franchise sales team on 0116 275 9005 or email email@example.com