At present, each country in this world is battling COVID-19 brought about by the fatal coronavirus. The number of cases has been expanding each day around the globe and have seriously influenced India as well which has created a global scenario of panic and furor.
Alongside medical problems, COVID-19 has influenced the economy of the world quite adversely as well.
If we trace closely, monetary downturns and pandemics have historically been responsible for changing the direction of governments, economies and organizations thereby, adjusting the course of economic graphs in history. A recession normally results in a speeding up in plan of action change, driving down expenses to serve and costs. Thus, pandemics have and will in general empower altogether new classes of organizations. It additionally turns out to be very evident that the pandemic and the recession caused due to it, are accelerants to advancement as opposed to being immediate reasons for it.
At a time like this, the smart option to thrive in the market is to invest in franchise businesses. Franchise businesses have more credibility than independent businesses because of their survival rate. For any business to develop as a franchise brand, they must have survived various economic fluctuations in the market. Therefore, post the pandemic, the safest option is to invest in a franchise which has already had an experience and has sustained. What this means for any franchisor or a brand is that there will be some very qualitative franchises out there looking for different types of opportunities and you may want to start putting the building blocks in place to attract them during the recovery sessions. You would want to get the best of these entrepreneurs engaged to your business.
To gain more information regarding how to go about franchising, it is preferable to refer to credible websites and sources like Sparkleminds which provide a range of extensive services as a guide to initiate and expand franchise business opportunities. Sparkleminds offers the following services which can prove helpful to both the entrepreneurs and the business houses,
- A tool guide to begin franchising
- Franchise Consultancy
- Market Development
- Business Expansion
- Docs, Ops Legal and IP
- Global Franchising
- Solution for big franchisors
- Entrepreneur Services
It can be presumed that in order to secure your investment, it is advisable and secure to put it in the franchising paradigm in order to smoothen out their procedures and set themselves up for following the stage post the pandemic. The best thing is to concentrate on a well-researched and an improved methodology. Certain parameters that definitely need to be worked upon can be broadly categorised as, franchise marketing strategy, lead generation activity and franchise recruitment process.
Here is a framework of 10 ideas that should be kept in mind while developing a plan for the post-pandemic market which will aid the profit maximisation of their businesses.
- To start with, organizations can investigate their business income for a couple of months and draw conclusions to comprehend what item and administration will be more sought-after post the lockdown.
- A point by point correlation of the product offering and highlights with their rivals can help in better market position.
- Alongside that, it is the ideal time to deal with any redevelopment on their products, arrangement and administrations to serve purchasers better.
- A digitalized arrangement for their business will assist them with easing their whole business to the executives remotely to defeat any circumstances manual contact since the fear will take time to go away from the minds of the consumers.
- Retailers from any segment can think of new deals, techniques and procedures which will without a doubt help them to reach towards the focus of the market again and thus would balance out their income. Thereby, adding to the nation’s economy.
- According to the present circumstance, each business needs to comprehend its item stock required to fulfill clients’ necessities which can be done after studying the need pattern during the time of the pandemic.
- Additionally, this circumstance had led to a scenario of segregation and social separation therefore, entrepreneurs can take a shot at remote work processes and activity set up for their representatives, where such conditions would never be an obstacle for your business continuation. This augurs very well for franchises who could work remotely for franchisors. Hence you may start planning a work from home franchise models, or remote sales representative franchises who would market your products or services in your regions.
- Appropriately prepare and furnish representatives with accreditations and apparatuses that can assist the business with growing.
- A steady correspondence through call, message and email with customers and shoppers on the awareness and vigilance front will assist with reinforcing the business relationship.
- Cross working of organizations would be the best methodology to concentrate on since mergers truly work best during any market crisis.
- Also, COVID-19 spreads because of human contact and one thing that can be associated with us is manual monetary exchanges. India has around INR 25,000 crore of money dissemination. How sure would we say we are, the cash which you have gotten from somebody has not been tainted? Subsequently now it’s an ideal opportunity to go computerized and begin paying through portable wallets, applications or any bank application to the merchant accomplices. This would give the customers a sense of assurance and security after having faced a pandemic of this level. In contemporary times, digital financing cannot be a secondary choice, it must be our first alternative. This utilization of computerized installment should be rehearsed in all types of cities, tier I, tier II and tier III apart from metropolitan hubs.
Apart from this, it is also imperative to prepare a blueprint and devise a mechanism to not only sustain but also expand the franchises. In order to achieve this, the primary prerogative is to work on the improvement of the franchise as a whole and work on franchise training programs.
Thus, it can be deduced from this historical economic pattern that the onset of a worldwide pandemic like COVID-19 would change the overall course of business structure. And it is therefore the need of the hour to study and analyses the patterns of shifts in consumer behavior and alter the business plans of your company likewise. Most Franchisors and Franchises will have to undergo a complete transformation of how businesses are conducted post this pandemic and hence as a fresh franchisor, you have great advantage in creating the firsts for your industry and taking complete advantage of being the first mover.