As we come out on the other side of the COVID-19 pandemic, the world has vastly changed in a short period of time—including the employment landscape that we once knew. We’re currently in a period dubbed “The Great Resignation,” as individuals across the country and around the world strive for better working conditions and the freedom they briefly experienced during unemployment periods or work-from-home circumstances.
This is causing many to consider self-employment opportunities to earn an income while still experiencing the freedom of being your own boss in a recovering economy.
In a recent article published by The Globe and Mail, it reports that “seven of 10 small businesses took on an average of $170,000 in debt during the pandemic.”
Yes, small businesses suffered during the height of the pandemic when many were closed due to lock downs—with some never reopening their doors again. However, small business owners within franchising have the advantage of being in an industry that has still proven to be stable, with many proving to be pandemic-proof, throughout the past year and a half.
The Globe writes that “Across Canada, 1,300 franchise companies generate 45 per cent of all retail sales—over $1 billion a year—and open 4,300 new outlets annually.” These franchises are likely places you visit every day—from your favourite bakery to the shipping store you use to send out packages.
Referencing the Canadian Franchise Association (CFA) member, COBS Bread, the brand innovated in the face of adversity to create a “COVID committee” that regularly meets and updates franchisees to help save them time on keeping up with government regulations while also running a small business.
Beyond this support in challenging times, franchising is also attractive for prospective business owners because of four key factors, reports The Globe:
- Strong operational and training support
- Peer-to-peer mentorship
- Access to marketing and technology
- Buying power
“Still, in the end, franchises offer a safety net against recessions – and pandemics. So long as one chooses a company that aligns with their passion and has a track record of success – even during turbulence – this is fertile ground to grow as an entrepreneur,” writes The Globe.