COVID-19 has turned our lives upside-down, but with a vaccine on the horizon, what better way to ride the economic bounce back than as the owner of your own business.
The unforeseen global pandemic has left many of us re-evaluating our options. If you find yourself a casualty of COVID-19 or are simply looking at career alternatives, now could indeed be the perfect time to start investigating a franchise. Franchising allows you to leverage years of experience and kick-start your business career, positioning you perfectly to ride this great economy recovery as the country begins its journey back to normality.
If someone would had asked you 12-months ago what a Coronavirus is, you probably would have stared at them blankly while you summoned an educated guess. Yet, just one year on and the aftermath of this unknown virus has bought an entire country to its knees, with hundreds of thousands losing their jobs and unfortunately, tens of thousands losing their lives. “At first, I didn’t think it was something that affected me,” says Garry Anders, Managing Director of the small business exit planning firm CMC Business Advisors. “But then I noticed more cases happening locally and I started to take it seriously”. Within less than a year there have been over 1.5m cases of COVID-19 in the UK and 60m globally, resulting in the largest pandemic the world has seen since the Spanish Flu of 1918. “No one could see this coming – the key now is to get back on our feet as quickly as possible”.
Getting back on our feet as quickly as possible is indeed at the forefront of everyone’s minds. According to the Office for National Statistics, in the three months leading up to September 2020 there were a record 314,000 redundancies, with the total number of people officially classified as unemployed rising to 1.62 million, the largest increase since the financial crash of 2009.”It is totally unprecedented” says Derek Allen of AIQ Consulting. “I have never seen anything like this in my 30+ years career.”
With the surge of talented people hitting the job market combined with the overall decline in available roles, many have turned to business ownership, particularly franchising, as a route to getting back on their feet and taking control of their destiny. “I always wanted to be my own boss” says Jonathan Cook, who joined a leading small business advisory franchise in November 2020. “I was apprehensive about taking the leap before, but now my hand has been forced, it has turned out to be perfect timing. Afterall, small businesses need guidance now more than ever”.
Indeed, many budding business owners are taking the view that the best time to start a business is during an economic downturn. According to Companies House data, during the months between June and August there were a record 59,358 additional companies created, compared to the same period in 2019. “When the economy is already at rock bottom, it means you do not have far to fall” says Jonathan. “However, what is really exciting is that by starting your business during a downtown, you position yourself perfectly to ride the wave of economic recovery, allowing you to potentially exit within the next five to ten years when the market is at a natural high”.
For many seasoned professionals who are looking at options outside of their corporate career, franchising has been a logical place to start. “What attracted me to franchising is that it gives you all the benefits of business ownership but with the structure and security of a larger corporate business sitting behind you” says Rupert Beazley, who left a successful corporate career eight years ago to start his business as a franchisee for Countrywide Maintenance. “I love that I’m surrounded by fellow franchisees who have already walked the path I am now walking and who are forthcoming with imparting advise – the support has been priceless to my success”.
There are certainly challenges ahead as the world gets to grip with the full aftermath of 2020, yet the path is not entirely bleak. With several reputable organisations making great progress in producing a market-ready vaccine, people are already starting to look to 2021 as a more positive year. “The next couple of years are certainly going to be bumpy” say Garry Anders from CMC Business Advisors, “but savvy business owners and budding entrepreneurs recognise this as a time of great opportunity. If you have ever considered business ownership but for whatever reason have not investigated it further, then now is the time”.
These thoughts are echoed with the many who have joined a franchise during 2020. “I think that in years to come, when COVID-19 is safely behind us and the dust has settled, many will look back and ask themselves how they spent their time during what has been a remarkable period” says Jonathan Cook. “Many of us will recognise 2020 and 2021 as a time of great change in our lives, the key question is whether they will have used this time as an excuse for why things have not worked out as they planned, or as a springboard to realising their goals”.
