The Franchise Industry Comes Out of 2020 Stronger Than Ever

Franchises certainly felt the wrath of COVID-19, but with the backing of a corporate team, strong model, and network of franchisees, these businesses were set up to make it through the toughest of times compared to independent companies. In a recent Forbes article, CEO and Founder of SMB Franchise Advisors Steven Beagelman explained how now the franchise industry is poised to withstand any other curveballs sent its way.

When the pandemic hit, the retail industry turned to sprucing up their e-commerce game, restaurants shifted to off-premise dining and the service industry made sure customers could count on them to get the job done without compromising their health. Franchisors had to quickly pivot their offerings so they were in alignment with the CDC guidelines and allowed the franchisees to continue business as usual. 

It wasn’t just resilience, but also reliability that got the industry through. Franchisors offered more resources and support to their franchisees, support that independent businesses didn’t receive. Franchisors stayed up to date on financial relief regulations to give their partners one less thing to worry about, too. This hard work paid off as the industry looks ahead to a strong 2021. 

“2021 is projected to be a great year for franchising because there is a lot of pent-up demand,” Beagelman told Forbes. “The industry has more than 3,000 franchisors already, and over 750,000 franchise businesses in operation — there is strength in numbers and the industry works hard to support its owners. We’re going to make it through and come out even stronger on the other side.”

To read the full article, click here.