These five lessons from the COVID-19 crisis show the advantages that owning a franchise can have over owning a stand-alone business.
Lesson 1: We’re all in this together
In business as in life and nature, there’s strength in numbers. We’re all stronger when we stand together, and that’s what franchising is all about – or should be all about.
The problem is that not all businesses have been affected by the pandemic with the same severity. Travel agencies, retailers, entertainment services and restaurants have been among the hardest hit while many maintenance, technology and food delivery services have thrived.