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It comes as no surprise that the Pandemic has caused a huge impact on everyone’s lives. Each and every sector has been affected, some for the better and some for the worse. One such sector is the Franchise Industry. Now, one would think Franchise to have been affected worse than others but that’s just not true. Let’s find out all the repercussions of the Pandemic on the Franchise Industry:
Franchising has always been about support, and support is what was needed the most during the Pandemic, and which many industries failed to commit to. At this crucial time, Franchisors and the Franchise Industry gained a new recognition for being the backbone and coming up with new initiatives to help franchisees survive this together.
The Pandemic has forced businesses to reinvent their business models to suit the current scenario. Franchise Brands, especially Education Franchise, has shown remarkable creativity by trying to come up with various concepts for online education to cure the students’ boredom, which would benefit the whole of the Franchise community in the long-run.
Appreciation For Social Service
This point applies to most if not all the industries. There has been a much needed understanding for Social Service that was realised in the Pandemic. Franchise community, as a team, has come forward from different regions supporting the frontline officials in terms of monetary compensation and helping them the best they could. Education Franchisees has had a big role to play in the lives of the children. Many franchise brands offered free or a cut in the fees for after school programs enabling children to spend their Quarantine time productively.
The Pandemic has brought the whole Franchise Community closer, be it through Google Meet or Zoom calls, everyone has witnessed and been a part of their colleagues’ lives. This kind of intimacy is extremely hard to achieve, and which helps in building of and sustaining the team spirit.
So, were you aware about all the benefits and not repercussions Franchise Industry had been impacted to during the Pandemic? Doesn’t it feel like owning a franchise is worth it after all especially when even a Pandemic hasn’t caused it to sink down the hole? Maybe that’s something for you to remember the next time you think of starting up or investing in a new business.