Since the pandemic started many people are preferring to stay home instead of going out and spending money. It would seem that this would cause many businesses to fail, however, that has not been the case.
If you are worried about your franchise or are thinking of buying one during the pandemic, you want to be sure that you know which ones are successful right now. Remember that franchises have tried and true business models to follow, which also helps them survive in tough situations.
These are the 5 types of franchises that are seeing success during the coronavirus pandemic.
Restaurants have been essential to areas where the pandemic has spread. If you are in restaurant management then you should be sure that your business can offer take out or delivery options. In areas where COVID-19 has become more common, so has ordering food to bring home.
Overall, most restaurants have been stable, despite fewer customers coming to dine in. This is because their regulars have taken to having their food delivered through an app service or are simply picking it up and leaving.
Many popular restaurant franchises are seeing success. Food will always be essential to your community, so if you own one, you can be sure that your business will survive the pandemic. Plus, the people in your area will appreciate having warm food to eat when they are stuck at home.
In short, restaurant franchises are unlikely to be hurt by the pandemic. If you are still worried about your current situation, you can contact a franchise counseling service, such as MBB Management, for helpful information on how to make it through this current recession.
2. Video Games
Many video game franchises are also seeing more success now than they have before. With plenty of people staying home, they are more likely to spend money on activities to do at home- and video games are a hobby for many young people.
Since more people are spending time at home playing games, video game franchises have seen a boost in sales. Games that are releasing during the pandemic are selling more copies now, with more people preordering the games so that they can have them delivered on the release date.
People have always loved video games. But now, they can serve as an escape for many, all while staying home and healthy.
3. In-Home Work Out Stores
Now that people can not go to the gym, what are they doing for equipment? Many people are turning to exercise apps and in-home work out equipment to stay in shape.
People are having trouble managing their weight now that they leave the house less often, however, to counteract this many are choosing to buy in-home gym equipment. For example, a stationary bike, arm weights, and treadmills are all equipment that an in-home work out franchise would sell.
These franchises are doing well- they know how to market to people who miss the gym and want to stay in shape. Many of them offer delivery services to make the shopping experience easier for customers and prevent them from needing to go out in public.
4. Cleaning Franchises
Cleaning franchises that offer home cleaning services are also doing well. With more people feeling the need to disinfect their homes, professionals are being connected a lot more often. This is especially true for the elderly, as they might have trouble cleaning their homes thoroughly enough on their own.
Cleaning services and brands have been essential to stopping the spread of COVID-19. You have probably been investing more of your money into products such as Clorox, Lysol, or hand sanitizers lately. Everyone has been doing this to protect themselves, so cleaning franchises have seen a large growth.
If you own or work for some type of cleaning franchise, you can be sure that the business will survive the pandemic. Everyone currently needs to buy more of your product than they normally do, to ensure that their environment is kept clean and healthy.
5. Online Retailing
Online stores have seen massive growth during the pandemic. In particular, Amazon received a huge boost in sales. Other online franchises have been experience booms too. For example, online consignment stores have been able to make more sales than they would have normally.
Online retailers offer something that everyone wants during the pandemic- the ability to have your goods delivered right to your home. With people staying home more, their groceries run out faster, so people are also choosing to have their groceries delivered through apps.
Many people are also using online retailers to buy their groceries in bulk so that they do not have to go shopping as often. Toilet paper, bread, rice, and dry pasta are all common products that people have been buying in larger quantities than they would have in the past.
In short, online retailer franchises have seen the most growth- more than they have in a long time. This is due to the need for delivered goods that the pandemic has created. Online stores were popular in the past, but the virus has caused many people to try buying from them for the first time.
Those were the 5 types of franchises that have been seeing the most success during the pandemic. Restaurants, gaming stores, in-home work out equipment, cleaning, and online retailers are all the franchises that have been experiencing the most growth recently.
If you were thinking of starting a franchise during the pandemic, you want to pick one that is doing well already. Or if you are a business owner, you can contact a franchise consulting service for help figuring out what to do next.
These are tough times but MBB Management is here to help you and your business make it through the pandemic. Do not be afraid to reach out to us if you need advice or other types of quality assistance relating to your franchise.