HOW FRANCHISING AIDES IN SMALL-BUSINESS OWNER SUPPORT DURING COVID-19
Devin Haman is the CEO and Co-Founder of Beverly Hills Rejuvenation Center, the nation’s leading medical spa franchise. The past year has not been a prosperous time for many businesses all over the world due to Covid-19. The global pandemic has changed the dynamics of almost every industry, but its impacts have not been proportionate. Large enterprises were better…
Devin Haman is the CEO and Co-Founder of Beverly Hills Rejuvenation Center, the nation’s leading medical spa franchise.
The past year has not been a prosperous time for many businesses all over the world due to Covid-19. The global pandemic has changed the dynamics of almost every industry, but its impacts have not been proportionate. Large enterprises were better able to adapt and survive through the major impacts posed by the pandemic, but the brunt of the financial fallout has landed on small- and medium-sized businesses.
The problems being faced by small-business owners during these testing times are multifaceted. The pandemic and the restrictions placed by authorities to control the spread of Covid-19 have brought many small businesses to the brink of going under, with many of them actually shutting down. To make an assessment of the pandemic’s impact on small-to-medium enterprises (SMEs), we have to look at their structure and operations.
A Tip for the Franchisor: Now Is a Great Time to Invest in New Business
Franchisors who have extra investment available can look into buying out small businesses they see potential in and manage daily operations through managers. As many small businesses are on the verge of liquidation due to a lack of funds, there is an opportunity for getting a good deal on potentially lucrative businesses.
The franchisor would be able to acquire a business on lesser investment than the actual value of the business, and the franchisee would be able to keep their business afloat. In a way, this can prove to be a win-win situation for both parties and will also be beneficial for the economy as a whole.
SOURCE: Forbes.com