Why 2020 is the year to invest in a mobile franchise
Let’s face it: 2020 is not going exactly as we all planned it. What was supposed to be a fresh start to a new decade was completely turned on its head with the coronavirus pandemic. It’s taken significant effort for all of us to acclimate, but not all is lost: amid the pandemic lies unexpected opportunities.
For many of us, the past few months have been a time of reflection and taking note of what’s important in life. One of those important things, especially for folks whose livelihoods have been impacted, is the opportunity to take control of one’s career.
There are many franchises that will come out of the pandemic stronger than before. One segment that’s slated for growth and presents a very strong investment opportunity in a post-COVID-19 world - mobile franchising, or franchise concepts that can be run out of a home or vehicle.
So, why is mobile franchising particularly appealing to today’s entrepreneurs?
1. Mobile franchising is more likely to be recession-resistant
Mobile franchising presents a great opportunity as it requires much lower overhead as compared to franchises with a storefront space. With less space needed and fewer operations, franchisees save money. And, you won’t have to pay rent for a location that is temporarily closed amid stay-at-home orders.
A sad reality right now is that tens of millions of Americans have lost jobs. Investing in a franchise concept allows you to take control of your future. This can be your chance to set the tone of your career, work for yourself and establish a legacy for your family – investing in a mobile franchise can give you these benefits for less of the cost.
Those who may have fallen on hard times during the pandemic may also be thinking of how quickly they can get on their feet to support themselves and their families. Another great advantage of mobile franchising is that in most cases, it allows for a quicker ramp up time than a franchise with a retail footprint as there is not a need to hire (and pay!) several employees to run the location on a daily basis. Additionally, as you do not need to select a site and negotiate a lease, ramp-up time for a mobile franchise concept is significantly faster than brick-and-mortar.
Plus, right now, the general population is not too willing to leave their homes – and we do not know how long this trend will last. Mobile franchising allows you to go to them. In many cases, mobile franchises allow for you to have minimal contact with customers. For example, at Koala Insulation we are able to go into our customers’ homes and often don’t have to even see the customers face-to-face with the digital and technology capabilities our franchisees have at their disposal.
2. Mobile franchising allows for flexibility
Mobile franchising offers much more flexibility and work-life balance than the standard brick-and-mortar franchise. Many people choose a mobile franchise because of the flexibility to manage a team from their home which allows more time to be with their family.
During COVID-19, parents had to uproot their lives and change their schedules to educate and care for their kids 24/7. In fact, 42 per cent of parents are worried that COVID-19 will affect their child’s education, according to Gallup. For a 9-5, full-time job, changing schedules to be with your children can be extremely challenging. Running a mobile franchise allows you much more flexibility, as you make your own schedule in many cases and can manage and operate your business from home as long as you have the right team members in place.
3. Mobile franchising lends itself to more local brand exposure
Since you are operating out of your home or vehicle, there is more of an opportunity to gain exposure through your mobile franchise. While traveling to jobs, you (or your team members) have the opportunity to get many eyes on your brand through a branded truck or vehicle.
Additionally, since you aren’t paying an expensive lease every month, you may find yourself with more marketing dollars to spend locally and in creative ways, gaining even more exposure for your business.
As the days go on, we’ve started to not only survive in our “new normal”, but actually adapt to it; many of us have found ways to make the most of the situation we are in. For Americans considering ways to take control of their career and future – especially when so many aspects in our lives are out of our control right now – mobile franchising presents an attractive option.
Recession-resistant franchise concepts that offer flexibility and make financial sense will thrive post COVID-19. It’s certainly worth exploring!
Scott Marr is the founder and CEO of Koala Insulation, an emerging insulation franchise serving residential and commercial customers. koalainsulation.com