How many times over the past few months have you heard the term “essential” on the news? Odds are, if you’re like most of us, it’s seemingly hundreds of times!
That’s because the COVID-19 pandemic put a spotlight on businesses that were deemed essential, meaning necessary for our daily lives. What was encompassed within that category varied somewhat depending on the specific state or even city, but there was some consensus—essentials covered basics like food, drink, medicine, and health and wellness.
So, why am I talking about this? Because this renewed emphasis on what’s essential brings with it new opportunity. With essential businesses in the spotlight, if you’re stepping into franchising and deciding where to invest, the “essentials” might be a good place to look.
Food/Drink
In most states, franchises serving up food and drink were declared as essentials. While restaurants were limited to drive-thru, takeout and delivery, liquor stores and grocery stores remained open, providing people with access.
If you’re looking into franchising within this category, consider whether the franchise you’re choosing would be sustainable in the case of another shutdown. That means: Would you be able to offer services and products that kept the doors open and paychecks flowing even if in-store visits were less frequent?
Health Care
There’s no doubt about it—health care is a non-negotiable, even during a global pandemic. People still get sick or hurt themselves or need elder care even under a stay-at-home order.
Demand within this category might change and evolve during a time like we’ve just been through, but it doesn’t go away.
If you’re looking into franchising within this category, look for franchise options that offer a technologically advanced approach. That would make them more likely to stay stable and be able to pivot to online offerings such as telemedicine.
Health & Wellness
This is a bit of a hybrid category—some franchises within this category remained open throughout, such as health food or nutrition stores, while others closed but adapted with new online offerings.
If you’re looking into franchising within this category, you’ll want to ensure the services and products the franchise provides are truly in demand and that demand for them wouldn’t significantly diminish even in changing circumstances. A technologically advanced platform is also important in this realm, since pivoting may necessary.
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