Online Franchises Seeing Surge During Covid-19 Pandemic
Covid-19 has brought about a lot of change in 2020. One of the biggest has been how businesses operate, a change which may potentially remain in place for the foreseeable future. Restrictions brought in such as social distancing guidelines have forced many businesses to either close or adapt in order to meet the health and safety guidelines.
Unfortunately, very few industries have managed to escape the effects of the global pandemic and almost all who are still in operation have had to quickly adapt their business model and marketing strategy in order to survive.
While most businesses hope to rebound over the next few months as hope of a vaccine continues to grow, many entrepreneurs are asking themselves where an investment in a franchise is currently worth the financial risk.
While there is no such thing a guaranteed investment with the unpredictable nature of the economy, an online franchise might just be a smart bet heading in 2021. So far, out of all the industries Covid-19 has taken its toll on, the online franchise sector remains largely unaffected and in some ways has even thrived in during the pandemic. This makes it the perfect franchise type to invest in with a post-Covid-19 world in mind.
The majority of online companies have a model that is built for remote work and do not have to factor in social distancing as most of the business can be done at home - making them a lucrative option for investors.
Advantages of an Online Franchise
Without a doubt, one of the biggest attractions with an online business is that it can be run from almost anywhere in the world. As long as you have a computer and a solid internet connection then you’re good to go. As the future of working from the office looks to radically shift over the next few years as a result of Covid-19, online franchises do not need to worry about adapting their operations and already have well-oiled processes in place to run smoothly over the internet.
One of the biggest advantages of running an online franchise is the lack of rental costs for premises and office space. The money typically allocated for property can be directed into building and growing your business. While there are still the costs for online sites such as domain/website purchasing, marketing and paying staff wages, this expenditure amounts to significantly less than the costs of leasing physical office space.
Global Marketing Potential
As is the case with any online business, there is the opportunity to expand it on a global scale. You are not limit to a specific region or area that is local to you like you are with a physical shop or office.
With a strong marketing strategy and smart advertising, your business can reach customers across the world. Ad buys on various websites means that you can expose and promote your product and pitch to specific markets as you see fit. Target Google Ads and the use keywords will increase the visibility of the business to users across the globe. The use of blog posts and social media posts will only enhance your reach online and enable you to connect to your customers quickly.
Even if the franchise isn’t ready to expand into the global marketplace, it can still successfully target regions and create an attractive presence and brand name for itself before undertaking any major expansion plans.
Through the benefits of virtual solutions and applications, communications and conferencing can be undertaken with ease. In-person meetings can be replaced with Zoom or Skype calls, which saves time and allows for workers to attend from anywhere in the world. Through the use of Google Analytics, you will be able to monitor the success of your website and output in real-time.
Additionally, with a business that is run virtually, there is less reliance on paper waste or traditional office stationary, reducing the needs for big clean outs or recycling.