Bad Economy = Good Time to Buy a Franchise? Yep, Maybe.

Unless you’ve been living under a rock, you know that the current economy is in a not-so-great condition. (We’re not going to get any more negative than that statement there. Well, except to say that you might be safer if you actually had been living under a rock, but that’s neither here nor there now…) In any case, with so many failing businesses and so many others downsizing like crazy, why on earth would we say it’s such a great time to buy into a franchise? Read on.

Getting Money: First of all, despite all the derogatory banking news you may have heard, getting a loan is not as impossible as you might believe. If you have a good credit rating, all the better—you’ll be rewarded with a decent interest rate and should have a relatively trouble-free time getting a loan. But consider that in these turbulent times, banks are looking to lend money for projects that are as close to a “sure-bet” as possible. If you went to a bank with some savings and announced that you wanted a loan to start your own sandwich shop, there’s a real possibility that the lender will only see and uphill struggle for licensing, obtaining suppliers, forming marketing plans, etc. In other words, it’s a substantial risk. However, the potential business owner who marches in with a request for a loan to open a Lenny’s Sub Shop—which is reputable and has a tried and true business formula, well, now you’ve taken some of the “can-they-do-it?” notions off the table. Simply put, it only makes sense that banks would be more willing to lend toward an established brand franchise over a mom-and-pop shop.

Getting Employees: With the recent downsizing and layoffs, the market is literally flooded with professional and/or highly educated employees. There has never been a better time to get reliable employees and your newly started business can only benefit from their years of experience. Plus, new-hires will be happy to get in on the ground floor of a new business for the opportunity to grow with the company. Not to mention that after having experienced a diss from the big-corporate world, some employees may very well be craving employment in a more intimate setting.

Getting Space: With the real estate market suffering some of the same grievances as everyone else, this is an excellent time to rent or buy business space. By many accounts, renting real estate is as low as it’s been in at least five years. And with so much space out there (let’s not forget that in many places, a building boom precipitated this real estate near-collapse) you can pretty much take your pick of the market for your best chance at success. Some builders and building owners are so eager to get renters they’ll build to suit your needs or offer greatly reduced rents up front just to get you in the door. Look for deals like this, but of course always have a lawyer on standby to comb that small print to be sure you’re not going to get hit with any surprises down the road.

There are many franchise opportunities available for those who desire to make and work for themselves. And with ample opportunity, a great pool of potential employees and premium real estate everywhere you look, there has never been a better time to take the franchising plunge! When you’re ready to discuss your options, visit with a reputable franchise representative, like Franchisecreature.com for no-pressure franchise information.