Continue learning about franchising beginning with this free report: 7 Habits of Highly Effective Franchisees. Get it now by subscribing to my newsletter!
I‘ve been through five recessions in 40 years (as a franchisor) and each time franchising has come back stronger,” said Jim Bugg, owner of Decorating Den with 500 franchised outlets.
In fact, he explained, Decorating Den, North America’s largest in-home decorator, experienced its greatest growth ever in a year when unemployment hit 10.8% and interest rates were at 21%.
On Sunday, Bugg received the Hall of Fame award at the International Franchise Association (IFA) annual convention in San Diego. He told attendees: “Don’t let the media and the political mumbo jumbo set you back. This (recession) too shall pass. This is no time for fear. This is time for you to provide leadership.”
This former chairman of the IFA, who served on the IFA Board of Directors for 11 years, encouraged franchisors and franchisees to pay attention to the basics of operating their businesses as the best insurance to growing those businesses during this recession.
Points to consider . . . You can expand your business during this recession if you focus on the basics while also thinking creatively about what your prospects and customers seek. Numerous franchisors told me during the weekend that their lead flow has tripled in recent weeks because as people lose their jobs they will tap into their savings to buy businesses. Meanwhile, customers may not be spending as much, but if you can repackage your products and/or services to better meet customer needs, while also improving customer service, you’re likely to keep if not gain customer share during the recession.
. . . Find out what your peers are doing to grow their businesses during the recession and adapt those ideas. A Franchise Mastermind is the best way for you to gain a competitive edge.
Email this post
Tweet This PostSee more:
{ 0 comments… add one now }