Rick Bisio (The Educated Franchisee) is author of bestseller “The Educated Franchise, 3rd Ed.” & is a nationally recognized franchise coach.
When the economic impact of Covid-19 hit the country this spring, some people who were considering starting their own business in 2020 put those plans on hold. The pandemic forced businesses to close and unemployment to skyrocket while the global stock market crashed and greatly decreased our discretionary spending.
The outlook has been bleak, and people naturally thought opening a business in this climate would be a guaranteed failure. That may be the case with some businesses in certain industries, but it does not apply to all. While some companies suffer as the economy drops, those with stronger systems can survive and be in a better position to increase market share. This occurred during the recession a decade ago and we can already see the same