Can You Start a Business in Difficult Times?November 21st, 2017 by Helen Doron English
Starting a business when the economy is bad or the political situation is unstable doesn’t seem to make sound business sense. The immediate gut reaction is: That’s too risky. Take the chance of starting a business now, when the economy is shaky and we don’t know what’s going to happen next?
Yet in our business, we’ve seen people succeeding in exactly these conditions. But how? Because they didn’t do it alone. They came on board with an established franchise that had “been there, and done that.” They weren’t plunging into the unknown, hoping that their business would succeed against the odds. On the contrary, they were signing on to a business model that had proven itself repeatedly in many different countries, with economies in a steep downturn and even at war. They had a strong support system and ongoing training to help them successfully launch their business despite all the challenges.
It makes a great deal of sense. If you launch a sandwich bar by yourself, you don’t know how many sandwiches you need to sell, what fillings are the most popular, and exactly how thick you should slice the bread. An established franchisor knows the answers, saving you from taking risks or making decisions that could make or break your fledgling enterprise. It cuts down time to market, offers more security, and gives you a better chance of succeeding. All these factors encourage people to take the plunge.
So who are these hardy entrepreneurs setting sail on turbulent seas? Some are looking for a new career track, have some funds to invest, and want to be independent, but also want ongoing support. Others find themselves in a difficult market, where jobs are short supply and competition is tough. And when times are tough, people start looking in directions they wouldn’t normally look in. When jobs are scarce, it makes sense to generate income yourself. You find yourself going in directions you wouldn’t normally have thought of. Exploring potential job opportunities and career tracks that perhaps wouldn’t have been an option in the past.
The question arises though, why would your potential customers invest in education? Well, when your life is unstable and you don’t know what tomorrow will bring, the one tangible thing you can count on is your education. When it comes right down to it, you can lose your home, or your job, but the one thing you can’t lose is a good education. People want to give their children a better future, and they see English as the means to help them achieve it.
Going into educational franchising isn’t just a career change though. It opens up a whole new world and community. That’s why we say our business is a way of life. And we know from experience that it’s life changing.
Vice President of Business Development