It is no secret that the United States is facing the possibility of a recession due to the impact of the COVID-19 global pandemic. Millions of people throughout the country—and the world—are experiencing financial hardships during this time. People are losing their jobs and money, and quite frankly, many are losing hope. Understandably, people are looking for new opportunities to make money and new avenues of income.
As millions of people set out on their job search, it is important to remember that there are plenty of options available, but they may not be the traditional ones that most are used to. If you are looking for work and asking yourself what your next venture should be, consider this. Rather than interviewing with multiple people and getting used to a new boss, why not be your own boss?
Becoming a business owner during a recession can be scary and stressful, but when done properly, it can be one of the best things you can do for your future self. How can that be? How can you possibly turn one of the most anxiety-ridden times in history into a profitable source of income for yourself? Here’s how…
Small business loans may be easier to access and may have looser restrictions than they would otherwise. If you are interested in applying for a small business loan, consider weighing your options during this time. Most financial institutions have low, if not nonexistent, interest rates. It is the perfect time to contact the financial institution of your choice to discuss the options that are available to you, should you choose to start a business.
Find a small business that is trending, even during a recession. For example, one of the most popular trends right now is fitness and wellness, as people are taking their health very seriously. Fitness is not just a circumstantial focus, though. It's evergreen, meaning that people will still be interested in fitness long after the COVID-19 pandemic. Getting ahead of the curve and getting in front of the trend can ensure that you will have customers waiting to use your products or attend your fitness classes when the pandemic is over. F45 Training franchisees are well-equipped for a time like this, as they can offer members at-home solutions to keep them motivated and engaged.
Understand that there may be opportunities on the other side of the recession that you can take advantage of, such as more real estate to choose from. Unfortunately, not all businesses will withstand the test of a recession. Business will close and storefronts will clear out. As sad as that is, it is important to remember that you can capitalize on this. You may have more real estate to choose from and prime real estate could possibly be more affordable post COVID-19, as we all look to make ends meet with sales and income.
You have a higher chance of obtaining amazing employees due to top performers being out of work. Unfortunately, even the most amazing employees have been impacted by layoffs due to coronavirus. As you are preparing to open your business, you may have the chance to hire incredible individuals that simply just had a bad hand dealt to them during this time. Consider yourself lucky to have a wide talent pool to choose from!
If you get through this, you can get through anything. Sure, it may sound a little cheesy and kitschy, but it’s true. If you can open your small business during a global pandemic and potential recession, you have shown that you have incredible resilience and determination. This will be your secret weapon. Not to mention, you and your team will have some incredible stories to tell your future employees, customers and clients!
While starting a business right now can seem incredibly daunting and scary, it can also be a blessing and one of the biggest opportunities of your life. Instead of shying away from opportunity, seek out the ones that are scary but can deliver life-changing results, such as F45 Training. Opening a franchise can be one of the best ways to capitalize on this time, as franchise head offices will likely have a business plan that you can follow. When choosing a business to invest in, consider the type of support that will be available to you during this time and beyond.
This article is for informational purposes only and not intended as an offer to purchase or sell a F45 franchise. Please review the franchise disclosure documents and all related information in connection with F45 Training studios before making any decisions. All businesses involve risk and there is no guarantee as to the results of owning a F45 franchise.
Photo: IOU Financial