While a number of countries are still conducting an all-out war against the pandemic, others have managed to contain the spread of the virus well enough that they are now slowly lifting restrictions and reopening their economies. These nations and the businesses within them are stepping out into a ‘new normal’. The global business and economic landscape has been changed forever. Organisations must adapt to new wants, needs, and expectations; or risk being left behind by the rapidly evolving landscape.
Many might think that now is not really the best time to be starting a business, with the economy being in the poor state it is. However, the only way to get businesses back on track is to stimulate the economy and get people spending once more. Besides, there are still plenty of things that consumers demand that could be met with new supply.
In fact, while the pandemic has cut demand for certain goods and service, it has also generated brand new demand for goods and services that were otherwise rather niche. Those who are seeking to start their own business should take the time to research and consider what it is that consumers want post-pandemic, and position themselves to offer the appropriate solutions.
While forming a start-up would be rather difficult at this time, buying into an already established franchise is actually not such a bad idea. Instead of building a brand, you can use the marketing collateral of the franchisor; as well as gaining access to training and processes that have been tested across other franchises.
In this edition of SME, we will be taking a look at a number of franchises that are quickly gaining steam amid the post-COVID recovery period.
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This story is from the September 2020 edition of SME Magazine Singapore.
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This story is from the September 2020 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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