In the midst of this COVID-19 pandemic, many businesses are faced with having to close their doors in the spirit of slowing the spread of this terrible virus that is devastating us globally.

But not all businesses have been forced to close their doors. And that is because they have been designated as an “Essential Service” by the U.S. Gov’t as it applies to the COVID-19 pandemic.

According to the U.S. Department of Homeland Security, If you work in a critical infrastructure industry, as defined by the Department of Homeland Security, such as healthcare services and pharmaceutical and food supply, you have a special responsibility to maintain your normal work schedule.”  

This article then goes on to share a list that further delineates what businesses may or may not fall within that definition. Some that are categorized as “essential services” include water & wastewater, chemicals, food, financial services, healthcare, transportation and logistics, and so on. You can find the full list & breakdown via the link above.

So what does this mean to small business owners? Well, simply put, those that fall within the COVID-19 “essential services” list will continue to operate and serve their clientele base and our communities, while those that do not will temporarily be closing their doors and faced {potentially} with tremendous hardships.

Up until October 2019 I owned a boutique fitness studio and can appreciate first hand, how devastating this would have been to our instructors and bottom line financials as a locally owned business that was not a part of a larger franchise system or backed by corporate finances. My heart truly goes out to all of these “non-essential businesses” during these times.

Now let’s flip the switch and talk about the businesses that are staying the course & are considered “essential businesses”. Folks, these are the ones that are keeping us afloat and providing the critical services to keep our economy going and our citizens safe (a huge thank you to each & every one of you). These are the ones that we are learning may be able to weather any storms or financial downturns and come out stronger and better than they once were.

What we once referred to in the franchise world as “recession-resistant businesses” may now very well become known as “essential businesses'” because they are the ones people will be (or should be) exploring as potential future investments. They may not look sexy on the outside, such as a spa, but they will have the business foundation that opportunity seekers will be looking for & will appreciate!

This week, the Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product. This is scary, folks.

If you are facing unemployment or wanting to take advantage of this time to further educate yourself on business ownership, I would welcome the opportunity to chat with you. As a franchise broker/coach/consultant, I do not sell franchises. I assist individuals with exploring business (franchise) ownership in a methodical way to find the best possible fit for you and your family’s investment dollars and lifestyle. This could range from a home-based business to a brick & mortar, or something in between. I work with hundreds of franchise concepts to find my clients the perfect fit.

If you feel you are at risk and business ownership my be your Plan B, start the discussion today to educate yourself. No commitments need to be made until you are 100% ready… the process itself can take 8+ weeks to simply learn everything you need to know about a concept and go through the discovery process. And there is no cost to this education process.

Stay Strong. Stay Healthy. & Stay Positive.

stacie@fusionfranchising.com or 319.440.0857. 

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