Impact Of COVID-19 On Franchising

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Impact Of COVID-19 On Franchising

2020/09/08 at 12:38 PM

This year, the world witnessed the spread of the Coronavirus outbreak and lives have changed irreversibly in the last four months. It all started when the first case was reported in Wuhan, China on December 31, 2019. Since then, the number of people getting affected has only increased, and that too differentially, forcing countries across the globe to go into a lockdown mode.

The social distancing measures put in place to prevent the spread of the Coronavirus disease have also had an adverse impact on the education domain. Over 90 percent of the school population has been affected due to the nationwide closures implemented in 216 countries worldwide. In India, 320 million-plus learners have been impacted due to the countrywide lockdown. The pandemic is likely to have long term consequences on the way educational institutions are being envisaged, not only in India but across the world.

COVID-19 has become a desire for educational institutions worldwide to search for innovative solutions in a relatively short period of time. It would not be wrong to say that an ed-tech revolution is infusing in India. Maximum schools in India, as well as globally, have started with online platforms for teaching students without further delay.

So, Where Do These Changes Leave The Education Franchise Industry?

The Covid-19 impact on Franchising will be mainly on sales and the supply chain. The integrity of the Franchise networks will also be tested during this period. According to industry experts, Franchise networks in sectors such as Education and Retail will witness delays rather than lost demand. Educationists have to initiate some contingency strategies to overcome the challenges of disruption of supply chains and economic activities during this uncertain time.

So here are some ways to cope up with this situation in the time of this global crisis. 

  • Webinars To Connect With Potential Investors: Do conversation with a large number of investors who are keen to set up school franchises and are digitally connecting even from rural areas. The response that you will get from them will be mixed. You should constantly create the best of the business continuity plans and practices which allows an investor with short term reductions and long term flexibilities which is becoming a winning proposition at this stage. Make loyal partners and provide them with flexibility in the time frame to set up school so that investors can slowly overcome their financial losses.
  • Demonstrating Effective Leadership and Engagement: You should be committed to your franchises and you should be in regular communication with your business partners. Franchisors may not have all the answers. However, they are always there to acknowledge the troubles that the Franchises are facing during this critical time and provide them with relevant, timely information and resources. They strongly believe in service with pride, lead with confidence, inspire to impact others and adhere to the philosophy that education is the prime contributor to the development of self.
  • Financial Resources and Support: Franchisors also need to address franchise questions on cash flow and viability of continued business operations during and after the Covid-19 outbreak. They need to understand this responsibility and should be in the process of considering financial and other reliefs for their business partners.
  • Effective Media Strategy: You should also help your partners with consistent messaging on media queries pertaining to the pandemic. You should be guiding your business partner schools on the best practices in PR/Social Media Messaging during this time.

Lastly, you should be prompt in taking proper steps on curbing the spread of the adverse effects of the pandemic on the health of your partner schools. You should also be oriented towards your partner at every level to handle such unprecedented times with positivity and assisting them to develop appropriate contingency plans concurrent with the altered business implications of Covid-19.

We know that it gets extremely hard for someone throughout these times to work with their franchisors and dealing with the franchise. So, if you’re thinking of investing in a School Franchise then Shri Educare is the best choice for you. Shri Educare makes sure that they offer you full support with each and everything you are doing and assist you to run a franchise that would prove to be a flourishing business in the time of COVID-19. 

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