If you have ever wanted to build a passive income franchise, now is the time to act. COVID-19 is changing the world and all of its global marketplaces. At the same time, it is opening up new opportunities for rapid-growth in industries serving the needs of America’s ‘new normal.’
COVID-19 has increased demand for businesses that provide cleaning and repair services to leather, vinyl, and upholstery. Learn about why the demand for mobile cleaning and repair services is sky-rocketing, and which industries need it most. And, find out how to build a passive income franchise in a global pandemic.
Building a Passive Income Franchise During Covid-19 is a Good Idea
Many industries are struggling in the wake of the global COVID-19 pandemic, and many individuals are out-of-work. The world is changing in short and long-term ways. But, change presents new opportunities. In the current market landscape, mobile cleaning and repair services are in high-demand and present a lucrative opportunity to build a passive income franchise.
COVID-19 presents an increase in demand for deep-cleaning and maintenance services. The CDC’s cleaning and disinfection guidelines mandate the adoption of more stringent cleaning practices. So, to “re-open” the country, businesses, organizations, and establishments of every kind are clamoring for professional cleaning services.
And, as far as the best minds can project, the need continues into the foreseeable future. But, you might be wondering – why not use this as an opportunity to start-up your own business, instead of buying a franchise? Franchisors and franchisees enjoy a mutually beneficial relationship that works to the advantage of both parties in a tough economy.
Benefits Franchises Have Over Start-ups in COVID-19
The COVID-19 pandemic has forced many countries to shut down their borders and factory operations, disrupting supply chains for many businesses. Many independent business owners find the inventory of their vendors in short supply. Unlike most independent owners, franchises have access to a more dynamic and diversified supply chain of vendors, enabling you to more accurately and reliably plan your cash flow.
Lenders want to know that your supply network won’t become a weak link in your business when times get tough. For this reason, prospective franchisees have access to several incentives that independent owners are not privy to. Franchisees are afforded lower interest rates on loans, higher approval rates, and lower cash-on-hand requirements for SBA loans.
Lenders are more comfortable approving loans for a business that already has a proven concept, roadmap, and brand identity because it provides the best chance for profitability. Lenders know that your investment in a franchise ensures direct access to standardized training, territory protection, and marketing assistance.
Building a Passive Income Franchise in Mobile Cleaning and Repair
It takes longer for independent owners than for franchisees to build a business that is generating passive income. Most business owners remain hands-on with the day-to-day operations to actively generate income. Passive income becomes a possibility when you can pass-off the day-to-day operations and management of your business to someone else.
When it comes to mobile cleaning and repair, demand is through the roof – but it requires labor. To create a passive income franchise, you are contributing under 750 hours of direct labor per year, which means someone else is doing the labor.
It doesn’t take much capital to hire-on a dedicated employee to run the day-to-day operations. And, as discussed above, it is easier for a lender to approve that kind of working capital to franchise owners, over independent business owners. Furthermore – the global pandemic is causing local banks and lenders to look more favorably on single-person operations in light of new social distancing standards.
Mobile cleaning and repair for leather, vinyl, and upholstery is an essential service for several industries. Automotive dealerships, restaurants, hotels, and medical facilities require regular cleaning and repair services for furnishings, automobiles, trucks, equipment, – and more.
A good rule-of-thumb for building passive income is to limit your businesses’ unnecessary expenditures. In other words – don’t have three people do a job that one person can do with the right tools. The ‘mobile’ business model allows an individual worker to perform all of the cleaning and maintenance tasks required from a fully-equipped van.
The timeline depends on the nature of your business and the skill level required to perform its essential operations. This is where rapid-growth can create the opportunity to build a passive income franchise in a short period. And, mobile cleaning and repair is a prime sector for rapid-growth.
Open Your Franchise in 2020
COVID-19 is dictating a new-normal for American businesses, and opportunities for new franchisees. There is no better time to seize the opportunity for success in owning a franchise.
If you want to take the next step to build your passive income franchise with Creative Colors International, contact CCI today. And share this article with others in your social media community interested in establishing passive income.