It’s no secret that the economy has been in “recovery mode” for quite some time now. In the wake of the COVID-19 pandemic, the U.S. economy has made marked improvements almost unilaterally, especially when it comes to important economic indicators including:
- Gross domestic product (GDP)
The economy made significant recovery strides in the third quarter of 2021, growing by 33.8 percent. While this was definitely a record, it’s still not quite enough to balance out some earlier COVID-related losses, including a 5 percent drop in the GDP.
So, while it appears that even amid the spread of the Omicron Coronavirus variant, there is still potential for economic growth (albeit maybe slowed growth), our economy isn’t out of the woods yet.
But we can’t wait for a full economic rebound to nurture our businesses. What should you consider about investing when the economy isn’t flourishing the way we would like it to? Is now really the time to buy a franchise?
The Larger Economy and Its Truth
Robert Kiyosaki, acclaimed author, pens books detailing the mindset it takes to build your wealth. His books include titles like Rich Dad, Poor Dad, FAKE: Fake Money, Fake Teachers, Fake Assets, and Before You Quit Your Job. According to Kiyosaki, those who are rich are always challenging themselves to expand their way of thinking, to find new ways to approach their circumstances.
As shared by Kiyosaki, there are two economies:
- The External Economy, which refers to what is happening in the news, the stock markets, and throughout the world.
- The Internal Economy, which refers to how we think and feel about money, and our mindset about what is going on around us.
What does this mean for those looking to invest? Here are the two truths about navigating a “down” or “slowed” economy:
- No one in their right mind would invest in a new business during a pandemic. That is just crazy—Or is it?
- Thousands of business investors have been waiting for a good economic downturn in a historic bull market—much like this one—so they can invest in a down economy.
Of course, these past dozen or so months have been fraught with strife and loss. And while nothing can erase those challenges, investors can find some small relief in knowing that this is a good time to move forward with investment plans.
Why Now Is the Time to Invest
The last two years have been a whirlwind of unsteadiness. Knowing that, why is now a good time to invest? Why do we as investors look to invest in a down economy rather than a robust one?
Here’s another truth: There is a kind of unnatural movement that happens in the market when the economy turns, and our current pandemic is no exception. Because of this movement, a few things have happened that are especially favorable for investors:
- Real estate locations have opened up—and a successful franchise investment has a lot to do with location, location, location.
- Financing options have become very attractive during this economic downturn due to government involvement to support small businesses.
- Consumers’ buying habits and interests have changed and shifted.
Buying habits have certainly changed since the onset of the pandemic. For example, before the pandemic, only 11 percent of consumers reported shopping for groceries online. Now, 46 percent of those who purchase groceries reported using online delivery services more than they did pre-COVID, and 40 percent report using online pickup more now than they did before COVID-19. Twenty-three million people adopted a pet during the COVID-19 crisis as of May 2021. People chose to spend their vacation funds on things like new kitchens; there was a 58 percent annual increase in project leads for home improvement professionals and contractors in June of 2020.
In short? Just because the economy is poor, it doesn’t mean that consumers aren’t still spending money. And it doesn’t mean that now isn’t a great time to invest in your next great business venture. Don’t allow a poor external economy to influence your internal economy and miss out on a great time to change your life through business ownership.
Invest in Your Future Today
Now is the perfect time to invest in your financial freedom with the right franchise. At Franchise Your Freedom, I’ll guide you through the selection process to narrow the broad field of brands down to the choice that fits your needs and the future you wish to see for yourself. You’ll gain access to all of my years of experience, tailored to your goals and vision.
To learn more about this no-cost service, reach out today and schedule a call. With our current economic climate, there’s never been a better time to take the leap towards your own financial freedom.