10 Best Franchises to Open in Canada During the Corona Virus Pandemic
Canada is home to many best franchises from all over the world. That has contributed significantly to Canada’s economy in the past too. Undoubtedly this coronavirus pandemic has taken its toll on everything around the world. Even if this deadly virus did not affect some people, it changed their work and offices significantly. In turn, this caused immense and unimaginable losses to both individuals and companies.
The chance for developing a vaccine that ends the virus does not seem to arrive anywhere soon. However, any country cannot also tolerate the massive economic losses occasioned by lockdowns and quarantine periods.
Hence, there is a need for a sustainable solution that neutralizes the hazards. People must also ensure that the economy continues to thrive even during these difficult times. Perhaps looking for opportunities to start businesses in fields least affected could help.
Impact of COVID-19 On Canada’s Economy.
Canada put strict measures to control the spread of the virus before it took a turn for the worse.
Officials acted in time before the situation worsened. And thus, the effects of the virus were lower compared to other countries. Even if the measures taken were praiseworthy, the lockdown affected people’s lives. It also includes working conditions and the economic conditions of the state.
Canada is, no doubt, a business hub – several small and large-scale businesses exist in Canada. All of them were affected in one way or another due to the Coronavirus pandemic.
The lockdown period caused every business to shut down with immediate effect. Even if these businesses were operative, they were to undergo a layoff period, reducing its employment forces. The layoff affected the turnout results of that particular business as well.
In the middle of it, a smart way of assessing Canada’s economy is not to judge it as a whole. It is instead of viewing all of its divisions separately. It is important to note as each sector was affected differently. Where one economic division faced losses, the other saw considerable amounts of gains and increases too.
Probably, it would be wise to say that each business and industry went through a different period of economic gain—this loss during the COVID-19 pandemic. And the way that they managed or will manage to come out of those losses. This impact is what reflects their outcome for a future outside of COVID-19.
An Overview of the Different Industries and Businesses of Canada Under the Influence of the COVID-19 Pandemic.
Illustrated below is an overview of Canada’s different yet popular industries that went through favorable or unfavorable circumstances under the influence of the COVID-19 pandemic.
1. Retail Buying & Selling
This figure shows how drastically numbers have dropped down in the area of retail sales alone. People have preferred online shopping over retail buying and selling, thus causing a considerable loss in this sector.
Source: CBC News, Canada
2. Mortgage Financing
The real estate business might not precisely be topping the charts of the economy at the moment, but mortgage financing has doubled up over the entire COVID-19 pandemic. Investors were suddenly interested in refinancing and investing in their property before things took a turn.
Source: CBC News, Canada
Keeping these different comparisons in mind allows a more straightforward analysis of where Canada’s economic situation is heading towards: it is a mixture of gains and losses right now.
Business owners must consider this period of uncertainty a tricky one. They should invest with great care because every step that they take right now would either lead them towards a period of flourishing sales, and its resultant gains in turn, or towards an investment that is a total loss.
Best Franchises to Open in Canada During the Corona Virus Pandemic.
As stated earlier, also Canada is home to many popular franchises from all over the world. These franchises have contributed significantly to Canada’s economy in the past too.
Keeping all the pros and cons, possible gains, and losses in mind, here is a concentrated formulation of the top 10 best franchises in Canada during the COVID-19 pandemic.
These franchises will bring stability to the economy and have immense potential, keeping in mind the current situation. These franchise owners should also keep in mind all the
However, these franchises are in no order of particular importance and are all equally good options to be considered for franchising.
1. 7-Eleven
Being originated from the US, the 7-Eleven is a popular convenience store chain that has its franchises all over the world. 7-Eleven also has several franchises opened and successfully running about in the different states of Canada. This franchise was smart enough to adapt to all the safety, sanitization, and hygienic measures at an early stage, which was otherwise ignored by many other places.
The 7-Eleven convenience store was indeed a need of the time as in a state of fear and confusion, and people were stacking up almost every other day on their daily use products, snacks, drinks, and supplies.
Luckily enough for the 7-Eleven people, they were able to make a lot of money out of this, which contributed to Canada’s economy.
To add up more, 7-Eleven hired more workforce to accommodate the growing needs of the Canadian people, which indirectly provided a means of employment to the unemployed people.
2. Wendy’s
In the pre-COVID era (this is what people refer to their days when they were leading a healthy life), many traditions prevailed, which the Canadian people followed religiously. For instance, going out on the weekends for a quick bite or having an early dinner at Wendy’s at the start of the weekends.
Wendy’s is amongst the most loved eating-out places of Canada, and the COVID pandemic also affected it like the other places’ country-wide, but in a different way.
Dining in was restricted across the world as it could transmit the virus easily from the people of different families firmly sitting together. Therefore, restaurants shut down. However, takeaways, home-delivery, and drive-through options were left open. It looked like an attempt to not deprive the people entirely off their joys.
It was a very welcoming and thoughtful contribution from the restaurant owners as they thoughtfully attempted to give back to the economy and the public alike.
3. Ace Hardware
Ace Hardware is another one of the best franchises to open up in Canada during COVID-19.
As mentioned earlier, the isolation routine gave people ample time to think and reflect on their lives. The people begin working on millions of those unaccomplished tasks. And that was otherwise left behind due to their challenging jobs and long working hours that people had.
The demand for DIY projects rose by a significant margin as people tried to keep busy indoors. DIY projects like changing interior settings and moving around furniture were most affected. Alternatively, they indulged in more complex activities, like rebuilding their swimming pools, building up a treehouse for their kids, building up small furniture items, etc.
For this purpose, they needed materials as an obvious requirement. And Ace Hardware was that store on which people have trusted for years.
Ace Hardware stores have themselves reported an increase in their sales business during the entire COVID pandemic scenario, which was beneficial for the country’s economy.
Also read: Covid-19: Why this is the right time to buy a house
4. JAN-PRO Cleaning Systems Services.
Nobody wants to get infected with the virus, and, as such, people need to live in clean houses and environments. Institutions, therefore, require more clean staff to protect employees. Since COVID is a time where people are avoiding calling home cleaners and maids in their houses to clean up, the franchise business of cleaning, sanitization, and disinfecting services seems to have increased over time. People now prefer professionals to come and disinfect their homes, workplaces, studios, and offices.
JAN-PRO is a renowned and reliable cleaning service for providing excellent cleaning services with environmentally friendly disinfectants. Their demand increased throughout the COVID pandemic period for obvious reasons.
5. Tim Hortons.
Tim Hortons is one of the most preferred coffee and doughnut places in Canada. “A brewed hot cup of coffee and a bagel/doughnut” was a typical breakfast of Canadians going to school or office.
Due to the COVID pandemic, people were most likely to get ready for a compromise on their daily breakfast. Still, thanks to the drive-through and delivery options, Tim Hortons made sure people do not miss out on their favorite and most anticipated meal of the day.
Tim Hortons has both old and new customers who religiously come here, hence contributing to the stability of the economy.
6. H&R Block Company
Considered to be one of the largest tax-settling companies based in Canada, the H&R Block Company introduced many relief packages associated with lessening the burden from people due to the Coronavirus pandemic.
People were in a lot agony due to losing their jobs, and generally due to the financial restraints that the COVID pandemic has brought down upon everyone.
Under these circumstances, the H&R Block company came to the rescue; from working students to freelancers to people working from homes, the H&R seemed to offer something for everyone.
Their tax preparation packages look promising enough for one to keep track of their taxes, while also helping people to claim exemption from their taxes under a selected few conditions as per the state’s law. People were delighted to learn about these relieving packages, which increased the demand for H & R Block Company franchises all over the country, as they are a renowned brand that has been around Canada for quite a while now.
7. The UPS Store
With the lockdown imposed upon the people from about half a year, things took an ugly turn if not for distractions and communications that worked to bridge the gaps with peoples’ loved ones.
The UPS Store seemed to be a shining light in the lives of many in such a situation. People were able to send handwritten letters, gifts, packages, and other goods to their loved ones on special occasions like birthdays, festivals, and other events, making everyone feel connected and together, even if not physically.
Many children also picked up this habit of sending letters to their elders and cousins, which was a thoughtful and fun-filled learning experience for them and an economic-friendly option for the state.
The option was beneficial for home-based businesses that were already suffering a lot of losses due to the pandemic; People opted for the UPS store to deliver their packages to the buyers timely, thus saving these local businesses from further damages.
8. Qualicare: Home Care
Originating from Ottawa, Canada, Qualicare is yet another organization that has dramatically helped Canada stabilize its economic losses. Canada faced the Coronavirus pandemic. And, many families preferred moving their loved ones back to their homes. Also, they want to move from nursing facilities and hospitals. They posed an obvious threat to the health and life quality of these patients.
Home care serves have seen an increased demand because many patients are opting to look after their illnesses from homer. Unfortunately, the deadly virus caused an upsurge in-home care cases. Therefore, now more than ever before, mobile healthcare providers are urgent for servicing.
Qualicare came to the rescue and helped people hire their efficient and humble workers. They worked day and night to provide the same healthcare and comfort level to these patients as they received previously. It also had an advantage- now, whole families supervised and took care of their sickly members. And a homely environment also contributed to improving the condition of the old and weak patients.
9. Handyman Connection Home Services
Repair and maintenance can never be sufficiently, especially when people interact with home utilities daily. People were ultimately spending quite a lot of time at their homes. Perhaps this is the best time for people to repair, fix, and maintain home infrastructure. These services may encompass bedroom door repair, drainage fixing, and renewal, among other things. And did you know people look at reliability and feedback before calling a repair firm?
In these situations, Handyman Connection Home Care Services became one of the top priority choices of consumers.
These services span across Canada, thanks to their franchises, and were quite an in-demand during the pandemic.
10. FAST SIGNS
FASTSIGNS was a franchise beneficial to businesses and industries only. However, ordinary people seem to need more signs during the pandemic. Perhaps signs erected outside homes and other places help people maintain social distance as directed by health officials. FASTSIGNS helped people by making customized signboards of their choice, which made them happy and boomed their business in return. As the trend grows, people can easily place instructions on these boards outside their houses or work studios.
Also read: How to Revive your Online Business After a Huge Loss.
The Bottom Line
Canada’s economy stands firm during the pandemic partly because of the several franchises that continue to thrive. These are the pillars that created jobs for many while providing goods needed by people during these uncertain times.
The resilient and foolproof strategies of these franchise owners helped the entities withstand the storm. Therefore, they retained their employees and continue to gain significant profits. From an economic point of view, these are the franchises in which one should consider investing in Canada.
Therefore, you should keep in mind that sometimes, smart work does the trick that even hard work could not do. Planning for unforeseen circumstances saves the day.
Fellow franchise owners must learn a lesson and develop even better strategies to face the situations bravely. If this is to happen, economies around the world will always conquer storms and emerge better than before. There is a need for franchise owners to play their part and show their contribution to stabilizing the state’s economy.
References
- Turcotte, Martin & Hango, Darcy. (2020). Impact of economic consequences of COVID-19 on Canadians’ social concerns.
- Mckibbin, Warwick & Fernando, Roshen. (2020). The economic impact of COVID-19.
- https://www.business.com/articles/covid-proof-franchises/