COVID-19 and Your Business: Where To Go Next

In this special episode of the Franchise Freedom Podcast, we chat about the current worldwide health crisis, COVID-19, how it’s impacting business owners, and what to do about it. 

We’ll also talk about some of my favorite resources to revisit during these times, and when you should think about pivoting.

If you have any questions about resources available to business owners, don’t hesitate to reach out for a chat.

Listen now…

Mentioned in this episode:

Transcript

Giuseppe Grammatico: Hey everyone, it’s Giuseppe. Just wanted to record a brief show in regards to COVID-19 and the Coronavirus and everything going on in the world. And most importantly, hoping everyone is staying at home, staying healthy and is safe. And also following all the guidelines such as social distancing. There is actually a book, I had a discussion with someone and I was actually able to meet the doctor, as well as author of Super Immunity by Dr. Joel Fuhrman, here in New Jersey. And has a really good book that came out about 10 years ago that just talks about how to arm yourself, how to increase your immune system to prevent many common viruses and colds and things like that. 

Access The Stimulus You Need

So just a book I highly recommend. I don’t get compensated in any way but it’s a book that I’ve had for, as I mentioned, well over a decade and a great read. So Super Immunity by Dr. Joel Fuhrman. You know, with everything going on obviously, we will get through this. This is extremely unfortunate, but as long as we take care of ourselves, we’ll get past this. So wishing everyone staying healthy. So we’ve been getting calls on the financial stimulus, what to do now. And I always refer everyone to the website sba.gov. So SBA dot GOV. And if you click on the top, there’s going to be, it’s going to say COVID-19 and the Coronavirus. 

So definitely click on that and it will give you all your options as a business owner that you have available to you. I believe there’s a link on there that’ll give you a survey to figure out given your specific situation, what are all the programs available to you right now. So definitely take a look at that. The two that I’ve been looking at and I’ve had people apply for is the EIDL, the Economic Injury Disaster Loan. I believe they’re offering a $10,000 relief package which is forgivable as well as a lone. And even with that, there’s been some additional changes as they may now based that off the number of employees. 

So definitely check out the site as that should be updated with the most present information, or I should say up to up to date information. And as well there’s the PPP, the Payment Protection Program. That, you cannot apply for just directly. You need to go through an SBA approved bank. So, I would recommend speaking with your business banker, and if you are looking to start your first business, definitely, you know, speak with your bank to see if they’re SBA approved and if they’re able to assist. 

But going back to the SBA, there are even programs for people, you know, looking to invest in a franchise or that have invested and have an SBA loan where the SBA will make up to the first six months payment, both principal and interest for you. So, lots of incentives. They definitely want to stimulate the economy, help small business owners. So these are some programs that you should definitely look into. So sba.gov is a good starting point. 

And then, you know, as I mentioned, doing your own research, speaking with your accountant, speaking with the banks. It will be very helpful. Switching gears a little bit, I’ve been getting just, you know, number one question has been funding. So we definitely had discussed that with the financial stimulus. As far as other questions I’ve been getting quite a bit of and I just thought it would be easier for us to discuss it on today’s episode, is should I wait to invest in a franchise? 

Should You Put Your Business Aspirations On Hold?

And that, you know, taking a step back, should I wait to invest in any business? And my answer is, you know, the reason, you know, going back to the reason you actually wanted to invest in a business, the reason you wanted to invest in a franchise, I say, no, not to wait. I believe in continuing the due diligence process. If the reason was to gain financial freedom, time freedom, just have more flexibility and take control of your career, continue with it. 

Obviously, with everything going on, there may be some delays. But this is a time where many of us are working from home and unfortunately, some of us have been downsized and others are just working from home. But this is the time and the opportunity to continue with the due diligence, not forget why we started this journey, you know, to look at business ownership and that we will get past this, as I mentioned earlier. I had started my business back in 2007, and we know what happened in 2007, 2008. And they were not the easiest of years but we got through it. 

So this will unfortunately not be the first. It’s not the first nor the last time that we will go through something like this. So I say yes, to continue. You know, especially on the franchising side, when you start researching a franchise, it takes time. You know, you’re going to do your own due diligence, speak with franchise owners. And to be quite honest, if you’re looking at any anything involving real estate, if it’s a storefront or retail location, that will take some time as well to find the location and the build-out and things like that. So that, you know, pushing you out six months plus. 

So definitely continue. Obviously, it’s unfortunate what’s going on but I would not let that slow down your progress. I think this is a time to continue with your due diligence and finding, you know, the best franchise for you. I guess the last, I’ll do the top three. So this would be number three. The, you know, with what’s going on, how has that affected the franchising industry? And, you know, it’s affected everyone. Franchising really isn’t an industry. It’s just a proven business model. But yes, it definitely has affected the franchising industry. 

Adapting To the Times

And what I’ve seen being able to speak directly with few of CEOs of franchise companies, as well as some of the VPs, you know, at each of these companies is that they are figuring out, you know, how to pivot, how to change, how to adapt to what’s going on. So, examples would be, you know, we have tutoring franchises that instead of meeting face to face, obviously, which you can’t do now, they have really built out a robust platform in order to virtually tutor all their students. 

So something they’ve had before but they’re really expanding on that technology in order to be able to tutor, you know, the students that are at home. And others, there’s a lot of franchise concepts that will go directly to the homeowner, whether it be for flooring, for painting, for blinds and window coverings, and they will have a virtual experience involving the homeowner taking pictures and/or video, depending on the different franchises, and uploading that and, you know, getting or receiving virtual quotes for the work involved. 

And then once that work is scheduled, obviously having the homeowner out of the home so that the work is able to still get done. So business is still getting done. Franchises that, a few franchises I spoke with recently this past week, have, you know, definitely taken advantage of technology. I myself, I’ve definitely taken advantage of websites or online applications such as Zoom and various other platforms. 

So the companies like this, or the benefit of a franchise is that they’re able to pivot, and once they make that change, they are able to offer that to all the franchisees in the system. So a lot of great stuff from this at the end of the day as I mentioned, and I’ve said this more than once, we will get past this. It’ll take some time. But definitely continue to move forward, figure out and remember why you started the entrepreneur journey. You know, the reasons for that, that will not change. So continue with the process. Just may expect some delays with certain things. So I will stop there. 

Utilize This Time to Get Ahead, Personally and Professionally

And take advantage of this time. You know, we are working from home. It is a stressful time. And spend time with family. If you have children spending as much time as possible with them. I know my family has incorporated working out together which has been a blast. Try to get it done every day, but it’s been an experience just to lighten up the day, change it up a little bit. And, you know, I’ve also taken advantage of the time and, you know, we’re obviously, a lot of us are not commuting, working from home. So finalize my first book, which is hopefully due beginning of May. And just finalizing putting the finishing touches on my website. 

So taking advantage of this time, finishing up some projects, catching up on some books getting, you know, getting up to speed on a new scale. Could be learning a new language. But definitely take advantage of this time. It’,s at the end of the day, it’s something that we have no control over. So definitely take advantage of it. And lastly, via this podcast, we have developed a large network. So my offer to everyone listening in on the show is please let me know whether that be an email at gg@ggthefranchiseguide.com, going right to my website, ggthefranchiseguide.com and booking an appointment or sending me an email through there. 

But I can definitely help in the business ownership franchising world. But if it’s something that’s out of my expertise, we do interview on a weekly basis. We probably do about anywhere between three and six interviews or podcast shows a week that are all recorded. If there’s something you need assistance within your specific business or any way we could be of help, I could definitely put you in touch with an expert in that area. 

So maybe a specific, maybe towards your business and what happens in the next few months. So maybe a financial advisor or an accountant or an attorney or a business coach. So let us know where we can assist or where you need help. And just reach out to me. I’ll be more than glad to put you in touch with someone if I’m unable to help out. So you know where to reach me. Definitely don’t be shy. We’re here to all help out. And I’m looking forward to speaking with everyone. Keep in touch. Stay safe and healthy and I look forward to speaking with you soon. Take care everyone.