Two words our country will never think about the same way again.
Essential business.
How do you know if that describes your franchise? Technically, it’s up to states and cities to decide, but the The Department of Homeland Security has also issued guidance on workers who are essential to infrastructure.
The obvious essential businesses include supermarkets and grocery stores, pharmacies, convenience stores, garbage collection, daycare centers, hardware stores and so on. But as cities and states continue to shut down and/or reopen various businesses, what is considered essential will likely vary based on people’s needs.
Nonessential businesses, on the other hand, are generally recreational in nature. As much as customers love theaters, gyms, salons, museums and bowling alleys, unfortunately, most of those companies are not classified with the coveted two words.
One business most people might not initially think of as essential is a surveillance and security franchise. It always has been and new challenges have emerged from the pandemic. As consumers and business owners attempt to establish and maintain new standards for health and sanitation, surveillance and security franchises are on the rise and represent prime opportunities for growth.
We reported on this trend in our recent Industry Snapshot. As the economy enters a post Covid world, we expect the demand for these supplementary services to multiply.
Surveillance Secure, a b2b franchise that provides electronic security solutions for commercial clients like Pepsi, WeWork, Marriott and Hyatt, has seen an average increase of annual revenue of 20.3% since 2016 (according to their 2019 Franchise Disclosure Document), and shows no signs of slowing down. In a time when businesses are doubling down on their efforts to promote safety and sanitation, Surveillance Secure’s products like touchless access control and thermal body temperature cameras are highly attractive to buyers.
It makes sense operationally. When you’re running large buildings with thousands of people (like healthcare or education) post pandemic security and surveillance features are soon to become commonplace, if not legally required. Once more business ideas start opening their doors, we’re confident that surveillance and security franchises are going to be in high demand.
Talk about an essential business.
One that’s worth investing in now.
That way you can dig your well before your clients are thirsty.
Even if the city or state government doesn’t deem it as an essential, it’s still critical for entrepreneurs to filter their career decisions through the lens of these two words. If you’re thinking about investing in a new business opportunity, make sure it’s a business model with a value proposition in alignment with the future trends of the new post pandemic b2b needs.
If we’ve learned anything from the events of the COVID-19, it's the importance of technology. And not only video conference and collaboration tools, but companies need to protect their assets, both digital and physical, now more than ever.
Because what's worse? Thinking you're being paranoid, or knowing that you should be?
