I hope this blog post finds you and your loved ones healthy and safe. As the Coronavirus rapidly changes the realities of our daily lives, it’s natural to take a hard look at our income strategies, financial plans, and investment portfolios. A word of advice … take this time to do your homework. Now is not the time to make rash or uneducated decisions. It is also not the time to sit still and not do anything. History shows us that although it can be painful when the market is volatile or even in a recession, the economy has always bounced back, with good outcomes for long-term investors and those willing to engage when others choose to run..

I want to share a quick story that occurred today as my family copes with home isolation. I was sitting at the breakfast table with my daughter, a high school senior, as she logged in to her first virtual classroom meeting for her Physics class. I was impressed with how quickly this particular teacher found a solution to bring her class together, in a webinar format, so they could continue their learning and not miss a beat. She took proactive steps forward with her students instead of waiting idly for things to change.

My daughter and her 25 classmates became a community again. They could see each other’s faces in the video feed. The teacher provided a forum for the kids to get back a sense of normalcy and community they were sorely missing. After a brief discussion about their fears and concerns during these unprecedented times, the teacher proceeded to the lesson for the day, which focused on Newton’s third law of motion: For every action there is an equal and opposite reaction. I can’t think of a more appropriate lesson for all of us today. Thinking beyond the physics arena, let’s look at the economy. We have all seen downturns before, during the aftermath of 9/11 and with the 2008 stock market crash. History tells us that smaller corrections often see smaller bounces back, while steeper corrections tend to precede powerful moves to the upside. The pendulum swings both ways and we will soon be on the upswing.

I’d encourage you to take time to reflect on your career and life goals and not let short-term uncertainty knock you off a path to long-term success and happiness. How much control do you have over your job, career path, and income? If you’ve decided or even been tempted to look into franchise ownership, stay the course and continue on the path to exploring what’s right for you.

Another thing to keep in mind is the time frame of this process. If you were just starting your franchise research, you’d still be a minimum of 6 to 12 months away from opening your business. By that point our country will be past the worst of things and back on the upswing. So now is a great time to do your due diligence and keep moving forward.

More good news is that the entire franchise discovery process can be done from the comfort of your home. Franchisors have always used a due diligence process that takes place through a series of webinars, conference calls, and one-on-one phone conversations. Most franchisors are now doing virtual discovery days that eliminate the need to travel and/or meet in a group setting.

Please reach out to me if you want to talk about your personal situation. I’d love to hear your perspective and potentially help open some doors for you to consider. As always, the only thing you invest is your time… and we all seem to have a bit more of that these days. Click here to schedule a call with me.