Is Hotel, Travel, and Tourism Still in a Corrective Franchise Option Post-Covid Scenario?
Is Hotel, Travel, and Tourism Still in a Corrective Franchise Option Post-Covid Scenario?
The travel industry’s momentum has come to a halt as a result of COVID-19. While recent headlines like travel bans and large event cancellations make that progress seem remote, it’s crucial to remember that the business was thriving and breaking records before the pandemic struck. Despite these obstacles, travel has shown to be one of the world’s most robust sectors, and while we don’t know when travelers will return in force, we can be positive that they will.
There are numerous unknowns surrounding the condition. Many properties of COVID-19 are hypothetical or unclear, such as the duration of the infectious period, symptomatology, and the possibility of asymptomatic transmission. As a result, social distancing measures including isolation, restricting public meetings, and closing schools and stores are now the most effective approaches to lower the rate of transmission, avoid healthcare system failure, and reduce the number of deaths.
Effects on the Franchising Sector
The economic and social impacts of franchising as a commercial and social model include job creation, economic modernization, and the development of entrepreneurship. In rising and developing markets, the direct effects on income, employment, and the achievement of social goals are most obvious.
The pandemic’s detrimental economic impacts on poor and emerging economies are concerning. One of the first effects of the crisis has been the exodus of capital from countries seen to be the most vulnerable. Countries that rely on commodity exports or manufactured goods are experiencing a reduction in demand. Furthermore, tourism, which is a major source of revenue for many poor and emerging countries, is stifled.
The COVID-19 pandemic has had a significant impact on various service and retail businesses. Construction, food service, fashion, and retail are among the industries that have been hardest hit by the pandemic. The franchising industry is also heavily impacted, with implications for business operations and the franchise system’s integrity. The crisis has also complicated the relationship between franchisors and franchisees.
The COVID-19 epidemic has sparked a serious economic crisis in India, causing significant changes in the way individuals, businesses, and economies operate. In India, the franchising community has never faced a crisis like this. The salon, pre-schools, K12 schools, food outlets, retail shops, hotels, travel and tourism, and other businesses have all closed as a result of the shutdown.
Some franchise chains, such as those in travel and tourism, retail, and food and beverage, are likely to see irreversibly lost demand. However, as a result of the economic downturn, new sectors and possibilities have emerged, providing renewed hope for the future.
Balancing Tourism Revenue Returns and Safety
To re-enable tourism, efforts must be taken to ensure that people are and feel comfortable when traveling. The World Travel & Tourism Council (WTTC) awards global safety and hygiene stamps to countries that demonstrate their commitment to reopening their tourism sectors as they recover from the coronavirus outbreak.
The Safe Travels Stamp was designed by the WTTC, a group that promotes private-sector travel and tourism, to allow travelers to recognize governments and companies around the world that have followed health and hygiene global standards procedures — allowing customers to enjoy “Safe Travels.” Positive vaccine news has increased recovery prospects, but obstacles remain, and the sector is projected to be in survival mode.
Domestic tourism has resumed, and in some destinations, it is assisting in mitigating the impact on jobs and companies. True recovery, on the other hand, will be achievable only when foreign tourism returns. To safely ease travel restrictions, global cooperation and evidence-based solutions are required.
While flexible policy measures are required to allow the tourism sector to coexist with the virus in the short to medium term, it is also critical to go beyond this and learn from the crisis, which has exposed weaknesses in government and industry preparedness and response capabilities. It is critical to have coordinated action from all levels of government as well as the corporate sector.
Whether you’re starting a travel-related franchise, the initial few months are crucial for setting up the necessary infrastructure, hiring employees, and getting the firm off the ground. Today’s internet is rife with noise and distractions. Spend some time considering how to use new marketing methods to cut through all of it. Create content and schedule it so that people will learn about you right away and have something to look forward to. Build brand awareness and have people include you in their great trip plans when they can finally resume their globetrotting habits.
While the economy has slowed, it will not remain stagnant for long. So, during this epidemic, we should try to stay happy (and healthy) and take things in stride. Get your engine going while things are still flowing slowly so you’ll be ready for the following wave of tourists when they emerge from their caves. When the COVID-19 dies down, travel demand will revive, as will the industry and its operations.
