Franchising Trends
With any business there are market trends and franchising is no different. In the world of franchising there are some exciting trends developing that are propelling success and innovation. Without business trends, sales and growth can become stagnant. As the market grows, a business must grow with it. Take a look at how some franchises are taking a step forward this year.
Employee-to-Franchise
The old business model of franchising relied on people’s money and overall net worth. Basically, a corporation wanted to make sure you can be help financially responsible if anything were to go awry. This meant that most of the time, people with extreme wealth were the only ones capable of buying into a franchise. A recent franchise trend grants employees the opportunity to work up the chain and eventually buy a franchise. This let’s young, business minded people work hard and once they have proved themselves, get financial support through payment plans. Small business loans are difficult to get, especially for young people. Companies are starting to realize that and come up with creative solutions to benefit dedicated employees.
Extreme Customization
Franchises all over the world are shaking up their traditional business plan to offer a lot more customization. The industry has shown that consumers want more options. Franchises need to step up to the plate or be left behind. The access to customizable options provides more options to the consumer and also the individual franchises.
Digital Marketing is King
We live in a digital world, so it shouldn’t come as a surprise that digital marketing has taken the lead over more traditional avenues. Print circulation is down, but an increasing number of people are engaging online. Franchise owners are taking a step in the right direction by turning almost all digital to meet their marketing needs. Especially for a new franchise location, marketing is key to solidify yourself in the market and get your name out there.
Offering Personal Experiences
Another turned focusing on consumer needs is offering an experience. The younger generations are more concerned with experiences rather than material things. This is not to say that they are not willing to buy into material goods, but when they do an experience is expected to go along with it. If a franchise wants to grow with the market, they need to capitalize on the experience they provide or offer a service, like Uber has, that replaces the need for a material item in place of the younger generation’s focus on experiences.
Minimalism
Minimalism is not just a genre of art anymore. Corporations are adapting to minimalistic business plans to cut the cost of overhead and impact on the environment. Franchises are looking for new ways to stay lean, save money, and do so while offering the same — if not better — experience than before.
