Keeping an eye on franchise trends can be helpful when you’re deciding on a company to buy into. And it can assist you in the way you manage your business once it’s up and running. Here are a few franchise trends to watch.
Multi-Unit Ownership
In recent years, the number of franchise owners who own more than one location has grown tremendously. There are many reasons why this can be a great way to create wealth. For retail businesses, the path to growth is through more locations. And franchisees who diversify through a variety of locations may be better positioned to withstand changes in the economy.
Increased Access to Financing
While the 2008 downturn brought many years of lending backlash, a recent franchise trend is the rebound in credit availability. Prospective franchisees are seeing an increase in the ease of and options for obtaining financing for the purchase of their business. In addition, less paperwork may be required.
Mobile Businesses
An increasing number of franchises are providing mobile access to their goods and services. This usually means that the franchisee brings its services directly to the customer’s home or business, primarily operating by car or van without a brick and mortar or storefront location. This franchise trend enables companies to have a wider reach with lower overhead.
Online Tools and Social Media
Digital marketing is a necessity for today’s franchise owners. Online searches and web-based interactions are continuing to increase. These tools make it easier and more convenient for consumers to access a business. Examples are online ordering and web-based check-ins. And as well all know, social media has taken off as marketing tool. Because franchisors recognize that the strategic use of digital marketing can be a complex (and at times, confusing) process, more and more of them are providing this expertise for their franchisees.
To learn more about these franchise trends and what they mean for you, contact a FranChoice franchise consultant.