In an economy where franchising has become increasingly popular, franchisees are eager to find trends that will help their franchise grow steadily and operate smoothly. While not all trends are created equal, these top franchising trends are quickly becoming staples within the industry. Let’s look at today’s top five franchising trends:
1. It’s All About Location
It’s clear that real estate is an important consideration for any business with a physical presence, but anyone who’s ever tried to purchase front row seats at a Justin Bieber concert knows that good real estate comes at a premium. For this reason, many franchise owners have opted for less traditional real estate solutions. It’s not necessary to have a storefront located in the center of Manhattan. As long as business owners can reach the right audience, that type of exposure is no longer necessary.
Many franchisees find success in unexpected areas. From college campuses and airports to temporary establishments at concerts and events, nontraditional franchise locations can bring in fresh consumer bases and pay off substantially in the long run. Knowing your audience is key to reaping the rewards of this type of strategy, but with the right angle, this franchising trend can give a company a strong foothold in an otherwise crowded niche.
2. New Quality Management Tech
New tech has also established itself as a major asset for franchises everywhere. Of all of the top franchising trends, this may be the most accessible—and the most helpful—tool for companies that are looking to streamline their quality management and save valuable time and effort along the way.
What makes this franchising trend so helpful to business owners? Simply put, it transforms quality management from a cumbersome task to an efficient, useful element of management. Need updates to safety policy to be understood and implemented company-wide? Simply apply the policy to your company’s quality management software and voila! Your entire company receives updates instantly. Do you need a quick and easy way to evaluate quality practices across multiple stores? One look at your quality management software’s analytics and you’ll be on your way. Quality management tech is the most efficient way to ensure your business is operating at the highest level.
3. International Franchising
The integrated nature of the modern global economy—combined with the revelation that pastries in other countries are really good—has caused many franchise owners to seek expansion outside the U.S. This franchising trend does involve a bit more attention to some of the finer details of business management, as regulations among industries in other countries tend to vary, but it can also be well worth the extra planning for those who seek such expansion. Global markets represent a new world of opportunity for business owners and can be a great option for those looking to expand their brands among diverse markets.
Quality management tech can help contribute to running a smooth operation internationally, instantaneously keeping workers aware of new procedures and strategies from anywhere in the world.
4. Multi-Brand Franchising
More is better, right? Well, not always, but franchising multiple brands can be a wise investment on the part of franchisees. Think of it this way: when you invest in stocks and bonds, you diversify to reduce risk and achieve a greater payout over time. So why not apply the same strategy for assets you can control, such as a group of franchises?
By franchising across multiple brands, franchisees can spread inherent risk, share best practices among brands, and even utilize similar marketing and operational strategies across brands. While it certainly takes more capital and effort to manage several brands, the payoffs can be well worth the challenge. And with modern tech at their fingertips, franchisees can offset some of that management stress by utilizing the same tools and policies across multiple brands.
5. Online Marketing
All of us know that social media marketing and online advertising can be a powerful tool for almost any business. With franchising, however, this type of marketing can take a different form, as franchisees look to promote their brands locally through location-based social media pages, web pages, and online media. This franchising trend takes what is typically already in place—a global online marketing strategy—and refines it for the specific untapped audience. Using tools such as Facebook events to create marketing materials that will be directly targeted to your local audience makes it much easier to ensure that your messages are reaching the right people at the right times.
Franchisors who harness these trends are positioned for success. Are these franchising trends here to stay? Time will tell, but if the evidence is any indicator, it would seem the answer is yes. The world is shifting to a more global audience and is developing new tech and strategy to compliment such an expansion. New markets and increased business mean an increased need to adapt to the changing landscape—and these franchising trends are helping businesses to do just that.