A new year signifies learning from past experiences and making positive changes. For a business, this can mean growing your business or expanding it in a more profitable way. Franchising a business can be a lucrative way to do both. Not only can you grow your business through franchisees, but you can also bring in more profits without having to do all the work yourself.
Here we look at three areas that you can focus on to expand growth and profits if you’re considering franchising your business in the new year.
When social media started becoming popular, no one could have predicted its impact on our lives and our businesses. Even though some originally dismissed it as a fad, it continues to evolve and allow businesses to promote products and services in addition to reaching their customers.
According to a recent article by Entrepreneur Magazine, social media will increase its impact in 2018. More people are increasingly becoming accepting of all the different social platforms on the market. There’s also newer technologies and options including augmented reality experiences with the iPhoneX, and over 100 million people using Instagram stories when this feature is only one year old.
The trend is also expected to increase for brands to invest more time and money on connecting with customers on social networks. By franchising your business, you and your franchisees can tap into these resources and enhance growth opportunities for your business.
Consumers are making more mindful choices when it comes to the products they purchase. Whether it’s an impact on the environment, animal welfare, or human rights, they want to buy sustainable products from the companies they do business with.
This trend is one that is expected to become even more popular in the coming year. In a study by Innova Market Insights, consumer consciousness is especially strong when it comes to the food services industry. Consumers want companies to be more transparent about the ingredients in the foods they eat. They are also more concerned with how the food they eat is produced and if the packaging it comes in is environmentally responsible.
Regardless of what industry your business is in, paying attention to consumer consciousness can be integral to how customers view your business. It can also work in your favor to attract franchisees who only want to work with a socially responsible company.
The Franchise Business Economic Outlook Report states that in 2017, franchise businesses are expected to grow faster than the economy. And, that growth is expected to continue into 2018.
While some of the major business lines have slowed some, all of them are showing positive growth in the coming year. The strongest of them being in the personal services, real estate, quick service and table/full-service restaurants.
Again, these growth factors not only work in your favor but in your ability to attract franchisees to further grow your business.
New Year, New Business
Overall, there’s no better time than the new year to franchise your business. With enhanced technology, increased desire for transparency, and expected growth, you can use these trends to grow your business and increase profits. You’ll also increase your chances of making your business a lucrative and viable option for potential franchisees.
Wondering if franchising your business in the new year is right for you? Call us at (855) 824-4759 or contact us online today to talk with a member of our team for a free consultation.