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We are well into 2017 and for the UK it’s been a very uncertain and temperamental year. This is mainly due to Politics and the economic uncertainty that Brexit is bringing to business. Overall, the UK economy hasn’t performed well in relation to global markets, as the pound sterling is pretty much on par with the Euro. In instances where the markets cannot be as certain as before, the trends of the market are even more important. By identifying the trends, you can demonstrate that particular industries or franchise types are either going to perform well or will be likely to have a hard few years.
This trend is mainly influenced by the global trend that everybody wants to buy their products or use business services at more of a convenience to themselves. This means the franchise market should adapt and try to fulfil this demand. This type of franchising is also being favoured by aspiring franchisees, as it offers a low-cost franchise option as opposed to those higher investment cost franchises that might simply not be an option for some people.
Food trucks are becoming a trendy alternative to major food restaurants for more than one reason. Many different user groups enjoy food trucks but the majority shift is coming through the millennials and the millennials group make up a substantial part of the food purchasing market. Buying food from a truck doesn’t put people off like it used to, in fact it’s often considered a preferred option as food trucks offer high quality food, at a convenient location and you can do this whilst supporting a small business owner.
Work for many is no longer a simple 9-5 job where you can clock off after your shift, it’s becoming an integral part of your life where many have to stay constantly connected, or even work late into the evenings and when they get home. This has given a rise to the demand of convenient focused alternatives, in the form of service truck franchises such as dog grooming franchises that perform their service at the customers home.
The pace of life is constantly speeding up with the average person having less spare time to go to the shops and buy their products. To combat this, business and franchises alike have understood that a way to beat their customers is to make their service available on-demand, you only have to look as far as Netflix and Blockbusters to see this. Netflix understood that customers want to be able to browse and view their tv collection without having to leave their home, Blockbusters didn’t realise this until too late and they ceased to trade. On-demand products are a growing trend and it is predicted that this is only going to get stronger, so those franchises that utilise this have a better outlook than those that don’t.
When it comes to running a franchise, you will have some unique franchise related trends but, more than not, any trend that affects businesses similar to yours will also affect your franchise.
Retail franchises know all too well that point of sale devices are costly for initial purchase and then have continued cost on top of that, maintaining the software. The reason this is so expensive is because you may need more than one device in several locations, however, with new technology, you can buy devices such as ipads that can take orders, browse products, check inventory and more. They can also do this completely remote, meaning you can move around with one device, instead of needing multiple, which reduces the initial and ongoing investment cost.
Social Media can be beneficial to a business and despite all the wonders of technology, it can also lead you into troubles if you don’t manage it efficiently. Considering how quick and easy it is to post a review on social media that can potentially reach millions, word of mouth has never been so prominent and easily accessible on a global scale. This means as a franchise, or as a business, you need to ensure you monitor the sentiment for your online presence and quickly respond to any complaints or queries to demonstrate that you do care about your customers. This is something that you wouldn’t have to consider ten years ago but nowadays its vital and it is something you need to look into if you considering a franchise opportunity.
Aspiring entrepreneurs are adding franchises to their portfolio often with more than one franchise location. Multi-unit franchising isn’t suitable for everybody and some franchises do not allow it but it is on the rise this year with people understanding that it comes with a higher reward. This higher reward does also mean an increased risk but this type of ownership will only be attempted by those that have proven business success. You should expect this trend to continue as more people are understanding how successful you can be using the franchise model.
Trends are incredibly important for any business as they offer important information about how to forecast for the year and how you should shift your business to maximise the potential success. You need to be aware of current trends but you also must stay on top of what trends are likely to occur so you can utilise the potential benefit from them as soon as they happen. Missing a trend can be serious, again, you only have to look at Blockbusters to see this is true, so we suggest that you spend enough time analysing your markets trends to ensure you are here next year.