Franchising in 2016 – Watch for these trends!
Trends come and go across all sectors and the franchise industry is no exception. Certain trends however, are more than simply passing phases – they have the power to change the way that business is done. Here are five of the trends we expect to see in 2016 that will have significant impact on the franchise world. The Emergence of New Entrepreneurs We believe that 2016 will bring with it an ever increasing emergence of entrepreneurs. With so many employees feeling overworked and under appreciated along with uncertain economic times, layoffs and a fragile market, more and more people are taking a good, hard look at going into business for themselves. Franchising offers an excellent opportunity for those who are interested in starting a business for themselves but still want to have a strong support network in place. This is why franchising will be an attractive option for many in 2016. An Increasingly Competitive Digital Space It used to that those large companies with the biggest advertising budgets were the ones that got all the best advertising. But social media and content marketing has been changing that over the past few years. While advertising dollars still help, the companies that will truly benefit in this new environment are the ones who are able to employ the best organic content marketing strategies. Those who effectively use search engine optimization, create engaging content that can go viral and who can genuinely connect with their audience will have a definite edge in 2016. The Spread of Co-operation Many business owners today realize that sometimes it’s better to cooperate than to compete (because several smaller businesses cooperating have a better chance to compete against the larger guys!) This trend can be seen especially in the tech industry where small start-ups are sharing office space or pooling their resources to get better deals on supplies, etc. While cooperation in the franchise world would be largely led by corporate offices, we would not be surprised to see this trend increase this year. The Rise of Corporate Social Responsibility Today’s generation is realizing that a sustainable business has to be about more than simply making a profit. When choosing a place to launch their career, Millennials are just as interested in how a business participates in and supports the local community as they are in what they do and how much they pay. While franchises typically cover large geographical areas, local franchisees must be mindful of their local communities and do what they can to support their communities. A Concern for Employee Well-being While there are several franchisees that start out their businesses as one man operations, most will at some point in time have to hire additional employees. In order to attract and retain the best talent, a genuine concern for employee well-being is a must. A lifestyle of excessive work is now being abandoned for something more balanced. More employers in 2016 will be offering benefits such as flexible schedules, telecommuting, gym memberships etc. in order to help their employees look after their physical and mental well-being. Here at FranNet, we are very excited about some of the business trends that we see on the horizon and we are looking forward to a great year!