3 Franchise Trends of the Future
Several recent market reports indicate that the future of the Canadian franchise industry is pretty bright, and it's already generating a staggering $68 billion per year according to the Canadian Franchise Association (https://www.cfa.ca/wp-content/uploads/2017/03/CFA_AR2017_FranchisingFacts.pdf). As with everything else, this industry has its share of trends, and here are three that are just starting to truly emerge right now.
Multi-unit owners unite
Once a franchisee has mastered his or her system, the natural next step is expanding to more locations, and this is becoming more and more common in the Canadian franchise industry. The idea is that once you've been successful once, you'll be able to replicate that same formula in a similar location. Some brands offer discounts on additional units or reduced fees for those who sign up for more than one unit once they join the system, so if you know you want to own more than one location, make sure you check what discounts the brands you're considering offer to multi-unit franchisees.
Bigger and better tech
Technology is making its mark in several industries, but the franchise industry has had its struggles when it comes to keeping up with its pace. This is not surprising. A franchisee who has been analog for years may feel as if he or she is moving backward with the digital switch, for example; why change out the old menu boards for video screens when the old ones work just fine? However, the industry overall is starting to recognize the importance of updating and upgrading when it comes to today's tech, and many franchisers are now working to get their locations up to speed.
Business inside another business
Business-within-a-business franchises are just what they sound like: one franchise opens up a non-traditional spot in another business that somehow complements its services. A mail and package delivery franchise, for example, may set up shop inside a printing business. Largely viewed as a win-win for both businesses in terms of foot traffic and customer satisfaction, this concept is increasingly gaining steam as consumers demand faster service and more convenience.
It's impossible to know all the trends that will pop up in the franchise industry in Canada over the next year, but it's a sure bet that the industry will keep moving. Keep up on the latest trends so you can make the most informed decisions during your search for your next franchise.