Franchising Trends to Watch Out in 2021
In the age of digitalization, staying cheek by jowl with the latest developments in the industry and staying on top of changes in consumer behavior is inevitable for franchise business in order to redd up their operations and stand out a mile in a plethora of competitions. Here are some perceptible latest trends of franchise business.
- Employee to Franchisee Owner:
Following the pandemic, getting business loans has become difficult. In response, some franchise companies have put forward the employee to franchisee programs. Once their worth has been proven and program-specific requirements are met, they can buy a franchise location with little or no equity. This implies that one need not be an established business owner to jump into the franchise world.
- Increasing Women in Franchising:
Franchising has taken the edge off the traditional obstacles to women such as lack of business experience and capital. Research and statistics validate that women have been rising steadily in the ranks of franchise operators over the past decades. The best franchise opportunities for women in the country are found in designing jewelry and clothes, owning a beauty salon, manufacturing lingerie, opening a pre-school etc… Thus, waves made by women in the industry has mitigated the notion of the franchise business model being a man’s game.
- The Emergence of Micro-Influencer Marketing:
Social marketing has substituted TV, Print media and billboard advertising to a considerable extent. Micro-influencer is one of the latest emergencies in the world of social marketing which has taken franchise business by storm. Micro influencers are everyday people with a decent following. They have over 3,000 followers on their Instagram, Facebook or Twitter, which usually revolves around a particular passion or niche. Increasing number of franchises are looking forward to collaborate with these micro-influencers to augment sales and give a boost to brand awareness.
- Crowdfunding for Franchise:
Owing to Crowd funding websites, financing the franchise ventures has become easier. Also, the growing trend of Crowdfunding does not seem to slowdown anytime soon.
- Multi-unit /franchisees:
Over the past decades, the frequency, influence and popularity of the Multi-Unit Franchisee has increased to substantial proportions. Under the model of Multi-unit franchisees, one franchisee owns and operates more than one unit. It is a growing trend that’s showing no signs of slowing down.
All in all, 2021 is seemingly a top-notch space of time to enter the franchise market. Thanks to the innumerable options for franchise industries, there is a window of opportunity for everyone. The industry is upturning and would continue to thrive in the near future.
For more Insight, Contact Us:
Email id: firstname.lastname@example.org
Phone: +91 6351238956