What Will 2013 Look Like For Franchising?
by FranchiseKing, Guest Blogger
- Created: January 3, 2013, 7:29 am
Will great things finally start to happen in franchising in 2013?
Should you become the owner of a franchise business in 2013?
What are some of the trends in franchising?
Let’s dig in...
Jobs aren’t what they used to be. The days of working for the same company for 30 years are over. A lot of today’s corporate employees move from job to job. And it’s usually not their fault. Divisions close down. Companies restructure. As Guy Kawasaki* says, “Shitake happens.”
A lot of people I talk to are sick of getting downsized*, right-sized and just plain outsized. They want to have some semblance of control back in their professional lives. That’s one reason that a lot of downsized workers look into franchise ownership.
The effects of the recession still linger; some of those who’ve lost their jobs aren’t even in the job market anymore. They’ve essentially opted out*.
The sheer amount of people that have opted out of job-seeking could be a boon to franchising, which has not seen a lot of growth the last couple of years.*
If you’ve opted out of the job market, you’re probably open to other ideas...like owning your own business. If so, franchise ownership may be worth a look.
Just make sure that you’re right for the franchise business model. Make sure that you’re 100% on-board with following rules. Make sure that your family is on board with this idea of yours, too. It’s important to have their support.
Is Now The Time?
There are three very positive things happening for today’s future franchise owners.
1. Small business loan rates have been very reasonable.
2. Franchisors are aggressively discounting some of their fees
3. Commercial space (depending on your area) is readily available
If you feel that you have what it takes to become the owner of a franchise, and you can leverage those three things, 2013 may be your year.
Just don’t forget to do a great job on your due diligence. Because if you don’t do a thorough job with your research, and don’t use the plethora of small business resources that are readily available these days, 2013 may not be your year.
In other words, take your time. And don’t do it alone.
If you’re going to look into franchise ownership in 2013, it wouldn’t hurt to start noticing and learning about the current business and franchise trends.
One of the biggest trends taking place—and it’s affecting everything we do—is mobile communications and technology.
According to one study*, 47% of consumers confirm they use their smartphone to search for local information such as a local store they want to visit. Forty-six percent of consumers look up prices on a store’s mobile site and 42% check inventory prior to shopping in the store.
If you’re thinking of becoming the owner of a franchise that requires a physical location, you really need to keep an eye on the latest trends in mobile technology and mobile marketing, like these*.
Interestingly enough, most of the top franchise trends for 2013 involve franchise opportunities that do require a commercial space. Again, pay attention to what’s happening in the world of mobile technology.
2013 could shape up to be a great year to become a franchise business owner.
There’s good commercial space available. Small business loan rates are decent. Some franchisors are aggressively reducing up-front costs. Fantastic business tools and resources are easily accessible.
You just have to use them.
*Non-US Government links
About the Author
The Franchise King®, Joel Libava, is the author of the book, Become a Franchise Owner! He's also a franchise ownership advisor; Joel teaches people that are interested in franchise ownership how to properly select and carefully research franchise business opportunities so they can increase their odds of success.
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