Franchising has been a proven way of doing business since decades. Not just one, but numerous brand successes globally can be credited to franchising. The post pandemic era has given the franchise industry a boost as more and more professionals are taking the franchise route for success.
This year (2022) saw a lot of growth as both Indian and international brands registered impressive development. Going further, a lot of factors would contribute to the growth of franchising industry in 2023.
Here are the factors that would drive the franchise business growth in the new year.
Key sectors that will drive the market growth
Among the segments that will drive the franchise industry’s growth would be F&B, e-commerce, Retail, and Education. “I see F&B segment as the clear winner when it comes to franchise opportunity in Indian market. This is especially relevant for the professionals who wish to start their business in 2023 with moderate investment,” feels Mohit Verma, Founder & CEO – Franchise Trade.
e-learning paving the way for education industry
Post-pandemic having a thorough understanding of e-Learning is crucial to enhancing and strengthening communication. Global lockdowns taught us at least thing that classrooms can be online. The education industry has transformed completely post pandemic as more & more educational institutions have adopted the hybrid model of teaching. Here, e-learning segment is the clear winner.
Easy Access to Capital for starting a business
Access to investment money must be sorted. Franchisees must have a clear plan for raising money in this pandemic-affected season. Finance industry is on a roll as more and more professionals are starting their own business. With easy availability of finance, aspiring business owners are now taking instant loans to fund their start-ups and franchise business.
Innovative marketing strategies for expanding businesses
After Covid led economic slowdown, it has become important to implement latest marketing techniques and adopt innovative approaches to strengthen the customer base. Industry experts feel that marketing strategies including social media marketing is the game changer in the near future. People are more dependent on user reviews and ratings that enable them in taking the right decision of using a product and service.
Well-researched franchise development program for franchise owners
Business franchising is all about knowledge transfer and replication of set practices through a brand guideline. No franchise business can succeed without a well-researched and effective franchise development program (FDP) that acts at the bible of the franchise business. Each and every move that a franchisee will make should be guided by the FDP. This will help ensure long-term business growth.
Creating an Omni-channel presence
The modern consumer’s digital attitude comes with a lot of demands for comfort and ease. Recent projections predict that by 2025, digital sales will outpace offline sales in most business models. As a result, maintaining a strong online presence is necessary to meet client demands and compete with rival businesses. Retail businesses with strong offline presence should now consider going digital while the ones with absolute digital presence should consider offline presence as well. The key is to have an omni-channel market presence.
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