Hiring temporary foreign workers: What you need to know
There are three ways in which Canadian franchises can...
No one franchise in Canada, unfortunately, is completely immune to a period of economic downturn. Before you worry too much about the potential ominous future, there are ways to tell if your brand is better positioned than others to weather a shift downward in the economy.
As you peruse your options, keeping the following signs in mind that a brand is preparing itself for a rainy day even though the sun is still shining.
They know the customer
When a brand researches, examines and knows it current demographics and how they are most likely to change over time, they will be better positioned to take action now. There's no such thing as knowing too much about the audience when it comes to a business, so when a brand is aware of how its base will most likely evolve over time, they can work now to ensure they're set up for the future.
Their offerings are robust
Developing new services and products during a booming economy will attract customers, but it will also help keep them when the economy isn't as strong. When a brand makes investments in experience and time when things are good, it can use that payoff to help keep the ship upright when people have less spending money available.
They know what people want
A brand that is setting itself up a future despite the state of the economy will know exactly what its customers want and what they would like to change. Look to see whether your potential franchisor reaches out to and engages with customers regularly to discover what they are looking for and what they could live without, as this information really should be driving the development car.
They watch the competition
A forward-thinking brand pays attention to the industry and keeps an eye on the competition. When competitors start looking to exit the industry, it can be a great way for a brand planning to stay to grow when the economy is wobbly as that brand can position themselves as the potential exit path for the competition that wants out.
While you'll never see a reputable brand guaranteeing it can withstand a weak economy, some brands simply do set themselves up better than others for rough economic conditions. When you are weighing your franchise options, consider how well each brand appears to be readying for the potential--and inevitable--economic lows.
