Whether you are a current or prospective Canadian franchisee, it's important to know what the incoming trends are across the franchise industry. As a current franchisee, this knowledge will prepare you for the months ahead. As a prospective franchisee, knowing what is on the horizon can help guide your franchise search and your business plans.
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Pandemic-related changes
The onset of the COVID-19 pandemic brought many trends with it. Many of these trends fill a last-minute need, but some will stick around for the long haul. Customers have simply gotten used to some new things, such as curbside pickup and delivery, no-contact shopping and pre-ordering online.
In the food sector, limited or no seating in restaurants is another trend from the pandemic. While this one is unlikely to stick, food franchisees will need to decide how to handle their dining rooms going forward.
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Hybrid franchise models
Flexibility is going to be the name of the game for 2023. Franchisors have become more open to different building styles, co-branding and other more flexible options. The rules were more cut and dry in the past, but franchises today are finding flexibility for the right franchisee to be a wise move.
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Fewer consumer options
There is a global shortage of various items at different times due to supply chain issues. Franchisees can't necessarily get what they want when they want it, and this has meant consumers have had to adjust their expectations. Because of these shortages, some franchise locations have narrowed their selections permanently. Other brands notify customers when they are out of a specific product.
Since consumers have gotten used to items being unavailable, now may be the time to adjust product or service offerings. In the past, this may have upset the customer base. These days, consumers are less angry about the lack of availability of an item when it does happen.
The pandemic has brought many changes for businesses over the last three years, and franchises are no exception. The trends above will be evident this year and are likely to stick around in the future. Consider how these trends may impact your current or future franchise business, so you can make the best plans for your success. Don't forget to take a closer look at the franchise to see how flexible the brand was at adapting during the pandemic.
