No one can predict the future of franchising, but as part of one of the most powerful and seasoned franchising companies around (United Franchise Group, or UFG), we have a few predictions. UFG has been in business since 1986 when we opened our first franchise, Signarama. Since then, we’ve seen countless industry changes, so we have a good idea of what to expect in the next few years. Learn about a few of those predictions, here.
A Franchising Boom Post-COVID
One prediction we have for the immediate future of franchising is a post-COVID boom in units sold. As we’ve covered elsewhere on our blog, the U.S. workforce is facing a mass exodus as more people than ever are quitting their jobs in search of more money and more career freedom. Those are precisely the reasons people turn to franchising! We believe that these mass resignations spell significant opportunities for franchisors like you.
Major Growth in the Drive-Thru Sector
Restaurants have always made for popular franchises, and now, drive-thru restaurants are enjoying unprecedented popularity. During the COVID-19 pandemic, many people were forced to rely on drive-thrus to enjoy their favorite meals. As a result, drive-thru has grown more popular than ever – it accounted for 44% of all restaurant sales in December 2020. Still, even after millions of people have been vaccinated, the trend appears to have staying power. That’s why so many restaurants are investing in creating or improving their drive-thru systems, which likely means new franchisees are keen to invest in drive-thru franchises.
Increased Virtual Franchise Training
One of the advantages of franchising is that franchisees can look forward to receiving training in the business model designed by their franchise, so they don’t need to figure everything out on their own. In years past, in-person training was the standard in franchising, and truthfully, we don’t think that’s likely to change entirely. In-person training allows franchisees to connect with the people they’ll be working with and get to know company culture. However, 2020 taught countless businesses that a lot could be accomplished virtually, often for a fraction of the cost of doing things in person. Best of all, virtual training allows franchisees the opportunity to go back and review however often they’d like.
If any of these trends could benefit your franchise, Accurate Franchising, Inc. is here to help. We’ll create a custom service package designed to meet your needs and your budget so your brand is ready to leverage these and other industry trends.
Contact us today to learn more about the future of franchising and how our team can help prepare you.