Those looking for franchisees should listen up! Things are different today than they were in the 1990s when it comes to franchising, and understanding how and why is an important part of your success running a successful franchise and growing your brand.
And much like anything that evolves over time, in some ways franchise ownership is easier, but there are also new challenges. There have been dramatic changes in technology in the last two decades. The initial draw to a franchise ownership is much the same – the security, the support, the built-in brand awareness – but there are also many new things you need to understand if you want to help your franchisees succeed and grow your franchise brand.
For starters, things are different in terms of regulations. The way in which franchises are regulated is not the same as it was in the 1990s, and as the person at the helm of a franchise, you need to know where you stand. The International Franchise Association continues to fight on behalf of franchises, but regulations that are on the table could change the face of franchising forever.
There are also changes in how franchises are marketed. Consider this: twenty years ago the internet was barely a blip on the marketing horizon, and now Google rules all. In order to operate a successful franchise, you must be able to leverage what search engines can do for your brand.
Furthermore, the way in which you communicate with your franchisees has completely changed, too. The way potential franchisees learn about your brand relies heavily on internet searches. Even their applications are handled in a different manner. You need to adapt to this and make the most of it for your business.
The future of franchising is bright, but that doesn’t mean there won’t be hurdles along the way. For success, you need to be aware of the challenges and have a plan for overcoming them.