In the franchising industry, 2018 was a very busy year. Over the course of one year, new franchises have popped up on the market; while others crumble under the lack of demand for their goods and services. In the modern digital age, all new franchises UK have to do their business according to the latest digital trends in:
- Consumer behavior
- New technology in franchising
- New human resource management skills
- Modern management techniques
- Changing market trends
Here are the top trends in franchise UK that are bound to change the market in the near future.
Multi-Unit Franchises Are On the Rise
Franchising started as a single unit single brand franchise system. Now the ever-changing market demands and trends have given rise to multi-unit franchises spread across different locations in the same region.
Multi-unit franchises can work as full time or part time franchises depending on the investment and franchise type. Most franchises have maxed out on their units and to grow their business they would need more franchises, the only to continue your growth trend is to have a multi-unit franchise with different brands.
The Changing Demographics
The latest market demographics are changing considerably which is paving way for home based franchises and other low cost franchises to thrive. Most millennials are looking into the franchise business as compared to a 9 to 5 job. Millennials provide a huge opportunity for franchisors as they make one of the biggest demographic in the consumer spending group.
Social Media Influencers
Social media has changed how franchises including food franchises advertise their products and services. Today most UK franchises are looking for social media influencers to promote their business. These influencers include local media celebrities, Instagram Models, sports personalities and popular YouTubers with millions of subscribers and billions of hours of views from around the world. Franchise owners will pay a suitable amount to any vlogger to create engaging content that generates leads and promotes the business.
Women Franchisors are On the Rise
The franchise industry in the U.K. enjoys considerable growth every year which is why more women are interested in franchising. Since 2012, the number of women-owned franchises has gone up by 50%. With more business sectors opening up like van based franchises, women have more opportunities to pick out a business they can manage.
Women, in general, will choose a business that they believe in; franchising gives them an opportunity to choose a particular franchise that they care about. Franchise business is an excellent option because it provides the right work-life balance that most women are looking for. Here are a few reasons why franchising is a good option for women. There’s nothing better than the freedom to choose your working hours and franchise gives you this freedom.
Crowdfunding For Franchise
Crowdfunding websites have made it much easier for people to get loans. Now anyone has the choice to open small coffee franchises or be part of any other small franchise business to get a steady income each month. Crowdfunding is a growing trend that does not seem to slow down anytime soon.