What To Look For When Choosing A Franchise In 2021 And Beyond
If you have been thinking about starting your own business, chances are that you have probably considered starting your own franchise. Becoming a franchise owner can be a great opportunity to find an entryway into the marketplace of your choice with the foundations already laid out, along with systems that are proven to work.
But what does it look like to own a franchise in today's modern age? A lot has changed over the last 5 years, so today we will look at 5 things you should pay attention to when exploring franchises in 2021 and beyond.
What Has Changed In 2021, And Why It’s Important
It is no secret that the world of business is changing, and changing fast! Technology is exponentially becoming more advanced, marketing is at its all-time high, and the way people shop for products and services is becoming almost alien to the baby boomer generation.
The majority of changes have to do with the way we connect with people in the 21st century. Shopping online versus at a physical location, and forms of communication through email systems and chat are becoming more common. Because of all these changes occurring so fast, it is important that future business owners alongside franchise owners have an adaptive mentality when entering the marketplace in 2021 and beyond.
What To Look For In A Modern Era Franchise
So what should you look for when looking into starting a franchise in the present, and how can you safeguard you and your business for the future? Below, we listed 4 key things to consider when selecting a franchise.
1. Marketing Opportunities
Ensuring that you do the right research around different marketing opportunities is crucial to a successful franchise. Whichever franchise you are interested in investing should have several marketing gateways that will allow you to reach customers at scale. Such can include social media platforms as well as online marketing ads like Facebook, google, youtube...etc.
Your franchise of interest should focus on an evergreen market that continually seeks demand and, regardless of the competition. Reaching through these platforms and forms of advertising will allow you to target people in a big way so you can get more eyeballs on your business.
2. Company Support And Leadership
If a business model has proven to work, then it is crucial to duplicate the success and growth capability of that business. A great support team that can walk you through the first 1 - 2 years in running your franchise is crucial to having success and will allow you to overcome any challenges and obstacles you may face along the way.
Remember that every business has its own unique set of challenges that require perseverance at one point or another. The right leadership and team can mentor you through your own phases of growth by sharing ideas and suggestions that can help you move forward in building your franchise towards success.
Our senior team at National Mattress takes this factor very seriously, and we do our best to continually have open lines of communication. We are firm believers that success comes after a relationship, trust, and an effective partnership.
3. Performance And Sustainability
Before considering starting a franchise business, it is important to look at the data in terms of the growth and progress of the company. Many businesses do well for a short duration of time, but then start to experience a decline in business due to factors such as ongoing changes in trends and the economy.
Questions you should as yourself include things such as:
- how well can the company adapt to these economical changes?
- what strategies are set in place to ensure the conscious growth of the business?
- is the business prepared to face changes in trends and user behavior?
- what kind of track record does the company have when it comes to growth as a business
4. Franchise System, Technology, & Business Model
The truth of the matter is that the way we do business in the 21st century has drastically changed. That is why it is important that the business you choose to start a franchise through has effective systems in place, along with technology that can align with the way customers shop and interact with your business.
Additionally, having a unique business model can also help create a safety net and security for your franchise, allowing you to adapt and move forward, despite the economy and how the competition is responding to changes.
For example; during the Covid-19 pandemic, many mattress businesses were unprepared for the economic shutdown that affected the majority of brick and mortar businesses. Rather, we had systems in place to ensure that customers' needs were being met by leveraging e-commerce platforms while maintaining a strong online presence. This allowed us to continue meeting consumer demands and helping employees keep their jobs. In fact, National Mattress experienced more success during the pandemic than any other year, therefore proving the importance of maintaining a business model that differs from the old traditional ways of doing business.
Key Takeaways
Investing in a franchise in 2021 and beyond can be an exciting journey for those who are willing to adapt to change and are willing to invest in new ideas that can benefit their business. Assessing the growth and business model can help you gain the proper insight so you can plan and execute a strategy to grow a successful franchise.
If you are interested in starting your own franchise with a company that checks all of the above boxes, you can visit our National Mattress franchise webpage to get all your questions answered. Our team is committed to helping those who are serious about growing a successful business and who want to take advantage of the benefits of running their own e-commerce based store. Learn more here, at: https://nationalmattressfranchise.ca/
