3 Key Factors Affecting the Changing Franchising Trends
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It is a well-known fact that franchising is the best option for the expansion of a brand. Why? Because of its most positive aspects:
- A fixed set of rules and principles which reduces the risk of trial and error for a first-time franchisee.
- A low chance of failure because of the already pre-tried and tested strategies.
However, what should not be forgotten is no matter how much of a tried and tested recipe it is, without diligence nothing can be achieved. Like every other business, there are many factors that alter and revamp the franchising trends. Read on to know more about them…
With time the industry has grown by leaps and bounds. But with growth comes new players, and with new players come new ideas. Therefore, it can be stated that industry’s growth plays a pivotal role in the changing trends of the franchise world.
In 2018 the millennials are more interested in having their own business as compared to a desk job of 9 to 5. They like to be their own boss where they can lead a team of their own, equipped with all the modern technologies, and are well armed in leading a business ahead. And what better than taking up an already successful business and making it their own?
As compared to the classic method of expansion, franchising has proven to be the most effective and fastest way of expanding a business. There are many reasons why it is so…
Firstly, in a franchisee model, the franchisee themselves are the boss of their respective units where they need to follow the set rules and regulations set by the mother company.
Secondly, many first-timers or safe players will opt for this model because of its tested methods and also for the guidance and support they will be receiving from the Franchisor.
The article was originally published on Franchise India by Smita Nag.