As April leads us into 2023’s second quarter, there is still time to evaluate of what opportunities may be in your future.
Was 2023 supposed to be the year of ‘being your own boss’? No need to stress, now is a perfect time to examine ways of making your dream a reality by finding out what the world of franchising holds for you.
Where do you begin? What are your options? Read on to discover what bounties the franchising world has to offer you!
Why Buy A Franchise
Franchising isn’t for everyone, but it is an attractive proposition to consider while undertaking your entrepreneurial research. Franchising is frequently referred to as the ‘common-sense path’ to business ownership; much of the work has been done by the franchisor, the system and supports will give you a competitive advantage over independent ventures. Contrast franchising with other methods of doing business and the figures will speak for themselves!
What Franchise Should You Choose?
Starting your new business isn’t an endeavour you should enter lightly. Take your time to assess the pros and cons of entrepreneurship and ask yourself some questions; who am I and what career experience do I have? Would you prefer a franchise linked to your existing career path, or a franchise opportunity that does not require prior experience? The great news is that countless sectors don’t require previous experience – displaying one of the many paybacks of franchising: there’s a system in place that can be taught to almost anyone!
The Franchise Market Trends For 2023
Whilst not an exhaustive list, this is a range of popular franchises that thrived throughout 2022 and others primed for success in the foreseeable future:
Food & Drink Franchises
The Food & Drink sector is one to watch. The food industry in Europe continues to rebound and recover post-pandemic, delivering huge growth and even more potential.
The food sector is also changing, with an increasing emphasis toward healthy and sustainable food. There has also been a growing emphasis on vegetarian and vegan markets – which themselves continue to increase their market share.
Food brands are continuing to pivot from customer facing to online and delivery, a trend that began as a response to the Covid-19 pandemic but has continued and is here to stay.
Food enterprises are also embracing new and adventurous foods, while exploring ways food can be delivered, by using either large sites for ‘experiences’ or much smaller kiosk or takeaway formats.
This is excellent news for you, The Food & Drink sector offers a growing market with new and exciting opportunities to discover in the franchise world, and an array of investments levels to take advantage of. That being said, some of Europe’s most successful franchises operate within the fast-food industry, which displays that there is sufficient space for this type of business as well.
Online & Internet Franchises
E-commerce in Europe is booming. More businesses than ever before are taking advantage of the endless opportunities that exist online.
Online businesses are performing strongly across Europe and the sector continuous to expand after the exponential growth seen during the Covid-19 pandemic; something the sheer volume and variety of internet and online franchise opportunitiesreflects.
Everywhere across the European marketplace, businesses are embracing this technology that allows you to reach the entire world with the click of a button. This growth shows no sign of abating and e-commerce in Europe is projected to grow even more in 2023 and beyond.
People are online more and more today; at work, at home or on the go through the smartphone or tablet – and access will increase further - meaning even more people will be online, more often and for longer – a trend that will help you be a success and lucrative outcomes for internet businesses.
Fitness & Wellbeing Franchises
Another sector that is booming in the post-Covid world is the Fitness, Health and Well-being sectors.
People really missed the social aspect of exercise provided by gyms and fitness clubs, and equally unsurprising, people have become more health conscious as a result of the pandemic.
According to key market research, the fitness industry in Europe is expected to witness continued growth in 2023. This is an innovative sector and one that is responding to market and societal changes with 24/7 gyms offering a level of convenience that consumers crave, matched with a shift toward increased niche offerings i.e. 1-1 support, wellness sessions, and even assistance with food programmes.
Bearing this in mind, it is no surprise that gyms and fitness centres are among Europe’s top performing and most successful franchise opportunities, and in scores of cases, fitness companies rank among the fastest growing franchises across the globe.
Pet Franchises
The European pet care sector is flourishing, experiencing consistent year on year growth – and 2023 is projected to be no different.
The pet franchise industry across Europe is thriving with more pet owners dedicated to maintaining their pet’s health and wellbeing.
The number of households with at least one pet has increased, spurred on in many cases by the Covid-19 pandemic, and thus animal lovers are spending more and more on their pets, in turn enhancing the turnover of the pet food products industry.
This is all great news for you and your future entrepreneurial endeavours. If you have an interest in animals and you would like to operate your own business, what better way to achieve this than through operating your own pet franchise?
Now, it is up to you…
Here we’ve offered you a snapshot of what is on offer from the world of franchising. Franchising is a fascinating world, and quite often a lucrative one filled with fellow franchisees, franchisors and consultants all on hand to help you grow your own business.