As we enter 2023’s second quarter, there is still time to take stock of what opportunities may be just on your horizon.
Was 2023 the year you planned to finally become your own boss? No need to stress, there is still time to examine how to make your dream a reality by discovering what the world of franchising has in store for you.
Where do you begin? What are your options? Read on to find out.
Why Buy A Franchise
Franchising isn’t for everyone but a very attractive option to consider during your entrepreneurial research. Investing in a franchise is seen by many business and industry commentators as the common-sense path to business ownership as much of the work has already been done by the franchisor, and the system and supports will provide you with an advantage over independent businesses. If you compare franchising with other business models, the stats will speak for themselves!
What Franchise Should You Choose?
Starting your new venture should not be entered into lightly. Take time to assess the pros and cons of entrepreneurship and ask 'who am I and what career experience do I have? 'Would you like to invest in a franchise linked to your existing career path, or choose a franchise opportunity that does not require prior experience? The great news is that a lot of sectors don’t require previous experience – and demonstrates one of franchising’s greatest assets: there’s a system in position that can be taught to almost anyone!
The Franchise Market Trends For 2023
Whilst not an exhaustive list, here are is a range of popular franchises that thrived throughout 2022 and others primed for success in the foreseeable future:
Food & Drink Franchises
TheFood & Drink sectoris one to watch. The food industry in Australia, like elsewhere, is changing, with a greater shift towards healthy and sustainable food. There has also been an increasing shift towards the vegetarian and vegan market.
Food brands continue to migrate from customer facing to online and delivery while also exploring new and adventurous foods, while experimenting with where and how food is consumed, by using either large sites ‘experiences’ or much smaller kiosk or takeaway models.
This is should all be music to your ears. The Food & Drink sector offers an expanding market with new opportunities to explore, and a variety of investments levels to take advantage of. That being said, some of Australia’s most profitable and prized franchises work within the fast-food industry, which exhibits that there is plenty of room for this style of business as well.
Gym and Fitness Franchises
An ever-growing level of health consciousness is continuing to have a positive impact on Australia’s gym and fitness industry, with franchises playing a key role in this sector.
According to key market data, the fitness industry in Australiaseems destined for further growth for 2023, so now might be the right time to invest in a gym franchise opportunity. It is an innovative sector, with 24/7 gyms offering a level of convenience that require, matched with a shift toward increased niche offerings i.e. 1-1 support, wellness sessions, and even assistance with food programmes.
With that in mind, it is will come as no surprise that the gyms and fitness centers are among Australia’s most successful franchise businesses, and in numerous cases, fitness companies are listed among the fastest growing franchises throughout the world.
Building & Handyman Franchises
Freed from huge amount of overheads,Building & Handyman Franchises is often seen as the darling of the franchise world and there really is a huge opportunity for profit. Once you’ve done your training and can be mobile, inquiries and dollars should roll in.
It is worth noting, most businesses within this industry are small, employing 20 people or less – again providing low overheads. Building & Handyman Franchises offer a broad range of opportunities and there are many niches and areas of opportunity within this sector as can be seen here.
Online & Internet Franchises
Like elsewhere on the globe, E-commerce is booming in Australia, as more and more businesses take advantage of the opportunities that exist online. Online businessesare performing well throughout the world and the sector is growing further still, and there is a huge variety of internet and online franchise opportunities which reflect this.
Everywhere you look in the Australian marketplace, businesses are taking advantage of a tool that allows you to reach the entire world of consumers with a click of a button. This growth show no signs of slowing down either and e-commerce in Australia is expected to grow further 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 is expected to increase even more - meaning even more people will be online, more often and for longer – this continuing trend will play a huge role in the success and lucrative outcomes forinternet businesses.
Now, it is up to you…
Here we’ve offered you a sample 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.