If you’re considering franchise ownership in 2014, it’s really important for you to keep your eye on the trends.
Industry trends have always been worth watching…worth monitoring. Learning about them should be part of your due diligence.
But first, a quick question: Do you know the definition of franchising?
The Franchise Trends For 2014
2013 was a pretty good year in franchising. It would have been a lot better if the banks would have loosened up their lending standards to reasonable levels. But, that’s not in our control. It is what it is.
One way to combat a lender’s not-always aggressive loan approval system is to prepare a solid business plan before you apply for your franchise business loan.
But first, you need to choose a franchise business opportunity that you feel is right for you.
Once you do that, it’s franchise research time.
Part of your franchise research needs to include a deep-dive into the franchise company’s culture. You’ll want to find out if they’re open to suggestions form their franchisees. You’ll need to get a feel for their support. Know this: Some franchisors are really great at selling their franchises but not so great at supporting their franchisees after the franchise fee is collected. If you learn how to do great research, you’ll be able to find out if that’s the case or not.
Discussions about franchise research-and franchise financing are important to have-but not yet.
You have to choose a few franchises to learn about. Maybe there are one or two in my 6th annual top franchise trends article.
Watch this short video to get a head start on the article-and to find out about a trend that will turn out to be great for you…great for every future franchise owner. The link to the top franchise trends of 2014 article is below the video.
The Article: The Top Franchise Trends For 2014