For most, the beginning of a new year is a reason for a new beginning. Some will begin a new workout routine; some will take up a new hobby. Maybe someone in your house will start playing an instrument and, if you’re lucky, they won’t stink at it.
Many entrepreneurs who have been interested in franchise ownership will view the transition into 2023 as a reason to finally start the process towards building an independent future and growing wealth. The journey towards wealth and freedom can be a confusing and winding road. That’s where we come in.
Fransmart CEO, Dan Rowe, is a franchise industry expert who knows better than anyone how to pave a path to wealth through franchising. Here are three things Dan Rowe thinks franchisees should prioritize in a search for the right brand in 2023:
1. Embracing Technology
Whether it’s onsite or offsite, technology is changing the way consumers are interacting with brands. Delivery apps are here to stay, and food service franchises must build a business that embraces and thrives in these conditions. If you won’t meet your customers on their terms, someone else will. On premises technologies like ordering kiosks and automats have improved efficiencies and eliminated a lot of the ordering anxiety that keeps some people out of restaurants and retail. The right tech stack allows restaurants and retailers to cut down on operating costs by eliminating certain positions.
2. Conversion Friendly
Real estate is only becoming a more complicated puzzle in 2023. It’s becoming more expensive and harder to obtain, making growth a tougher task than ever. Franchisees and franchisors alike should look to conversions to help grow their business. Renovating an existing space can be a cheaper and quicker path towards engaging a new territory for your business. Your concept should have a model that easily translates to conversions in 2023.
3. A Lean Business Plan
The 80-20 rule is one of the most valuable I’ve learned – 80 percent of your sales will come from 20 percent of your menu. Cutting the fat should be at the top of your to-do list for 2023. This rule applies to restaurants and service franchises alike. Being smart about your menu design means you can eliminate the bloat from your costs. Focus on the food and the services that your staff can perfect and make those the building blocks of your business.
Ready to start your franchise journey? Fransmart’s portfolio of brands are category-leaders featuring best-in-class unit economics, innovation, branding and marketing – each with a large runway for growth. Whether you’re new to franchising or an experienced multi-unit franchisee looking to grow your portfolio, we’re here to find the right franchise for you.