The Hottest Franchises To Look Out For In 2023

This year is just getting started and perhaps you're asking what the future holds and considering your options for starting your own business - but what are your options? Please read on to discover the world of franchising and how you might benefit from it.

?

Why Should You Look At Buying A Franchise

Firstly, franchising is not for everyone! I bet you did not expect to read that!

It is fair to say that franchising has probably been around for much longer than you realise, it certainly is not limited to an 80’s or 90’s fad, but arguably in excess of seventy plus years!

Being one of the most successful business formats that has ever existed, you will certainly be in good company and have the very best chance of success. Compare this to most other ways of doing business and the benefits are plentiful - from ongoing business support, brand recognition and loyalty, higher profits and potentially a better chance of finance.

?

Which Franchise Should You Choose?

How has your career developed so far? Do you have skillsets that would transfer over to other sectors? Do you even want to stay in the sector that you have knowledge and experience of? These are all very valid questions to explore. Your work history can help you to succeed, however, in some sectors you can certainly enter into them without any prior experience. This is one of the many benefits of franchising, there is already a system in place that can be taught to almost anyone!

?

Is Buying A Franchise Like Buying A Job?

You might see reference to this phrase in your research, quite often from individuals that do not fully understand the concept of franchising, or buying into an already proven system and replicating it. It is fair to say that nobody wants you to reinvent the wheel with a franchise - after all, you will want to leverage an established brand's tried and tested success. Also, how often does a new business get the support of a centralised head office function? A benefit that you simply would not get if you went alone!

?

The Franchise Market Trends For 2023

Whilst not an exhaustive list, here are some popular franchises that worked well throughout 2022 and ones which will almost certainly continue for the foreseeable future:

?

Food & Beverage

During the pandemic many food brands had to pivot from customer facing brands to online and delivery, we have now become a nation obsessed with convenience and the comfort of our own homes.

With this trend for 'food on demand', as well as becoming a near-on cashless society, the popularity of this show no signs of abating, it means that increasing numbers of food brands are looking to increase their reach.

This in turn creates more options for you in the franchise area, with various investment levels to take advantage of, this sector is one to watch, especially with more and more overseas brands looking to enter a stabilising UK market.

?

Fitness & Wellbeing

Surprisingly, this sector has been resilient once economies did open up again after the pandemic, it seems like, as a nation, we missed the chance to go and get fit.

In 2023, expect to see growth again but with more core offerings into other bespoke areas such as 1-1 support, wellness sessions, and even assistance with food programmes.

As an increasing number of individuals want to become more mindful of what they are consuming and how to lead more healthy lifestyles, a prospective franchisee has the opportunity to tap into this wave of fitness fanatics to establish a successful business.

?

Senior Care

We as a nation are living longer. This in turn creates opportunities within franchising too as more people want to stay in their own homes, are often medically stable, but do need social support in order to do so.

This is where a franchisee can add value, because often that support cannot be provided centrally and needs to delivered at a local level by someone who understands the community and can be available around the clock. The demand seems so high for these services that this sector could stay very high on the franchise list for many years to come!

?

House & Home Improvements/ Mobile Franchises

Often regarded as the ‘darling’ of franchising, as it's mostly reliant on your own time and your ability to provide a solution to a problem. Once you have undergone training and can be mobile, enquiries should be quite quick, then look around you and you will see opportunities everywhere you look!

?

Now, over to you…

Here is the briefest of insights into the world of franchising, but hopefully a useful one to get started. If you have any questions, please do not hesitate to contact me.

Richard Pakey is a franchising expert and Managing Director for the award-winning Lime Licensing Group.

For more information on how franchising can work for you, email Richard here: [email protected]