As March draws to a close, signaling the conclusion of 2023’s first quarter, there is still time to take stock of what opportunities may be in your future.
Was 2023 earmarked as the year you will finally take the plunge and become your own boss? No need to fret, there is no time like the present to start examining how to make your dream a reality by discovering what the world of franchising holds for you.
Where do you start? What are your options? Read on to find what the franchising world has to offer you!
Why Buy A Franchise
Franchising isn’t the opportunity for everyone but an attractive option to consider during your entrepreneurial research. Investing in a franchise is often cited as the common-sense path to becoming your own boss as a lot of the work has already been done by the franchisor and the system and supports will provide you with a competitive advantage over independent businesses. If you compare franchising with other ways of doing business, the stats will speak for themselves!
What Franchise Should You Choose?
Starting your new business venture is not one that should be entered into lightly. Take time to evaluate the pros and cons of entrepreneurship and ask yourself is '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 good news is that many sectors don’t require previous experience – and demonstrates one of the many benefits of franchising: 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
The Food & Drink sector is one to watch. The food industry in New Zealand is changing, with more and more of a shift towards healthy and sustainable food. There has also been an increased focus on the vegetarian and vegan market.
Food brands continue to pivot from customer facing to online and delivery while also exploring new and adventurous foods, while experimenting with how food can be delivered, by using either large sites for ‘experiences’ or much smaller kiosk or takeaway formats.
This is all good news for you, it offers a growing market with new avenues to explore in the franchise world, and a variety of investments levels to take advantage of. That being said, some of New Zealand’s most successful franchises operate within the fast-food industry, which demonstrates that there is plenty of room for this type of business as well.
Gym and Fitness Franchises
An ever-increasing level of health consciousness is continuing to have a positive impact on New Zealand’sgym and fitness industry, with franchises playing a key role in this sector.
According to key market research, 2023 looks set to see continued growth for the fitness industry in New Zealand so now might be the perfect time to take advantage of a gym franchise opportunity. It is an innovative sector moving with the times, with 24/7 gyms offering a level of convenience that consumers are delighted to take advantage of 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 no surprise that the gyms and fitness centersare among New Zealand’s most successful franchise opportunities, and in many cases, fitness companies are listed among the quickest growing franchises throughout the world.
Building & Handyman Franchises
Often cited as the ‘darling’ of franchising as generally, there are not a huge amount of overheads with Building & Handyman Franchises and there is a huge opportunity for profit. Once you have completed training and can be mobile, inquiries should flow in, then look around you and you will see opportunities everywhere you look.
Interestingly, most businesses within this industry are small, employing 20 people or less – again keeping overheads down. 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
E-commerce in New Zealand is booming, with more and more businesses taking advantage of the opportunities that now exist online. Online businesses are performing strongly around the world and the sector is continuing to grow and there is a huge variety of internet and online franchise opportunitieswhich reflect this.
Everywhere you look in the New Zealand marketplace, businesses are taking advantage of a tool that allows you to reach the entire world at the click of a button. This growth is not showing signs of slowing down either and e-commerce in New Zealand is expected to grow further in 2023 and beyond.
People are online more and more nowadays, be that at work of at home or on the go through the smartphone or tablet – and access is expected to increase - 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 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.