The Brkthru team exhibited and attended in early June the International Franchise Expo at the Jacob Javits Center in New York City, , and we were happy to be back in person, meeting an energized group of thousands of franchisors, franchisees and small business owners from around the globe looking for their next business opportunity over the three-day convention.
Companies from all the major franchise verticals were represented, from QSR to services like mobile pet grooming (I’m a dog owner and this is pure genius). The IFE is sponsored annually by the International Franchise Association, of which Brkthru is a member. We were so impressed by the variety of franchise opportunities at the show, we’re sharing some notes:
Women are seeking out franchise opportunities. Our team talked women business leaders looking for their next challenge and the chance to be their own boss. Women-owned franchises have been on the rise; in the decade leading up to 2019, they had increased by 24%. But in the last two years, interest has spiked even more.
Franchisees are dealing with inflation; hiring and retaining great talent is a challenge. We talked to people about the rising costs and all acknowledged that inflation was having some affect, but all see real growth potential in 2022. In fact, the IFA reports that the growth rate will be 5.7% to a total of $501 billion this year.
With this growth comes the need to hire. Franchisors are doing all they can with increases in hourly pay, signing bonuses, the opportunity to earn college credits, help with childcare and transportation to work are examples of the type of incentives offered.
Franchisees are looking for local marketing expertise. Overwhelming, both franchisors and potential franchisees expressed a need for marketers who understand the specific needs of franchise advertisers. They noted challenges including:
- Creating a customized marketing approach across several locations
- Lack of good data and marketing tools to help manage the multiple challenges specific to franchise selling
- Ensuring individual location marketing does not poach other franchise location’s
- Recruiting talent
While there are challenges, the IFE show illustrated how the industry has bounced back and is set up for another banner year.
Reach out if you’d like to learn more about Brkthru’s franchise expertise or to talk about your business goals and how we can tailor an approach that’s right for you.