In the dynamic landscape of franchising, investing in a business can be a confusing and complex journey for those seeking new opportunities as an Entrepreneur. FranOvation has noticed one top trend – it isn’t just about money anymore. Angelee Brown, CEO of FranOvation explains.
While leading franchising for Canada’s largest franchise chain ten years ago, I received hundreds of inquiries a month and conducted on average four interviews a day, placing over one hundred new franchisees into the system. During that time, franchise trends were heavily influenced by the booming QSR space, and my role became more of a deselection decision maker than an awarder. This opened opportunities for me to delve deeper into the psyche of applicants on things like purpose vs. profits. One of my favourite questions was to understand their personal why, and how it aligned to the brand offering and what they hoped to achieve out of the business model.
While simple, it revealed several things.
First, it helped me understand if they had the perception that owning a franchise with this popular chain was a licence to print money without hard work, and more importantly though, what was their “why” for becoming a franchisee in the first place and does it align with the brand culture, mission, values and goals?
Surprisingly, many didn’t make it past that interview, often so focussed on the money and opportunity (the thing they could buy, the trips they could take, the status they would have) that they missed the whole point of the question entirely.
When operating a business, energy is louder than words. If an owner is inspired by the purpose of the brand, invigorated by the opportunity to wake up each day and grow their business in a space they are passionate about, this is where we see the best entrepreneurs flourish. With the next generation of new entrepreneurs shifting rapidly, this means brands need to be louder and clearer than ever of what their purpose is to attract the right kind of franchisee. They also need to not fear letting the wrong candidate go – even if it means not achieving a target.
One major shift we are seeing is the trend upwards in new immigrants and female entrepreneurs looking to not just buy a business, but one that aligns to their purpose and desired future state – many noting better quality of life and values alignment as part of their selection process. This is what makes our process so unique when interviewing prospective buyers as we are one part counsellor, one part advisor, one part mentor and speak a whole lot about purpose and values.
I didn’t imagine that when I first began my journey in franchise development that a simple question would turn into my own mantra – repurposed to help support future entrepreneurs. I am happy it has though, as the next wave of entrepreneurs seek out purposeful businesses that fit with their lifestyle and personal mission statement.
One trend that is booming is the growing opportunities in wellness and beauty franchises, due to our aging population and also social media. According to a report by Statistics Canada, the wellness industry in the country has been steadily expanding, with an increasing number of Canadians investing in products and services that promote physical, mental, and emotional well-being. The beauty sector is also thriving, driven by innovations in skincare, cosmetics, and grooming products tailored to diverse consumer needs.
Moreover, owning a wellness or beauty franchise can empower women entrepreneurs to promote self-confidence and well-being among their clients. By providing transformative experiences and personalized services, female franchise owners can create inclusive spaces that celebrate diversity and empower individuals to look and feel their best.
In conclusion, while profits are important, after the Covid-19 global pandemic we are seeing a drastic mindset shift. Combine this with evolving consumer trends, a supportive environment for women entrepreneurs, and a shift towards passion-driven business ventures, now is an ideal time to explore the possibilities of owning a wellness or beauty franchise. By aligning with these trends and leveraging the benefits of franchising, aspiring entrepreneurs can embark on a rewarding journey towards business ownership and success in the thriving wellness and beauty market.
For more information on leading wellness and beauty franchise opportunities in Canada, please contact FranOvation CEO, Angelee Brown: [email protected]
