How Franchise Owners Can Prepare for Business Challenges in 2023 

While the new year brings a feeling of renewal and regrowth, it also brings with it plenty of new challenges to face and problems to solve. This is especially true for franchise owners. Two lingering issues include a growing number of layoffs in the technology industry and the threat of a potential recession. The business world is one that’s highly unpredictable. Putting the right plans in place can keep you one step ahead of a potential hindrance. Here are some examples. 

Tackle Issues Head On 

One of the biggest threats that independent business and franchise owners face is the looming threat of larger corporate chains. These have the potential to underbid selling prices. The trick is to adapt to the changes in the marketplace and stand out from other businesses that offer goods and services at a lower cost. Social media management and taking advantage of positive customer reviews can help you stay ahead in the game. 

Recruit the Right People 

This is sometimes easier said than done. Finding the right candidates in the labor pool who you can rely upon when things are less than favorable might take some time. Offering the right benefits and competitive wages is a good way to attract the right people. In recent years there have been a considerable amount of layoffs, these people are looking for new opportunities, and if you make the right offer, you can bring them in. 

Overcome Supply Chain Obstacles 

During the pandemic, many businesses were in short supply of the vital supplies they needed to function on a daily basis. While the world has returned to a relative state of normalcy, this problem has still persisted. Solving this issue takes some creative solutions. Many restaurants have limited their menu offerings, and other businesses have taken to outsourcing local contractors to help alleviate the issues at hand. 

Consider Investing in Recession-Proof Franchises

Similar to finding the right team of people from the labor pool, this can seem like an arduous task. While the market is always up and down with various businesses, others have the ability to weather any storm that comes their way.  Automotive, home care, cosmetology, and home repair are all examples of businesses that are always in demand. 

With over 100 years of collective experience, Franocity has helped many people jump-start their new careers in business. If you’re looking to make a change in 2023, get in contact with us for a free consultation. For more information, give us a call at 561-609-6200.