After a tumultuous couple of years, it’s more important now than ever before to look ahead at what we can expect in the coming year. Despite the economic uncertainty caused by high interest rates, inflation, increased costs, and labour shortages, the forecast for Canadian franchising remains bright, with continued growth expected in 2023. That’s because the franchise industry is resilient, with a strong business model built on support that allows franchise owners to be in business for themselves, but not by themselves.
If 2023 is the year you want to make your business dreams become reality through franchising, this Trends Issue is a great resource to help guide your journey. We offer insight into the categories to watch in the coming year, including hospitality, beauty services, education, and more. We also outline why the time is right now (yes, even in this tough economic climate) to invest in a franchise.
The Trends Report also includes the latest Macroeconomic Outlook from the Royal Bank of Canada (RBC), along with an exclusive Q&A to learn more about what a recession would mean for the Canadian franchise industry and what consumer spending trends we can expect in the coming year. We feature a special global trend report from Global Franchise magazine, which reveals four consumer trends we’re seeing around the world.
The past three years have brought a unique set of challenges to female entrepreneurs, and many institutions have recognized a need to create specific programs to help women overcome the barriers of entry into the business world. We share a list of programs and resources available for female entrepreneurs.
Technology continues to shape the customer experience, and we showcase three food service brands that have introduced digital innovation to cater to customer needs and streamline operations for franchisees.
Beyond digital tools, customers are value-driven, choosing to spend with brands that are focused on social responsibility. We feature three brands that are putting their communities at the forefront, focusing on programs and practices to promote sustainability, diversity and inclusion, and philanthropy.
As some Canadian franchisees look to purchase their franchise through a resale rather than a new location, we share the stories of two Bimbo Canada franchisees. Both Ranvir Sohi and Bud Singh Gill invested in resale opportunities in 2022, and here they outline the advantages of purchasing from a previous owner.
If you’re looking for further assurance that franchisees can thrive in today’s economy, then turn to the many franchisee success stories found in this issue. For example, you’ll meet PropertyGuys.com franchisee Nathan Dautovich, who has grown his business considerably in his 13 years as a franchisee. We also share the story of Allegra Marketing Print Mail franchisee Nicky Gillam, who was apprehensive about franchising at the start, and has now expanded to multiple territories after quickly realizing the potential of a B2B franchise. You can also hear from young SpeedPro Canada franchisee Kevin Burns, who recently celebrated his first year in business and is always looking for ways to help improve the franchise’s operations.
If this issue has inspired you to take the next steps toward business ownership, don’t forget that FranchiseCanada.Online is here to help. The website is your digital resource for franchise information, inspiring success stories, learning videos, podcast episodes, and more. Sign up for Franchise Canada E-News for franchising updates delivered right to your inbox, and follow the Canadian Franchise Association (CFA) on Facebook, Twitter, Instagram, LinkedIn, and TikTok.
The Canadian franchise industry is set to face continued economic challenges in 2023, but as the trends, resources, and success stories within this issue highlight, franchising remains the bright light to help business owners navigate through any dark times ahead. If you aspire to own your own business, now is the time to take control of your business future. We wish you all the best as you look to make your business dreams come true in 2023!