TL;DR
1851 Franchise publisher Nick Powills shared his thoughts on the upcoming challenges for franchise development in 2023, stating it won't be more difficult than previous years. The industry is expected to face challenges such as cost-cutting pressures and increased competition from new franchisors.
2023 is rapidly approaching, and next year’s franchise development has already started. Further, many of the upcoming challenges the industry will face are likely already defined.
“I don’t think 2023 is going to be any more difficult than 2022, 2021 or 2008,” said 1851 Publisher Nick Powills. “It’s just going to be down to the mind of the franchisor and how you approach this. If you get freaked out by all these layoffs, then 2023 is most likely not going to work out as well as it should for you.”
A few anticipated challenges for the industry include:
The real or perceived pressure to cut costs related to lead generation, personnel and infrastructure.
Rising costs related to Item 7 — Build out.
Increased competition as new franchisors join the industry.
In this story
This story was originally published in 1851 Franchise on December 2, 2022. Burnaze summarizes and links to the original reporting.
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