What’s going on in the world? Do you pay attention to the news? Whether international, local, or all of the above, how closely do you follow the status quo? Some people have a natural curiosity to know what’s going on, down to the smallest details, and then there are those perfectly fine to float along in the world without checking on main headlines. Most of us likely fall somewhere in between. However, paying attention to the news can actually help you as a franchisee. Staying up to date on how politics, social norms, taxes, certifications, etc. are changing can allow you to stay ahead of the curve.
When you’re leaning into changes rather than reacting once they’ve already taken place, your business can only benefit. Being prepared saves the franchise money, stress, and it sets you up for the upcoming market. In turn this means more business and marketing growth. In contrast, reacting to a change means money spent, funds wasted, and time and energy that’s chasing a market that’s weeks ahead of you. It’s a painful way to learn the market has taken a hit.
That’s why it’s so important to stay up to date on incoming changes – even potential changes – and how they could affect your business once put into action.
Tips for Following Franchise Market Changes
If you’re not a news person, this will sound like a daunting task. The positive takeaway, however, is that you don’t have to dive deep into the news. You only have to follow closely enough to see what will affect your franchise location. In many cases, this means following franchising outlets themselves. There are entire networks designed to seek out and relay to different business models or industries. As a franchisee, all you have to do is read and listen to these platforms for a shortened version of what’s headed your way.
You can also stay in touch with your franchising brand. Because it’s in their best interest for you to succeed, of course they want you to stay informed on what’s ahead and what negative effects could be around the corner. By following their advice, you can avoid serious changes that could otherwise affect your franchise business.
Subscribe to key news outlets that will announce anything important – you can do this via email or with phone alerts. Then make note to check in from time to time in order to be aware of potential changes within your market, specifically, drastic ones.
Why Following the News Matters for Franchisees
As an incoming franchisee, there is much to keep track of. But once you have the basics put into place, there will be bigger factors to worry about, such as your market or other political changes that are out of your control. How laws change, how industry standards are adjusted, local ordinances that are put into place – all of these can have a huge impact on your business. They are also factors that you can do little about. Don’t fret about the things you can’t change, however, but look toward leaning into those changes and anticipating market adjustments before they actually hit.
This process – learning in – can lead to lessening the blow and increasing profits, all in one effort. It might seem like a big task, but the truth is that following market changes will be something you can easily perfect over time. All you have to do is set up safeguards so that you can keep running your business with ease, without the threat of political or legal changes.
As a business owner, these variables will always be in play. But they certainly aren’t something you should fear or worry over. Instead, look at ways to thwart the onset of negatives that could impact your franchise location. Stay informed and ready to prep your business for a chance to stay ahead of the curve.