Talk on the Street
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Talk on the Street
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We’re one year into COVID-19. While the business has struggled, there is a positive outlook for 2021 & beyond from many business owners, experts & economists & international franchising is coming into focus.
Franchising on a Global Scale
When a company has successfully managed to franchise on a local, regional and national level, the next step logical step is to consider franchising on an international scale. Taking a business globally is a strategic way to expand brand name, reach new markets and reduce dependence on the American market.
Countries like China, Russia and India offer huge market potential, with millions of people eager for Western products and brands. These countries have, for many years, been closed off to outside brands. But that is all changing.
When done with thorough research and planning, taking a company to international markets offers greater financial reward than it does risk.
“Seek the right advice when looking to launch into a new global market,” says Derek Cafferata, CEO and President of franchise experts All State Franchise Finders. “Identify the right market for your product or service and identify the right time to expand and the financial rewards will outweigh the risks.”
Global Franchising Today’s Market
With the upheaval the entire world has experienced over the past year with the COVID-19 pandemic, research is showing that many companies are continuing to focus on global expansion. Many business experts believe the best growth is internationally.
One reason for this is because many large international companies have actually benefited from the different restrictions placed on the various countries, states, cities and regions they are located in.
Restrictions and regulations vary significantly between regions, cities, states and countries. While some franchisees have experienced difficulties with heavy restrictions and shut-downs, other franchisees in other locations have been able to continue business.
“International franchising benefits every single franchise unit within that company,” says Derek. “Where one market may experience a drop in turnover, another market will experience an increase in turnover.”
This can bring stability to the franchise as a whole, not only from a turnover and profit viewpoint, but also from an information viewpoint. For some international franchises, having a presence in other countries has enabled the head franchisor to gain first-hand knowledge in real time, enabling them to act ahead of time.
One particular franchise based in the United States, but with a heavy presence in China, was able to implement necessary changes to deal with the challenges that the pandemic was about to create for business in the United States. China was well aware of COVID-19 before it hit U.S. shores and this particular franchise was made aware of potential shut-downs and restrictions that manufacturing in China was looking at. They were able to pre-order stock and deal with supply problems that were likely to arise.
Expert Franchising Advice
International franchising is certainly something to consider once you have successfully established your franchise on a national level. While it does come with risks, when carefully researched planned, the rewards can far outweigh these.
If you are considering taking your business to an international market, be sure to utilize the knowledge and advice of a franchise expert.
All State Franchise Finders is ready to offer sound advice and guidance. With more than 30 years’ experience in franchising both in the United States and around the globe, Derek Cafferata and his team are able to help. For more information, contact All State Franchise Finders on 1800-544-2161 or visit allstateff.com today. All State Franchise Finders are your franchise experts.