As part of its quarterly update, Edwards Global Services has released its latest advice on where franchisors should be targeting.
2019 was an instrumental year in the worlds of politics, culture, and societal change. Undoubtedly, all of these changes radically impacted franchising, as particular businesses saw immense growth and the penetration of brand-new markets.
With all of this taken into account, Edwards Global Services, a global market research and franchising specialist, has outlined exactly which countries are attractive to entrepreneurs, and which have been detrimentally affected by the year’s events. The full list can be viewed here, but these are the top five countries to do business, sorted by overall ranking for franchise development.
1 – IRELAND
Remaining at the top spot, Ireland is a holistically attractive country for businesses looking to enter the European market. Notable benefits include the ease of starting a new business and a low investment risk level; the only objective negative being the country’s low population, which could lead to quick saturation.
Fast-food favorite, German Donor Kebab (GDK), recently named Ireland as the next location the brand would expand its European footprint, with the announcement of a new Dublin restaurant – the first of 40 top open across the country.
2 – NEW ZEALAND
Australia may be a popular spot for U.S. franchisors heading overseas, but its Oceanic neighbor should be just as sought after, on account of its ease of international brand entry and lack of legal concerns for incoming businesses.
Last year, Gold’s Gym was just one of many franchises that announced it would enter the Kiwi market, with a minumum of 10 new Gold’s locations to be developed in the country. For international brands looking to head Down Under, this could be a perfect fit.
3 – CANADA
North America’s neighbor to the North has always been a popular destination for U.S. brands exploring an external market, but the country’s home-grown businesses have proven just as fruitful in recent years.
4 – TAIWAN
Taiwan, arguably a hidden gem located in East Asia, is no stranger to the franchise business model. The country has an economy that’s heavily dependent on foreign trade, and has firm disclosure laws that ensure the security of prospective franchisees.
Large American franchises such as McDonald’s, Starbucks, and Pizza Hut have carved their space in the Taiwanese business landscape, and consumers in the country are reportedly avid fans of international food and beverage offerings; allegedly queuing for hours at the grand opening of a new location.
Other perks of the market are Taiwan’s low ranking on the corruption index, and the country’s steadily growing population of 23.3 million.
5 – U.S.A.
The U.S.A. is often seen as the go-to country for franchising, having been the birthplace for many of the largest international brands. Even beloved American celebrities are getting in on the franchise game, with names like Mark Wahlberg and James Cameron enjoying the benefits of the business model.
The food and beverage sector still remains the most popular in the States when it comes to franchises, but practically every concept imaginable is taking the franchise route to ensure expansion. From boutique fitness offerings to passion-led education, and even recreational cannabis, absolutely everyone is reaping the rewards.