As the new year rolls around, franchisees everywhere are preparing for continued economic uncertainty and a possible recession. There are plenty of industry and consumer trends driving innovation at Batteries Plus, so we sat down with our Chief Franchising Officer, Joe Malmuth, CFE, to discuss his projections for the battery store franchise opportunity scenario in 2023.
An Increased Focus on Customer Experience
Customer experience has been at the forefront of the business world for some time now, and as competition rises, it will only continue. Ultimately, it’s what can set an “average” business apart from an exceptional one. As inflation increases, it will also help brands maintain a competitive edge. A recent report states that 30% of customers are willing to pay for more excellent service. This, combined with the ongoing labor shortage, is driving a movement toward small box stores. Bigger retailers are understaffed and therefore, lack the personalized service to help customers solve their problems. Meanwhile, Batteries Plus only requires 4-5 full-time employees to operate, and our comprehensive training ensures all employees are problem-solving experts.Essential, Amazon-Proof Franchise Opportunity Will Come Out on Top
Just like during the COVID-19 pandemic, businesses with products and services that are always in demand will thrive. Since joining Batteries Plus in 2020 at the height of the COVID-19 pandemic, Joe has gotten a firsthand look at what a difference being an essential business can make. “Our resiliency is largely driven by the fact that we sell specialty products that can’t be found almost anywhere else – not even on Amazon. In fact, 70% of the products Batteries Plus stores carry can’t be sold on Amazon due to EPA regulations,” Joe explained. Meanwhile, Batteries Plus can ship these products to any of our over 700 stores for customers to conveniently pick up.
A Franchise Opportunity with Financial Flexibility
According to Joe, one of the greatest challenges franchises will face in 2023 is funding. Between an uncertain economy and rising interest rates, banks are more selective than ever with who can qualify. “As always, we’re doing our part to make things easier for franchisees. After opening their store(s), each franchisee has a 90-day grace period to build a cash flow before they have to start paying off their inventory,” he said. Meanwhile, our established relationships with lending institutions help candidates secure funding to bring their entrepreneurial dreams to life.Sustainability as a Core Value
Each year, the number of eco-friendly consumers is increasing. Batteries Plus has participated in several green initiatives over the years, including recycling over 50 million batteries. The nature of our Battery Store Franchise is sustainable in itself, driving people away from the use of fossil fuels through portable power alternatives. By offering products like batteries for solar panels and electric car charging stations for businesses, we’re providing better-quality, long-lasting solutions.