NEW BUSINESS OWNERS TAKE ADVANTAGE OF THE HOTTEST AND MOST LUCRATIVE FRANCHISES IN 2008
| By Marshall Reddy • Franchise Consultant | Please note that information in this article may be time sensitive and specific to the date it was originally published. Please contact the author for updates to this information. |
Thereʼs good reason for this growth. Franchising provides a tested marketing and operational strategy that can be easily replicated. Basically, a new franchise owner doesnʼt need to go through the trial and error of making a business profitable, when the franchisor has already done the initial legwork. This makes franchising a popular way to get started for many investors and prospective business owners.
While franchises in general are proven business investments, there are certain industries that are especially hot right now. These franchise industries have a positive appeal in 2008, and are likely to have a strong demand in services for the next 15 to 20 years.
FranNet lists the following types of franchise businesses as “hot” for 2008 and beyond:
Senior Care Services – Our society is aging. In fact, 36 million Americans were 65 and older in 2003, but by 2030 this population will likely increase to 71 million. As our population ages, baby boomers will need assistance in a variety of different ways, from house cleaning to yard work to companionship to nursing care. All sorts of franchises geared toward our senior population exist. Examples include durable medical supplies and equipment, personal assistance, and nursing care.
Personal Care Services – Just because baby boomers age, doesnʼt mean they want to look like theyʼre aging. And they typically have money to spend on services to keep them looking young and fit. But itʼs not just baby boomers who seek out these services. This industry is fast growing and focuses on a large population of people, including young professionals and busy families. There are a variety of personal care franchises that cater to these people, including massage spas, salons, family fitness centers, and skin-treatment clinics (think botox and laser).
Childrenʼs Educational Services – Parents are always seeking a competitive edge for their kids, and theyʼre eager to pay professionals to help their children succeed in learning. Franchises focusing on test preparation, tutoring, college placement consulting, assessments and even specialty learning (i.e., childrenʼs cooking courses) are in demand right now.
Online Auction Processors – One manʼs trash is another manʼs treasure. That really rings true for people who buy and sell on eBay and other online auctions and outlets. Online selling, on eBay or one of its competitors, is doing quite well. But not everyone is up-to-speed on setting up and selling on an online auction. So, thereʼs a new wave of franchises that can step in and help sellers get their products online and out the door. This industry is lucrative and expedites the entire online sales process.
Food – Everyone needs to eat and there are a number of food franchises to satisfy any palate. Find them in shopping malls, on street corners, in gas stations – anywhere thereʼs solid foot traffic. New concept food franchises are doing very well because people like to try things that are new and unique when it comes to eating. Food franchises that are hot right now include fast and healthy meal preparation centers, organic food stores, trendy coffee and smoothie shops, and gourmet grocery stores.
Home Improvement Services – Thereʼs a boom in the home improvement industry and many franchises have stepped in to offer these types of services. With the increase in real estate values, many homeowners donʼt want to move, or simply canʼt afford to. So theyʼre tapping into their equity to remodel, upgrade or add on to their existing homes. This concept puts home improvement franchises in the right position to help these homeowners. The home improvement franchises in most demand are easy, we-come-to-you services that can quickly transform a home or living space.
Pets – Oh, how we Americans love our pets! Itʼs estimated that pet owners spend more than $35 billion annually on items and services for their dogs, cats, reptiles, fish, etc. This means big money for franchise owners who hop on the pet bandwagon. Some franchises doing well in this area include walking services, pet day care centers, pet supply stores, gourmet pet food and gifts, and mobile and retail grooming services.
With so many hot franchises to choose from, people investigating a new business can be easily overwhelmed. Thatʼs where a knowledgeable consultant can help sort out the pros and cons of each franchise.
Marshall Reddy is a franchise consultant with Franchise Network, Inc.
He can be reached at (904) 280-1949 or at mreddy@frannet.com.
