Here at the FranNet Blog, we like to keep all of our readers apprised of the latest and greatest happenings in the exciting world of franchising…which is why we’re going to take a look at three of the hottest trending topics in the industry: Semi-absentee retail concepts, Low cost franchises and the Dads and Grads (or Moms and Proms) trend. Each of these subjects has been getting their fair share of interest in recent months, so if you haven’t heard of them yet, your education awaits.
Semi-Absentee Retail Concepts:
We’ve covered the semi-absentee model before, but recall that this franchise business model means you’ll own the business—and hire a qualified manager to run it in your absence. This business model has allowed many franchise entrepreneurs to invest in their own future while, at the same time, allowed them to keep on the career track they already maintain. “Managing the Manager” is a popular trend in franchising, especially when the available talent pool for qualified retail prospects are ready to “mind the store” in your absence. One great listed example in the industry is hair care salons. Already known as a recession proof business, the amount of training and support available to franchisees is complimented nicely with the advent of a qualified salon manager—of which there seems to be no shortage.
Low Cost Franchises:
Of the more than 3,100 franchise concepts available today, some require a substantial financial commitment to get up and running, while others do not. The more well-known franchise brands may command a higher pricing structure because of the brand name and recognition. Other franchise concepts may fit better into your budget and provide an excellent return on your investment. Low-cost doesn’t mean low return. There are many brands that return a very healthy margin regardless of their initial costs. Don’t let the misperception of franchising’s “high costs” become a barrier to your entrepreneurial dream. There are many low-cost franchise options on the table as well that need not be overlooked.
Dads and Grads:
Talk about keeping it in the family. The Dads and Grads concept is the teaming up of a seasoned business professional (the parent) and a recent college graduate (the child). For all intents and purposes, we can call this category Moms and Proms, too! It’s an interesting take for franchising because it opens up an entirely new prospective franchisee category. The job market for recent college graduates has been anything but stellar in recent years and the Dads and Grads trend is making a positive difference in people’s lives. Take a look at this one excellent success story built on a home health care franchise platform.
That’s all for this week, but take our advice to heart. We scour all our sources to find prospective franchisees the best news and noteworthy information to help them make informed decisions about the entrepreneurial world. If it helps just one additional candidate cross the threshold, we’re satisfied!
Do you feel that you’re ready to start exploring business ownership? If this article has inspired you to investigate a franchise opportunity, perhaps it’s time for a free consultation with a qualified and experienced franchise consultant. As it turns out, FranNet is just the place! As a franchise consultant company with a great track record of assisting individuals on their path to business ownership, make arrangements to speak with me today.
Blair M. Nicol, CFE