Spotting Business Trends to Determine a Workable Franchise Concept

If you’re thinking of getting into the franchise industry, you might have a pretty good idea of what concept you’d choose for your own business. Or…you might not. As we say at FranNet, both answers are perfectly fine. It’s your personal journey to entrepreneurship and you’re free to go wherever it takes you. That’s a big part of how we consult with our franchisee candidates. But in today’s edition of FranNet’s blog, we’re going to discuss whether or not you should pay attention to current business trends that could lead to a hot franchise ownership deal.

Some people are good at spotting trends. Like say, fashion designers. And some people aren’t good at spotting trends (your stockbroker). We kid, but seriously, should you pay attention to what types of businesses are becoming hot commodities before you decide on running a franchise of your own? Here are a few industries that seem to be thriving in our vibrant economy. Take them for what they’re worth…face value. But do get ready to jump on the ultimate bandwagon:

Pet-Mania!

Is it just us, or are we becoming more and more obsessed with our pets? Long considered a “member of the family,” pets are getting much more attention than they used to. Don’t believe us? Were mobile pet groomers available when you were growing up? Pet day care? Dog parks? Regular weekly columns about fun things to do with your dog in your local paper? According to the American Pet Products Association (yes, there is one!) U.S. pet owners spent about $62.75 billion in 2016. That’s a lot of dog treats. And in case you weren’t aware, franchising is full of pet-related concepts.

Elder Care

The elderly population of the U.S. has been growing steadily for years. As 75 million Baby Boomers age out of the workforce, they’re living longer, healthier lives. But this surge in population means that servicing the elderly is also a great long-range business bet. The facts back this up. According to recent statistics, the industry generated over $50.7 billion in revenue last year, and this number is expected to increase by 42 percent by 2022. Elder care franchising isn’t limited to just assisted living facilities. In fact, there are several avenues to enter the market as a franchise owner.

Renovation Nation

Perhaps you haven’t noticed, but this country is experiencing renovation fever. Driven by popular television shows such as Fixer Upper, This Old House and a slew of other Flip or Flop themes, home renovation is reaching a fever pitch. The franchise industry is loaded with handyman opportunities, most of which don’t require you to have any prior construction knowledge—just a good eye for hiring the kind of top talent that does. Here’s a statistic for you from the good folks at Statista.com. How much does the average U.S. homeowner spend on home improvements? That would be $3,000. Maybe it’s time to grab a hardhat, put on a tool belt and create an empire of your own.

These are just three of the more popular business paths we’ve noted in the marketplace today. But there are literally thousands of franchise concepts. If you’re a motivated individual and want to get started looking at businesses in these categories—or different ones altogether–we’re ready to host a no-cost, no-obligation session with you.

Maybe you’ll be the one to tell us about a business trend you’d like to turn into a franchise ownership proposition. If so, we’re all ears…

Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!

Apr 24, 2018