While everyone’s always looking for the next big thing, the smart money is on the long term trend — in franchising as much as any other business.
So rather than cruising your neighborhood in an effort to ascertain the types of businesses most in demand, look to the larger economic trends to guide your search for a new business.
While great opportunities abound in the wide world of franchising, you have to research market trends to winnow down your choices to those that work for you and offer the best long-term growth.
The decision on what type of business to invest your hard-earned savings and labor requires as much of your business acumen as you will have to apply in operating your future business.
Plan on spending up to six months or longer on research, beginning with general reading in business and trade magazines then eventually getting specific materials from various franchise companies. Your job is to peruse these, possibly with the assistance of a good franchise coach, then move on to interviewing franchisees who can show you the way or possibly warn you off.
We like two main categories for today’s economic climate: businesses that succeed even in economic downturns and those that capitalize on our new economy.
Businesses resilient during hard times offer conveniences time-strapped families can’t do without or services that cannot be postponed. These include:
Services Always in Demand
Senior Care
As we all know, the Baby Boomers are swelling the ranks of senior citizens, setting a great growth trajectory for senior care. Franchisors galore operate and thrive in this segment.
Companies that retrofit homes for accessibility and child-proofing
Firms like 101 Mobility capitalize on the trend for more older people to stay in their homes well into their very old age. And with Millennials now having babies, you can find good opportunities with firms that child-proof homes.
Property Damage Repair
No matter the rate of unemployment or growth in GDP, natural disasters will continue to occur, and families whose homes have been damaged by fire, flood and hurricane will require clean-up.
Services that capitalize on economic trends
Temp Staffing
In this age of downsizing, many companies now routinely use contract workers and temp staffing project by project.
IT Support
As an integral aspect of 21st business, most small businesses outsource their IT support, and many franchisees have had success fulfilling this need.
Business Coaching
Along the same trend line, as people now have to reinvent their careers on average every three years, a sizable number require assistance to help them determine their next strategic move. If you have read this far, you know what I mean!
Digital Advertising
As the “Mad Men” age of advertising fades into distant memory and social media is now king, lots of established businesses need help in reorienting their advertising strategy toward the digital sphere.
You can find plenty of opportunity in franchising in all these economic sectors. And a franchise coach can help you navigate the crowded field.
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Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-4589.
© Dan Citrenbaum 2015
This guest post is by Dan Citrenbaum, a Franchise Coach and Entrepreneurial Consultant who helps people achieve their dreams as small business owners. Find Dan at www.EnterpreneurOption.com.