When considering what industry to buy a franchise in, it’s important to keep current trends and customer preferences in mind. Everything from the economy to customers’ tastes to the weather can affect the potential success of your business. Here are a few current trends to consider before you make your decision on what franchise is best for you.
Franchises catering to boomers
An aging population can provide ample business opportunity, if you know what niches to look into.
Currently in Canada, there are more people over the age of 65 than under 15. That means there’s a growing need for franchises that cater to this demographic, including:
- Travel services
- Niche fitness services
- Financial planning and management
Specifically, in the next few years, senior services will explode for this demographic. Everything from home health care to meal delivery and housekeeping services will steadily rise as the need for them does.
Healthy food franchises
Healthy eating is in.
Canadians are caring more about what they eat, and the growing number of artisanal and healthy food franchises opening up is a testament to this fact. An example: Canadian health food brand Freshii is rapidly opening new franchises, with the goal of having 840 open worldwide by 2019.
Restaurant concepts like vegetarian, vegan, organic, artisanal, and minimally processed foods will see more market share gain in the coming years than more traditional pizza and hamburger chains.
Another profitable trend to be aware of is the rising need for services, both business-related and personal. Franchisees find that setting up tax preparation, business consulting, accounting, or marketing service firms allows them to directly help their business audience, who doesn’t necessarily want to retain the services of a large corporation. Look, too, for up-and-coming professional services opportunities like business coaching, recruiting, and IT management services.
And consumers need services too: there’s a rise in cleaning and painting franchises as homeowners look for reputable brands to help them keep their homes in top shape.
As Canadians put more focus on what goes into their bodies, they’re also working to keep their bodies healthier on the outside.
The types of fitness franchises vary, but all are on the rise, from the 24-hour gym to the personal trainer. Spin and yoga franchises are also niches worth considering, as well as other exercise trends that arise. Keep in mind, however, that fitness trends are sometimes short-lived, and that pole dancing franchise you invest in today may peter out in a few years.
Parents eager to enrich their children’s minds are happy to pay for tutoring, sports classes, music lessons, and more, and if you love kids, a child-related franchise could be highly successful. Look to connect to a local school so that you have a built-in audience for your services.
Trends come and go, so it’s important to spend time assessing the industry and niche you’re considering for your franchise. What do the numbers tell you? If there has been a steady incline in revenue in recent years, that may continue in the future. On the other hand, if sales shot up and then petered out, the trend may not be one worth investing in.
Whatever industry you choose for your franchise, do your homework to ensure it’s one that will be around for the foreseeable future.