Obviously, the most important thing for any parent is ensuring their children lead healthy, happy and safe lives. We want to help them grow up into smart, well rounded individuals who are prepared to take on life and pursue their dreams.
Parents’ dedication to the health, safety and happiness of their children is beneficial to those children, but can also be extremely beneficial to the savvy entrepreneur. By opening a franchise dedicated to children’s products and services, you can set yourself up for a lifetime of lucrative work making a real difference in the lives of children.
As the economy improves, more parents are heading back into the workforce and while dual income families bring in more money, what they give up is time. Parents often don’t have the time to help their children with school work, do after school projects with them, spend time ensuring they get enough physical activity or do things like plan their birthday parties. However, even though parents can’t always find the time to do these things, they still want the best for their children and if they have the financial capabilities to pay for products and services to meet their children’s needs, they’ll willingly pay for them.
One way parents try to give their children a leg up in this world is supplemental education to help them get into a better college or just to make sure they aren’t falling behind their peers in school. Parents’ efforts to give their children the best head start in life can turn into a good business opportunity for you with a supplemental education franchise. Math and reading are particularly popular educational subjects for children’s franchises to focus on, while SAT preparation, children’s physical fitness,music, art, science and even engineering also have dedicated franchises. And don’t think these franchises start where their regular schooling leaves off, because some of them are meant to start before children’s regular schooling begins at the preschool level.
IBISWorld, in its report on the industry, says increasing research that expounds the benefits of early childhood education, continues to boost demand for child care services. It boosted demand so much, in fact, that industry revenue rose despite tough economic conditions during the recession. And, the report says, over the next five years, franchises will continue to benefit from rising demand, especially as more people return to work and require care for their children. The report further states the Child Education and Developmental Center Franchises industry is in the growth stage of its industry life cycle and its overall contribution to the economy is forecast to rise at an average annual rate of 4.9 percent through to 2019, outpacing overall GDP growth. It’s currently worth about $2 billion in revenue and grew at an annual rate of 3.1 percent from 2009.
A discussion of children’s franchises wouldn’t be complete without talking about daycare centers. As previously mentioned, more parents returning to work as the economy continues to improve, means more need for daycare facilities – plus more disposable income that can be spent on daycare. “there is an innate satisfaction that goes along with helping children grow, learn and develop.” This $48 billion industry saw annual growth of 1.2 percent between 2009 and 2014, according to IBISWorld, with standard child-care services accounting for 56.9 percent of the industry’s revenue.
While we love our children, sometimes that love can manifest itself in undesirable ways, like when we give them whatever they want to eat, resulting in relatively high rates of overweight or obese children. From 1980 to 2008, according to ChildhoodObesityStatistics.net, the prevalence of obesity in children aged 6 to 11 years tripled from 6.5 percent to 19.6 percent, while in teenagers it more than tripled from 5.0 percent to 18.1 percent. Parents’ efforts to reign in their kids’ weight can mean a good opportunity for you if you open a children’s fitness center. IBISWorld’s report on the Children’s Fitness Center Franchising industry says that it made it through the last five yearsrelatively unscathed despite a couple of years of revenue loss during the recession. Increasing awareness of children’s fitness helped prop up the industry and as the economy continues to recover, the industry can expect to see larger revenue gains.
The world can sometimes be a dangerous place, especially for children, so a business that helps parents keep their peace of mind by helping to keep their children safe is welcomed by most parents. Children’s ID franchises use the latest technology to keep detailed profiles of children so they can be quickly and easily identified should they become lost, or worse. Other safety-related franchise opportunities include franchises that help parents procure safe and reliable baby equipment. Safety is always at the top of parents’ minds, so running a franchise that creates a safer environment for their children will make sure you are in high demand at all times.
Other types of Franchises
Education, daycare, fitness and safety aren’t the only types of children’s franchises, of course. These are children we’re talking about. They like to have fun! Children’s party stores, inflatable party equipment and toys all have franchise opportunities available. If you’re a photographer who also loves children, kids photography may just be your niche. You don’t have to go it alone. Start a franchise. And for every service that caters to adults, there is a kid-size version. You can find hair dressing shops and clothing retail chains that cater specifically to children. Even some of the unpleasant side effects of having too many children together for
too long can turn into a lucrative business opportunity, with at least one lice removal franchise opportunity available.
Steady customer base
One of the best things about opening a franchise that focuses on children is that you’ll never run out of customers. The US Census Bureau says there are more than 74 million children in the country and that number is set to escalate to 80.3 million by 2030. In addition to the number of children rising, spending on children is also going up. Both parents and grandparents are spending more on children while children themselves now tend to have more personal money to spend on what they want. Housing, care/education and food are the three largest child rearing expenses. Estimates on how much it ultimately costs to raise a child from zero to 18 years old vary with income level, but range from $170,000 – $400,000. Children’s activities and care create their own mini-economy in the summer, with the New York Times estimating that American families spend about $16 billion annually on these items.
Probably the most obvious trait that you need to run a successful children’s focused franchise is a love for being around and working with children. There is no doubt that they can be trying at times — never run out of customers.” especially other people’s children — but there is an innate satisfaction that goes along with helping children grow, learn and develop. Patience and an ability to roll with the punches and laugh at yourself if things go wrong will go a long way toward helping you run a successful child-focused franchise.
You should also be prepared to undergo some official scrutiny. Most territories require a government-mandated criminal background check for people who work with children to weed out any undesirables. Likewise, if you are going to need to hire staff, you’ll need to know what background checks are required in your area. You and your staff may also need specific certificates such as First Aid or certificates pertaining to your business.
Your franchisor will likely know this information and be able to help you procure any certificates that you require. And, of course, you’ll need funding. Children’s franchises cover the entire spectrum of costs. A simple photography franchise may only have franchise fees in the hundreds of dollars while something like a fitness or academic center could require well over $100,000 in franchise fees.
If you think you are ready to take the plunge and open a children’s franchise, there are many websites with listings of franchises to go through. The area you live in will also determine what kind of franchise you should open. Obviously, a neighborhood that has a lot of children is important, but it’s also worth looking at the type of people moving into the area. If the area is attracting retirees and couples with older children, it might not be suitable for a children’s franchise. An area with young couples and young families with small children moving in would be ripe for a daycare or tutoring franchise. Most franchisors will be able to help you with this kind of research and help you determine if an area will be suitable for the type of franchise you’re interested in.
Much like how children have their school homework to do, when thinking about any type of franchise, you will have a lot of homework to do, too. But, if you love working with children and want to feel that satisfaction of having played an important role in the development of their lives, a franchise focusing on children might just be the right move for you.