It would be a safe bet to argue that the biggest consumers are children. Though they have no income, or financial security, they dominate buying power in the American economy.
Parents want the best for their children and children want everything. It all starts at the womb with pregnancy. There is now an entire market geared directly towards moms-to-be that generates enough profit on its own. Once the baby is born, they have so many gadgets and protocols that the market is swamped with baby specific products.
The overwhelming demand continues to grow as children get older, between video games and toys, it’s an ongoing industry that is always changing and profiting.
There are a variety of options for franchising if kid’s products is within your radar of interest. If you are young at heart or would like to work alongside children, this type of business might be your best bet.
Of course, children’s business is not limited to products but also extends to a breath of services that range from learning services to recreational options to daycare supervision. The needs and desires of parents and children is exceptional hefty.
There is the obvious product that is associated with children and them alone: toys. However we live in a high passed industry with rapid technology that creates more toys and makes these toys more accessible. Child’s play is not limited to toys, but includes video games, ipods, apps and the list goes on as developments continue.
There is something to be said about running or owning a toy store; it’s a great passion to consider. Research the different options and local competitors. Some toy stores have high product range, while other specific in certain products. The more services and options available, the better. Inquire whether or not a franchise offers marketing and what brand names they carry on site. The only downfall would be a heavy start up investment, because location and property would cost a pretty penny. While the beginning might pack a hefty punch, the profit is evident. Toy retail sales revenue in the US, generated over 20 billion dollars in 2016. Kids continue wanting toys, and parents keep buying them.
A current competitor with the toy market is thrift stores and online venues. Children’s products are more accessible than ever, and parents are recognizing through time that some products are short lived. So before investing in a big ticket item, they will search the web for hand-me-down options. If it’s a field you are considering, look at thrift store chains and research the flea markets in the area.
Of course sports equipment is not exclusively for children, but they tend to dominate purchasing power. Kid’s grow and therefore they are constantly changing equipment. Again, more things are easily accessible and that includes sports.
The reason to consider a franchise could be narrowed down to one reason: name brands. In the athletic world, people do not tend to stray from their trusted and established name brand and name brand equipment is expensive, therefore generating profit.
There is no necessary training needed to franchise a sporting equipment business, but it would be great to have a passion for sports and fitness. Someone who coaches or follows sports might have more of a dedication to the field and enjoy the product.
Consider if the franchise has service options available and trade in options or if they have any affiliation to any professional teams. The more the merrier, making your franchise the one stop shop would be the best option in this type of field. Kids might change preferences, but they must remain loyal to your location.
With two working parents at the office all day, it’s a lot more difficult to help kids with all the homework they bring home. Learning services not only provide homework services but tutoring as well. These services have almost become mandatory for a lot of children, and some parents utilize them as after school programs.
With a better understanding of learning disabilities and the variety of approaches to learning, more and more children need access to learning services. Parents of course want what is best for their children and will utilize any service available for their children’s education.
There are different types of learning franchises, one that mixes social programs or sports programs with homework completion or academic lessons. Some focuses on one subject, while others offer tutoring in a variety of subjects. Some learning services are specific to learning disabilities, while others offer programs for advanced students.
As someone interested in this type of franchise, there is a lot of research to consider beforehand. Again, the more programs and variety, the better, because it appeals to a larger customer base. But one of the most important factors to consider is credentials.
Does the center have a good reputation? Are the people teaching the students qualified? Contact an owner of a franchise and ask them how it works within the community. You should consider the statistics of the location and if the market is beneficial in that area. You need a lot of young families to get started, or consider setting up next to a school.
Working with and speaking with schools in the area to see if children are in need of extra learning facilities could help you get a feel for the necessity of your community.
There could be a few local competitors on a smaller scale, with at-home tutors or free programs offered at the school. It’s best to get inside the schools and see what is offered, before setting up shop.
Kids obviously love to play, and the franchising world has taken that into consideration in many ways. Active play is not limited to sports; there are franchises with video game options, or trampoline and ball pits, or indoor parks and water resorts. If a kid has had an idea of fun, there is a franchise for it.
The great thing about recreational franchises, if you have a particular passion or if your children really enjoy an activity, you can turn that desire into a business and a profit. There are so many options to choose from, you can consider what best suits you and your family.
Researching what options have the best work life balance as well as reputation and credibility would be a great place to start your business plan. Also, really broaden the range of search because there is a plethora of options available.
The weather and location can also play a factor. If the area is usually located outside, it would have to be in warm climate and an indoor facility might get more profit in a rainy or cold territory.
Childhood products can be a very profitable and extremely fun business. For someone who is passionate and is a child at heart but also looking for an easy way to generate profit, a children’s service would be a great fit.
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ABOUT THE AUTHOR: After receiving an English Degree, followed by a Journalism Diploma, Gina Gill became a freelance journalist in 2008. She has worked as a reporter and in communications, focusing on social media. She currently works as a community information officer with Epilepsy Society, while pursuing her writing career at the same time.