There is a certain group of people who have a strong buying power in the American market.
This specific portion of consumers has immediate and ever changing needs, they make up for a large percentage of the population and they are constantly in want. Their only downfall as an integral part of the economy is their lack of income. In fact for the most part, they do not have any money whatsoever, but they want and need a lot of stuff.
Who are these powerful moneyless customers who have a strong influence on the products and services offered in America?
They are children.
Children are heavily influenced by the many marketing tactics facing them on a daily basis. Their needs are sporadic and constant; therefore the advertising market adheres to their wants. It’s an easy target, especially with so many screens facing them on a daily basis. Kids are surrounded by a variety of marketing and they are falling for it all.
The children’s market used to be a small niche of necessity, consisting mainly of clothing and toys. Nowadays the baby market is a completely self-sufficient industry full of a variety of products and services made just for toddlers and infants. It’s a giant niche that is bringing in a large profit. The toy market alone was estimated to be at $20 billion in 2011 and that is only one portion of the giant industry that is child services and products.
Baby products and services
From infant to toddler, babies have their own area of the market nowadays. There is a lot of stuff to come with a baby. They need car seats, strollers, carriers, cribs, onesies- the list is continuous. Parents want the best for their kids and they do not want to go without. The clothes are being grown out of every month and there are constantly new products that swear to make parent’s lives a little easier and children to learn faster.
Though the birth rates have declined, parents have exercised more buying power when it comes to their wee ones. Even with fewer babies being born, the global baby care market is expected to increase its total sales to 66.8 billion US dollars by 2017.
This type of franchise is great for those starting a business and who would like a decent work life balance. A lot of the products sell themselves and have high ticket prices. Marketing is usually provided and brand names create an established consumer base. After proper training and recruitment, it’s a franchise that can run itself in most facilities.
It offers a variety of products, including clothing, toys and personal care items, which are all profitable venues in themselves.
Day Care and After School Programs
A lot of US households have both parents working fulltime, which means that a great portion of income is being dulled out to a form of childcare. This has become an established business throughout the States and with that comes franchising opportunity.
Though the training may come easy and the industry may be well-recognized and established, a passion to work with kids should be a priority for those interested in this industry. Franchisees might find themselves involved in the daily processes, especially near the beginning.
Recruitment would be specific and a well trained staff would need to be implemented for the business to run properly. Though there will competition with personal daycares and at home businesses, a franchise would cover a lot of the red tape for government regulations. Plus, a well-established name with a franchise would guarantee more customers because it carries more credibility.
Demand in this industry would never falter, there is never a shortage of kids and parents make childcare their top priority. It varies as well from Summer Programs, to Day Camps and After School Programs, allowing franchisees to consider different areas of interest.
Child care can be specific with soccer camps or tutoring sessions, a focus on something can really appeal to the passionate side for those interested in franchising a childcare business.
Though this may seem to be an area specific to children, a lot of toys are trickling into the hands of adults. Many parents become nostalgic when they are purchasing certain products for their kids and invest in the high quality collectables they could not afford when they were growing up.
Of course working in the toy industry can be fun, and it turns a great profit. The global toy market was estimated at 84 billion US dollars in 2012 and it’s always increasing with new inventions and addictions. From video games to Shopkins, the classic Lego and Barbie, toys cover a giant market of products.
This is another field that comes with a lot of name brands that are providing their own marketing, and sending people to your company’s selves, without any of the work. Though there are usually small businesses competing with toy franchises, it’s a stable industry that offers the top name brands and has created a well established reputation.
Kid have to be reminded to get outdoors, be social and get away from the screens. With the many technological advances surrounding children today, they are constantly stimulated by numerous gadgets. Recreational facilities offer sports, activities, classes or simply child minding.
This can be a fitness facility that can offers options for adults as well, while covering a lot of activities for kids. It could be an arcade with door cover costs, as well as coin operated machines and play stations that bring in a lot of profit.
There can be laser tag, glow bowling and a lot of popular fad activities that draws in groups of people or is great for parties.
An investment in this franchise is great for a family oriented person who is young at heart and enjoys having fun. It can also appeal to the investor who is mindful of living a healthy lifestyle. A franchise in this field could be beneficial on a personal level to those who enjoy a lot of the services offered.
Children’s services and products go well beyond toys and reach a lot of different venues. Most franchise options in this field are well recognized and carry a lot of brands, meaning most franchisees would not have to be concerned about marketing or worry about gaining a profit.
It’s appealing for those young at heart, who are seeking a lot of support and training and about love to be a part of the community. It’s also an easy transition for those looking to start a franchise for the first time.
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.
LOOK OUT FOR OUR NEXT SPECIAL FEATURE: HOME-BASED/HOME SERVICES FRANCHISING