The most compelling part of the franchising industry is that it’s always developing, growing and finding new and innovative ways to make a successful and profitable business. As consumers needs change and expand, so does the economy and therefore franchises. Trends start to falter and new fads create business opportunities that could be the next new thing that everyone needs or wants. There are constant ongoing opportunities to consider and review for investment.
Trending Franchises of 2019
A trend for convenience and time
The economy used to be forced and guided by a human need for materialistic products. Americans took pride in ownership and enjoyed having the best new gadget. While that necessity has never faltered, there is a new driving force behind businesses that has changed the course of business.
Consumers are hooked on the idea of paying for time and investing in convenience. A service that provides freedom and time to be with their families is considered money well spent.
This has created a trend in related franchises, particularly in Cleaning Services. A working family barely has time to keep up with the demands of a busy household. Cleaning services used to be a trend only available to the luxury class because it wasn’t worth the money for everyone else. Now people budget their income to provide for such a service so they can use their free time to be with family and enjoy the things they love.
The cleaning industry is not simply household chores; there are speciality services including window cleaning and dry cleaning, residential cleaning as mentioned above, and commercial businesses – which all have franchising options. There are a variety of options to consider that are profitable within the franchising field. It’s currently a $78 billion industry when you consider all the options available.
Though this field of interest is easily accessible because it has a lower start up cost, there are some drawbacks. The business is very dependent on its workers and reputation. With strong competition, there is always another option down the street or a cheaper option accessed through social media or service apps. Therefore, a franchisor might want to review cleaning standards, talent and HR management and possible turnover. A cleaning franchise with a reliable operations plan, as well as a successful rate for long term employees and management could be more successful and dependable.
Games and Education
A powerful consumer market that is a newer consideration is children. Kids have incredible buying power even though they have no income. According to a survey developed by the Department of Agriculture conducted between 2005 to 2006, the average working family spends close to $9000 per child until the age of 18. For a total of $169,080, which has raised to $233,610 for a child 0-17 years of age in 2018.
Educational development is a newer trend with a wider variety of options in franchising. Parents are more likely to invest in their children’s futures and schooling than ever before. Most parents want their kids to have opportunities that they hadn’t as a child and therefore willing to prioritize money to have a better education – as well as knowledge in other categories outside of the school yard.
The most common opportunity is supplemental education in the form of tutoring. Some of these franchises have a fixed location with tutorers reporting to work during certain hours, while other options allow franchisees to work from home and contract out tutors to customers. These options have different start up costs, responsibilities and expectations. A large corporation with a steady group of workers has a higher investment fee, but an at home business may cut into more family and personal time with bigger responsibilities and operational considerations.
While a portion of the Department of Agricultural survey mentioned above considers educational costs, it did not cover entertainment, recreational or sports costs; something a lot of American families consider a priority or at least worthy of investment.
More than 60 percent of American families spend $1,200 to $6,000 per child annually on youth sports; 20 percent of families shell out $12,000 annually per child, according to an article published by the Chicago Tribute in 2018.
This number is associated with the development in new franchises and trending sports and entertainment businesses. While there is pressure for some American families to invest in sports development in hopes that it will create prosperous and wealthy career for their kids, there are franchises focusing on everyday sports, as well as short term celebrations or recreational fun as well.
There are franchises directed towards the development of a certain sport: swimming, baseball, tennis or what have you. These franchises are for kids starting out in a new sport and learning basic skills. Dance schools and sports camps are trends that have created profitable opportunities for children that is open to all kids, whether or not they have the skill or passion in a sport.
Dependent on a franchisee’s own personal passion, one could look at and invest in a business that truly speaks to their own sport interest or their desire to work with kids.
A recreational franchise is also a trending consideration for 2019, with parents now looking at new ways to keep their kids busy and entertained when they are apart from them.
Recreational franchises include birthday party celebrations franchises. Birthdays are no longer blown up balloons and freeze dance, but rather a huge business opportunity. There is a growing number of mobile franchises have different entertainment packages that can bring the party to you, like gaming trailers or blow up castles.
The mobile recreational entertainment franchise has a lower start up fee, but there are stabilized franchises that are open to the public every day and offer birthday party venues: trampoline and indoor jungle gyms, arcade and restaurant opportunities are a few examples.
Recreational and sport franchises are on the rise as the demands of parents and children are ever developing. These are great options for those who want to work with kids and run a successful business.
A franchise for everyone
The franchising industry has opened its doors to more investors, as opportunities develop and consumers expect more choice but want to spend less money, and now the variety of franchises is endless.
A trending type of franchise is one within the everyday person’s price range and these include mobile franchises. Without a large location to secure, franchisees work from their home and service people sight on scene.
Mobile businesses are accessible to a lot of people who are interested in franchises and have a lot of options dependent on your passion. Though the work and responsibilities may be a little different than most franchises, it a franchise that is always developing and peaking interest.
Franchising today offers a bigger world of opportunity than ever before and is constantly developing. Even a trending franchise can grow into new developments that are more popular that it was initially expected.
Either way, all business is developed and determined by the wants and needs of consumers and nowadays busy families want convenience at a lower costs which has been the driving force behind the more popular and trending franchises of today.
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.