Take Advantage of the Hottest Franchises in 2010

Potential business owners looking to start new businesses in 2010 may want to investigate franchises as an option. Franchise businesses experienced a growth of 33 percent from 2000 to 2006, after the first economic downturn, and substantial growth is predicted to continue into 2010 and beyond.

There’s good reason for this. Franchising provides a tested marketing and operational strategy that can be easily replicated. Basically, a new franchise owner doesn’t have to go through the trial and error of making a business profitable, when the franchisor has already done the leg work. This makes franchising a popular way to get started for many investors and prospective business owners.

While franchises in general are proven business investments, there are certain industries that are really hot right now. These franchise industries have a positive appeal in 2010, and are likely to have a strong demand in services for the next 15 to 20 years.

FranNet Colorado lists the following types of franchise businesses as “hot” for 2010 and beyond:

Senior Care Services – For the past several years, senior care has been on the franchise “hot” list. The fact is, our society is aging. In 2003 there were over 36 million Americans age 65 and older, but by 2030 this population is expected to increase to 71 million. As our population ages, baby boomers need assistance in a variety of different ways, from house cleaning to yard work to companionship to nursing care. There are all sorts of franchises geared toward our senior population. Examples include durable in-home medical and non-medical care, personal assistance, companion care, and house cleaning.

Personal Care Services – Just because baby boomers age, it doesn’t necessarily mean they want to look like they are aging! And, they want their lives to be easier. They typically have money to spend on services to keep them looking young and fit. But it’s not just baby boomers who seek out these services. This is a fast growing industry that focuses on a large population of people, including young professionals and busy families. There are a variety of personal care franchises that cater to these people, including massage and facial spas, salons, fitness centers, vitamins/supplements and weight management, and more.

Business to Business Services – Businesses are now preparing for the inevitable economic turn around, and many are seeking services that support them in getting prepared for this rebound. Such services include website search engine optimization and marketing, coaching, sales training, and marketing and advertising support. For potential business owners, franchises in the service industry are some of the most economical to purchase. In many cases, service-oriented franchises may not require a retail location as they go to their clients instead of clients coming to them. This can keep the initial cost and overhead low for new franchisees.

Children’s Supplemental Services – Parents are always seeking a competitive edge for their kids, and they are eager to pay professionals to help their children succeed in learning and other aspects of their lives. There are many new franchise concepts now that focus on offering supplemental services to children, including in-home and off-site tutoring, test preparation, youth sports speed and agility training as well as character development, specialty after school programs, and arts and science programs. These services are in demand, even in tough economic times.

Home Improvement Services – There’s a boom in the home improvement industry and many franchises have stepped in to offer these types of services. In this current economic environment, many homeowners don’t want to move, or simply can’t afford to. So they are tapping into their equity to remodel, upgrade or add on to their existing homes. This puts home improvement franchises in the right position to help these homeowners. The home improvement franchises in most demand are easy, we-come-to-you services that can quickly transform a home or living space.

Pets – Americans love their pets. It’s estimated that pet owners spend more than $35 billion annually on items and services for their dogs, cats, reptiles, fish, etc. This means big money for franchise owners who hop on the pet bandwagon. Some franchises doing well in this area include walking services, pet day care centers, pet supply stores, gourmet pet food and gifts, and mobile and retail grooming services.

With so many interesting franchises to choose from, people investigating a new business can be easily overwhelmed. That’s where a knowledgeable franchise consultant can help sort out the pros and cons of each franchise. At FranNet Colorado, we offer specialized guidance to prospective franchise owners to help them narrow down their choices. And best of all, our services are offered at no charge to clients.