With the national economy seemingly headed slowly out of a paralyzing recession over the past four years, it’s safe to say that many people have become ‘hyper-aware’ of their current employment and financial environments. Those investigating franchising ownership has increased significantly due to this heightened state of awareness for many reasons. Proven business models, forecasted revenue results and a myriad of financing options have become the attractive calling cards of a paradigm shift in thinking—one that rests squarely with self-reliance.
FranNet has seen the marked increase in franchise ownership interest skyrocket over this same time period. And when we meet these individuals, invariably one of their first inquiries centers on the economy — which franchises perform best in a down economy? While this is a great question, we look to franchise concepts which perform well in any type of economy. Below is our All-Star list:
As the American ‘Baby-Boomer’ population ages, so does the need for their continued care and quality of life. People are living longer and healthier lives thanks to breakthroughs in health care medicine, technology and living arrangements. With the franchise industry loaded with senior care opportunities, candidates can focus on areas of business which handle home health care, non-medical concierge services and even spa-like adult day care centers. Statistical analysis tells us that senior care will remain a growth industry.
The ‘handyman’ franchise concept is hot. Maintaining a viable home is work — hard work — in many instances. And in today’s world of cramped schedules, much of this upkeep can often go neglected. In many cases, some lost home equity may be recouped with the continued investment of upkeep. The purpose of the home repair franchise is designed to delve into extremely skilled labor such as plumbing and electrical fixes, as well as more mundane tasks that the homeowner either can’t — or won’t — be able to handle on their own. With a reasonable pricing structure and a guarantee of all completed work, home repair franchises are fast becoming a welcome option.
The ‘Essential’ Services:
There are some things in life that require regular service regardless of what the stock market is doing. Most people will need their hair cut every 4-6 weeks, your car will typically require repairs and upkeep and—suffice to say—you must eat on a regular basis! FranNet can direct candidates to dozens of franchises that fall neatly into this category. You may find running a small auto repair business, a beauty salon or a café/restaurant concept is the ideal franchise for you. One thing is for sure—your customers will be regular.
In any economic environment, be it a Bull or Bear Market, the nature of businesses that provide services to other businesses will always be necessary. Since every business constantly looks for that competitive edge, professional services have become a vital service and a sought-after exercise. Business coaching industries and tutoring services are two of the most common examples. The beauty of this category is the variety of services offered. Investigate your greatest professional strengths and you may find a concept which lines up neatly with a preferred franchise service.
The trend toward healthier lifestyles is becoming a very common theme. Simply put, people are eating better, exercising more and taking care of their bodies like never before. A steady drumbeat of news, information and medical studies are propelling an interest in the fitness and health and wellness categories. There are several concepts that cover this ground from weight loss and nutrition to fitness and sports.
While the economy has presented us with challenges and forced us to reevaluate our financial futures, it’s nice to know that several business categories will always thrive in any type of economic environment. If you’ve been considering an investigation of franchise or small business ownership, perhaps this is yet another convincing point that will lead you to speak with a FranNet representative today.