Top 3 sectors to watch in the franchise industry
What to watch in the franchise industry
If you’re looking for a safe, supportive entry to business ownership, its hard to go past buying a franchise. But some franchises are better than others. Here are the top three franchise sectors to watch in this fast growing industry.
Food franchises - in particular, fast food
Quick service food outlets already make up the lion’s share of the franchise industry. Growth in this area has been steady and it’s showing no signs of letting up. This sector includes the big guns like international fast food giants Subway, McDonalds and KFC, right through to food trucks, cafes and mobile coffee vans.
While the popularity of fast food franchises isn’t waning, there is movement within the sector. It seems like the big fast food chains have low-cost, quick service covered, so newcomers are looking for a point of difference. This includes competing on quality, design-your-own concepts and going mobile.
Home maintenance franchises - the jobs around the house you never get to
Although it may seem counterintuitive, as our lives get busier, we are outsourcing more and more of our personal home maintenance. This includes lawns, gardens, cleaning, appliance upkeep, painting, repairs, pest control, restoration, and anything else that needs done around the house that we don’t have time to do.
A major advantage of franchising in this sector is the low set-up costs. A van and a bit of equipment is often all that’s needed to earn your first dollar. Increasingly popular are environmentally friendly solutions, such chemical-free cleaning.
Personal services franchises - keeping ourselves and our families well
Our aging population is driving growth in this sector, which includes the likes of care of older people, spas, gyms, tutoring and childcare. As the baby boomers age, we are seeing more disposable income and higher care needs. Non-medical home care services are helping people to live well for longer, while fitness centres and gyms are personalising their services to cater to a wider demographic with diverse needs.
Competition is fierce in the childcare sector too. Parents need flexibility and high quality services and will accept nothing less. We want the best for our kids, which is why tutoring franchises are popular too.
There are no limits to the franchise model. Most businesses can be franchised but like all industries there are definite trends to watch. Entering a sector on the decline will make for a hard slog, whereas entering a sector on the rise will make it easier for your business to fly.
Check out some of the top 3 sector opportunities to watch in the franchise industry here; New Zealand franchises for sale.
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