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Be wary of new fads, they might not last
Published on Monday, Dec 17, 2007
Here are some trends outlined by franchise expert Joel Libava from an article published last week at Small Business Trends (http://www.smallbiztrends.com):
• Semi-absentee ownership
More people are looking for franchises that will allow them to keep their current jobs while the new business ramps up. Opportunities that offer a semi-absentee owner model are Great Clips, Fantastic Sam's and Hollywood Tans.
• Low investment opportunities
For those who can spend a lot of time marketing, the direct mail industry offers low-cost franchises. It includes Money Mailer and Adventures In Advertising.
• Women focused franchises
Some concepts that could appeal to women are the Glove Lady, Showhomes (showcasing vacant homes) and Sweet Beginnings (wedding planners).
GROWING
CATEGORIES
Here are some growing franchise categories:
• Residential cleaning services
Dual-income families are still looking for time-saving relief. Bigger franchise names include Molly Maid, Merry Maids, the Maids, and Maid Brigade.
• Child Related Services
These include education providers (Sylvan, Huntington
Learning Centers, Chyten and Children's Lighthouse), day care (Kiddie Academy), party providers (Pump It Up) and activity centers (JW Tumbles).
• Green food franchises
Boloco, a burrito franchise, is exchanging its Styrofoam cups for ones made of corn starch and Pizza Fusion features organic ingredients.
• Technology related franchises
True Presence helps businesses establish themselves on the Web. Concerto Networks and TeamLogic IT offer tech help after things are up and running. Meanwhile EyesThere and Monitor Closely are catching a share of the home and business security sector.
• Staffing franchises
There's a growing need for placement services, such as Express Personnel, and 10 til 2.
• Senior Care
As baby boomers begin to retire, the need for nonmedical home care will benefit franchises like Spectrum Home Services, and Seniors Helping Seniors. BrightStar Healthcare provides nursing home-type services in the home. SarahCare is an adult day care center.
BE CAREFUL
Avoid the following when looking at franchise opportunities:
• Fads
They might not be sustainable in the long run.
• Franchise concepts that are hard to understand
Sometimes simple is best.
• Inexpensive franchise concepts
Don't buy a franchise for less than a $40,000 investment unless you talk to a lot of current franchise owners.
• Franchises that are growing fast
As a franchisor grows, the infrastructure must grow along with it.
Joel Libava is president of Franchise Selection Specialists (www.thefranchiseking.com.)
Here are some trends outlined by franchise expert Joel Libava from an article published last week at Small Business Trends (http://www.smallbiztrends.com):
Get the full article here.
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