Franchising is a smart business plan for any aspiring entrepreneur. Instead of starting from scratch and building a brand from the bottom up, you can join up with an existing company that has a proven track record for success. Use their model and their brand to open your own franchise location and you can fast track your success. While franchising is a winning strategy to launch your first business, it’s a changing industry so it’s important to keep your eye on the market trends. Here’s a look at the top trends in franchising in 2017.
A Moving Target
As you think about your target demographic, things can get a little tricky in 2017. Demographics are shifting, creating some real challenges for new franchisees. Millennials are entering the workforce and starting their own families, but this generation was raised on the Internet and it takes a savvy media strategy to reach this age group effectively. On the other hand, the baby boomers are moving towards retirement and while they might dabble in the Internet world, they won’t be nearly as dependent on it as the Millennial group.
Then you have the Senior demographic. People seem to live longer now than ever thanks to advances in healthcare. So, franchises that want to appeal to Seniors have to find ways to reach them outside of media-exclusive strategies. The wide range of target demographics can be one of the most challenging aspects of launching a new franchise location. How do you appeal to all of the age groups and effectively market to each demographic without blowing your budget? This moving target is the catch-22 for all franchisees in 2017.
Today’s franchisees are looking for business concepts that can withstand economic downturns. While people might quickly skip out on fine dining when money gets tight, they aren’t so likely to skip childcare services, computer repair, or tax preparation. If they do spring for meals out during a recession, they will likely choose a place where they can get gourmet food at a low price, like today’s popular quick-service, fast-casual restaurant franchises like Burgerim.
Green Lifestyles Reign Supreme
In 2017, “green” businesses are some of the profitable. This is partially because of government pushes to give funding to businesses providing environmentally friendly energy solutions. Franchises in this sector include solar panel installers, LEED-certified buildings, and even building companies that use recycled materials. The green lifestyle is also hitting home care franchises. Cleaning services are moving towards environmentally friendly, natural cleaners to satisfy customer demands. Healthy living stores that offer natural health and beauty products are enjoying steady growth.
Franchise Opportunities in Fast Casual Dining
Today’s restaurant franchises are changing to adapt to changing expectations from customers. The days of tasteless greasy hamburgers and flash frozen fries are quickly fading. Now people expect real quality food with fresh ingredients. To satisfy the gourmet demands, the franchise world has shifted from fast food to a fast-casual model. These quick service restaurants offer high quality food like you would expect in a fine dining restaurant, but it comes with fast food style service and budget-friendly prices. Burgerim is a prime example of this franchise model. The Burgerim concept gives customers a huge variety of gourmet, fresh ingredient choices and a mix and match style menu. Burgerim even offer delivery, catering to fast-paced lifestyles.
If you’re considering franchise opportunities in 2017, watch the market trends to help you find the best business models. This year’s hottest franchise investments seem to be recession proof concepts, green solutions, and fast casual dining. Remember to do your homework and look at a franchise carefully before you sign a contract that locks you in for the long-term. With some careful research and a steady eye on franchise trends, you can build a franchise business that fast tracks your success in 2017.