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According to recent research conducted by The Wall Street Journal, the fast-food industry is slowly loosening its grip as the Number 1 franchise industry in the U.S. The big performers moving to the top of the franchise industry include senior-care service franchises, health and fitness franchises and security service franchises.

These franchise industries are ranked as the fastest moving and most popular franchises catching up on the fast-food franchise industry.

1. Baby Boomers

Last year Franchise Direct proposed baby boomer franchises would be big news in 2008 and this certainly seems to be the case. Senior-care franchises are capitalizing on a booming market which is set to continue to rise.

There is huge market potential with “an estimated 36.8 million people, or about 12.4% of the U.S. population, are 65 and older, according to the U.S. Census Bureau’s 2005 data. And that number is expected to double in size within the next 25 years.” This ensures a healthy profitable market for anyone interested in investing in a baby boomer franchise…

2. Health & Fitness Franchises

Dieting will always be big franchise industry news, with the rise in products and services that help people diet & lose weight and manage their weight successfully. The increased pace in everyday life, the stress and longer working hours has ensured a consumer society that is dependent on quick solutions to their waistlines! This has ensured a rise in the number of successful fitness and health franchises operating in the U.S…

3. Security Franchises

Heightened awareness of personal and professional safety has increased dramatically resulting in individuals buying products and services to protect their homes, personal belongings and businesses. Security service franchises are capitalizing on this customer need providing secure services including CCTV, access control, biometrics, computer security, burglar alarms, home automation and much more.

All three industries provide a service customers want and this means they are all capitalizing on a huge market potential. If you would like more information on any of the above franchises, or if you would like to ask me anything that inerests you relating to franchising, post me a comment…

Franchise Reporter

Instead of college why not buy a franchise instead?

I read in a recent post featured on another franchise blog about the “waste of time and money” college is! Not my words. But hey this post did make some great arguments as to why you should buy into a franchise instead of spending a fortune to attend college and then to end up with a degree that is not applicable within the business world.

So let’s hear it! Firstly the cost of a four-year college degree ranges from $51,184 to $121, 468, or for a private college entry for four years $175,920. That is a lot of money and a lot of time spent learning skills that are merely applicable when you do finally start working within the business world. Wouldn’t it be better to invest all this money in a franchise or business opportunity, where you will learn about real life work experiences and business skills and earn money instead of paying off college fees?

Secondly, look at all the successful people out there who didn’t finish college, but started their own businesses instead-

Bill Gates ($56 billion),
Paul Allen ($18 billion),
Michael Dell ($15 billion)
Larry Ellison ($21 billion),
John Simplot ($3 billion),
Darren Herman, Advertising (24, $17 million)

And for more inspiration, as if you needed any! Take a look at the following successful young Americans who are all making millions outside of school and college-

Ben Casnocha Software company (18 years old, $6 million),
Brad Galiette Advertising (21, $1million),
Noah Glass Mobile Ordering System (25, $1.8 million),

The argument is as follows: if you spend the same amount of money you would spend for the duration of college and invested this in a franchise or business opportunity, don’t you think in four years time you’ll be reveling in your new found wealth, employing recent graduates?

Now there is something to think about next time you consider: franchising v’s college….Methinks franchise!

Let me know what you think of this debate franchising v’s college…

Some Franchise Business Humor for the weekend…

In this blog post you will find the 8 most regular mistakes incurred by prospective franchisees. Scan through the following list and make sure you keep them as a reminder of what you should avoid when preparing to invest in a franchise or business opportunity.

Some of them may sound like common sense but it is always the little things that you forget to take into account that can have huge consequences. So here goes, the 8 most common mistakes made by prospective franchisees …

Counting down…

Number 8:
Not budgeting accordingly for the finance of the franchise business. This includes not having enough working capital and not analyzing your financial resources. Be prepared for all business eventualities, by drawing up a business plan. This will help you keep track of your financial needs, outgoings and incomings…

Number 7:
Not understanding the UFOC (Uniform Franchise Offering Circular). This legal document is crucial to the understanding of the business you are interested in investing in. You should analyze this document carefully and with the aid of a reputable legal attorney.

Number 6:
Not understanding the Franchise Agreement. Before signing on the dotted line, you must understand the precise clauses within the franchise agreement and what it means for you and your business. Consider the clauses of the agreement with the aid of a legal attorney, to make sure you are getting the best deal for your franchise opportunity…

Number 5:
Not contacting enough franchisees. Contacting existing franchisees of the franchisor is crucial to assessing if the business system is worth investing in. You should contact the franchisor and ask for his/her franchisee details and record all conversations (oral or verbal) with them, to ensure you know this business will work for you…

Number 4:
Not asking why past franchisees have failed. This is a question many potential franchisees fail to ask a franchisor. Knowing why or how a past franchisee of the franchise network failed is central in assessing if you will be a successful franchisee or not. Always ask the franchisor these types of questions so you know exactly where you stand…

Number 3:
Not researching the franchise market prior to investing in a franchise. This is perhaps one of the most damaging mistakes of all top ten common mistakes made by franchisees. You should research the industry you are investing in thoroughly to make sure you understand the market conditions and potential profitability of your franchise operation…

Number 2:
Not seeking sound legal advice. As mentioned in Number 6 and Number 7, you should seek the legal advice of a specialized franchise attorney in understanding the terms and clauses of legal documents. If you do not understand the legal issues of the franchise, then you are really looking for trouble! Even if you understand a large majority of the legal documentation, always double check with an attorney to make sure you will be a franchise success…

Number 1:
Not meeting all Franchise personnel involved within the franchise network. If you want your business to succeed at its optimum level you will need the on-going support of key personnel working within the franchise network. Establishing good relationships with these people from the very start is vital to your long term success. Arrange an appointment to meet all personnel before signing on the dotted line…

If you would like more information on any of these key mistakes to avoid, post me a comment and I’ll get back to you pronto…

P.S. Happy Valentine’s Day to all my franchisee bloggers out there…hope its a special one…

Franchise Reporter

Calling all Budding Young Entrepreneurs…

More than ever young people aged 18-30 are looking for start-up success early on during their school, university or professional careers. These aspiring entrepreneurs are eager to be their own boss and it is this passion that drives them to succeed. Franchisors are targeting young individuals like these for their motivation and willingness to succeed in the business world.

Over the next couple of months, I am going to focus some of my blog posts on resources that can help aspiring young entrepreneurs out there to find a franchise or business opportunity that they want to run.

Read on to learn about how franchising can be ideal for young entrepreneurs who are motivated and ready to be their own boss.

How franchising can benefit young entrepreneurs?

Generally one of the major obstacles holding young entrepreneurs back is their lack of business skills and financial funding. Over the next couple of weeks, I will provide you with the best resources around that will help you zone in on your business skills and financial sources you can avail of.

There are many advantages of buying a franchise including the proven business model you will be investing in. Furthermore, young entrepreneurs can avail of expert training and support which will help them focus on the business system and management of the business.

On-going support, marketing and PR campaigns and a recognized trade brand allow someone with little or no business ownership experience the opportunity to own and run a business. There are many low-cost franchise opportunities out there which enable young entrepreneurs to get off to a flying start. Financial funding for larger franchise investments will be discussed in my next blog post. But for now, you can click on the link provided and take a look at some low-cost franchise opportunities…

Be sure to check this blog regularly for the next “Young Business Owner” franchise installment…In the meantime if you have any franchise related queries, please let me know and I’ll write back to you.

Franchise Reporter

I am always on the lookout for interesting and one-of-a-kind franchise trends and unique business ideas. According to Faith Popcorn’s BrainReserve, “stressed out consumers want to indulge in affordable luxuries and seek ways to reward themselves”.

For me this means that franchisors must come up with personalized products and services emphasizing consumer’s demands for originality and luxury products.

I came across the following food inspired franchise concepts that are embracing this new trend of personalized gifts and services. These concepts are providing customers with unique products that emphasize a personal touch.

The first one is edible fruit arrangement franchises. This is a great idea and one that takes fruit and flower arranging creativity to another level.

You can provide edible fruit arrangements similar to the look and style of flower arrangements and sell them directly to B2B, conferences, functions, as gifts, personal or business.

There are bars and specialty clubs that buy these clever fruit flowers to put in cocktails and drinks. Fantastic! I really like this business concept.

And to go one further, I really love the idea of chocolate and graphics, well, anything to do with chocolate, really…

Yes you better believe it! Personalized hand-made chocolate graphics is taking the food franchise industry by storm, and I am all for it!

You can sell hand made chocolates to B2B clients or customers, and it can also be a very different personal gift for those wanting to buy their loved one’s something very different.

If you have come across any new and unique franchise concepts let me know about them!

Franchise Reporter