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There’s a huge difference between want and need. Consider the following examples:
“I really want someone to detail my truck in and out.”
“I’d really like to get some eyelash extensions this weekend.”
“I think we’re ready to get our kitchen redone.”
Those are wants.
“I need someone to come over and help my aging parents with some of their day-to-day medical needs.”
“My middle child is struggling in school and needs extra help and tutoring so she can keep up with her schoolwork.”
“Our schedules are crazy, so we need to pick up food at least twice a week.”
Those are needs.
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In this post, I’m going to talk about three sectors in franchising that can help consumers get what they need.
Franchise Sector #1: Food
We need to eat. It’s not an option.
But what we eat and where we get our food is.
With that said, there’s a significant group of consumers who demand convenience. These are the people who (for lots of reasons) need to get their food quickly and easily.
The franchise industry has proven more than happy to offer food in the most convenient way, as fast food is one of the largest sectors in franchising.
In fact, there are literally thousands of places for consumers to quickly order food. And since food is a need, revenue is a constant.
And while it’s true that competition is fierce and unforeseen events can and do impact a fast food franchisee's bottom line from time-to-time, the food service sector of franchising offers hundreds of solid opportunities for those who want to be their own boss.
To find out which food franchises you may want to explore, have a glance through the trends in the Franchise Direct Food Franchise Industry Report.
Franchise Sector #2: Home and Senior Care
<blockquote>“The demand for home health care aids will become more urgent in coming years." ~ from Parent Giving</blockquote>
To put some numbers behind that statement: According to Business Insider, "the US home healthcare market is projected to grow about 7% annually from $103 billion in 2018 to $173 billion by 2026 — outpacing growth in all other care types, including hospital care (+5.3% annually) and physician services (+5.6% annually)."
Per the US Census Bureau, "there’s been a rapid increase in the size of the 65-and-older population, which has grown by over a third since 2010." No other age group has grown as fast.
This continually growing franchise sector provides services that seniors and their adult children need.
Again, this is a need, as the adult children of aging parents need to work and can’t be at two places at once.
If you’re interested in owning a still growing segment of business that provides seniors and their children a much-needed service, check out these senior care franchise opportunities.
Franchise Sector #3: Children’s Education
No parent likes to see their child struggle in school.
And while today’s schools provide extra help for students who are struggling, sometimes it’s not enough. Some kids just need more help. But where do they get it? From tutors.
To be sure, some of these tutors are people in the neighborhood who have been known to occasionally help kids who are having a tough time with school subjects like math or science.
There’s an entire business segment devoted to assisting students with any subject they’re having a tough time with.
As a matter of fact, there are several franchise businesses that specialize in children’s education, from the general to specific subject matters. And more are being developed all the time.
Experience has shown me that parents are willing to spend what’s needed to make sure their children don’t fall behind in school.
Note: It’s important to know that you don’t need to have a degree in education to own and operate a tutoring franchise. That’s because (in most cases) you’re in charge of business development. That means you’re out in the community promoting the business. You hire teachers to do the teaching.
To summarize, it’s important to know what types of businesses offer things consumers need. Those needs “need” to be paid for, which means someone could be paying you.
But to be clear, there’s nothing wrong with businesses that provide goods and services people want. If a lot of people want something enough, it could be or become a low-level need.
My recommendation? Look at all types of franchise businesses.
Because in your final analysis, you need to find one that you feel is the best one for you and your personal situation.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.