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I have some excellent news: It’s not 2020!
I’m going to share what’s going on in three specific sectors of franchising in 2021, so you can get a good feel as to where things are headed. It’s possible that there’s a franchise opportunity in one of these franchise sectors that’s right for you.
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Retail Franchises
One of the most common questions I’m asked these days revolves around the viability of retail stores. Questions like this one: “Should I even be looking at franchises that require retail space?”
I’m never one to shy away from the tough questions. My answer? Yes.
If your heart is leading you towards a retail store, yes it's still a viable option. But, to open a retail franchise, you need to do serious market research this year.
How?
One way to do good market research in your local area is to contact a Small Business Development Center (SBDC) near you.
SBDC’s, as they’re commonly known, receive most of their funding from the U.S. Small Business Administration. And that’s good news for you, as there’s no cost to meet with one of their small business counselors.
SBDC counselors can help you with key stats about your area. Things like, demographics, commercial real estate costs, potential competition and more.
For more information on a SBDC near you, go to their main website. Information is power!
Also, take a good look at the retail franchise opportunities listed on Franchise Direct. There may be a great opportunity for you!
Tip: Look for franchises in the retail space you can open that offer consumer-friendly things like curbside pickup, delivery and/or online ordering.
Food Service Franchising
I’m willing to wager that you’ve been ordering a good deal of takeout food from food service businesses in your area. And after you placed your order, one of two things happened.
- You drove to the location and picked up your order...probably curbside. Or,
- Your order was delivered.
I’d also be willing to bet that your experience was all over the map.
Now, I don’t know about you, but once we found a few places that did take-out well, we spent the majority of our food budget with them.
Some of the places we liked (and still do) are independently owned and operated restaurants...
...But some of them were franchise businesses. And we spent plenty of money with them.
In times like these, when patience is at an all-time low, it’s crucial for food service businesses to have systems in place to handle the increased demand for carry out and delivery. Systems that are focused on speed, quality, and customer satisfaction.
As they are built around replicable systems and processes, franchise businesses are built for times like these.
Prediction: there will continue to be a high demand for delivery and curbside pickup after the pandemic disappears from our midst. Hence, the importance of proven systems.
Home Services Franchises
We’re experiencing a drastic change in our workplaces.
Personally, I think the biggest change we’re seeing now, the working from home trend, has been a long time coming. It’s just that the pandemic we’re experiencing has sped up the process significantly.
The shift towards home has led to something interesting happening. And one sector of franchising has been reaping the rewards.
It’s a fact that the more you’re home the more you notice things.
For instance, let’s say you created a temporary office in a space in your home you haven’t used a lot. And since you’re spending 7-8 hours a day there, you start noticing stuff.
For example, the room could really use a coat of fresh paint.
Or maybe, since you’ve had to bring a whole bevvy of electronic devices into this space, you now have an immediate need for at least one more electrical socket (those extension cords you’re forced to use are making you paranoid).
Perhaps you’ve been noticing that there’s an awful lot of dust around. More than you’ve ever seen. You should probably have your ducts cleaned.
And finally, since it’s becoming clear that your “temporary“ move to a home office may not be so temporary, it would be nice to have some nice, solid shelves built to hold your work materials.
Do you see where I’m going with this?
No wonder franchisees who own businesses that provide home services are so busy.
Interestingly enough, Franchise Direct just published a list of 25 top home services franchise opportunities. Check out the list.
2021 is upon us. Are you ready to take advantage of the many opportunities available in franchising this year?
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.