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Years ago, when franchising started, there were only a few basic franchise sectors. Examples include:
- Fast food businesses like KFC
- Automotive businesses like AAMCO
- Retail businesses like Ben Franklin
And that was pretty much it.
Fast forward to now, and there are numerous franchise sectors.
But it’s the opportunities deep within those sectors that are the focus of this post. The niches.
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The Importance Of Having An Open Mind
If you’re thinking about becoming a franchisee, it’s important to have an open mind as you search for franchises.
That means not discounting franchise opportunities before you have the information you need. Here’s a perfect example of what I mean.
A couple of years ago, a client of mine told me he was interested in franchise businesses that serve busy homeowners.
As we were going through some ideas, including handyman services and junk removal, I decided to mention another type of home service: residential cleaning.
What happened next? He told me that “There’s absolutely no way I’m going to clean someone else’s house. I’m not going to scrub bathrooms and mop floors. No way!”
Interestingly enough, I wasn’t at all taken aback by his reaction. Why?
Because almost everybody I’ve talked to in the past 20 years has the same reaction. They think they’ll be the one doing the actual cleaning.
Spoiler Alert: Cleaning franchisees often don’t do the cleaning themselves.
The fact of the matter is my client thought he knew what his role would be as a franchisee of a residential cleaning franchise before he had enough information.
My point?
As you’re searching for a franchise to own, try not to put the kibosh on a franchise opportunity before you have the facts on the business. Have an open mind.
Franchise Sectors And Franchise Niches
Keeping with the theme of having an open mind, here are a few franchise sectors that include niche franchise business concepts.
Automotive Franchises
Franchises in the automotive space include businesses that offer things like maintenance, car washes, and accessories.
But within the space, there are several niche automotive-related franchise opportunities. They include:
- Mobile tire sales and installation
- Mobile car washes
- Driver’s schools
Food Franchises
It’s not all about burgers these days. Here are a few unique niches in food franchising.
- Noodle restaurants
- Breakfast-only restaurants
- Plant-based restaurants
Children’s Franchise Opportunities
Businesses that focus on children aren’t new. But the niches being developed for kids these days are.
- S.T.E.M. businesses like Snapology®
- Youth sports franchises
- Computer coding franchises
Fitness Franchises
Back in the early 2000s, the most talked about niche in fitness franchising was 24/7. Specifically, fitness franchises that offered 24/7 accessibility for its members.
But what’s being talked about these days? What are the niches in the fitness business?
- Franchises offering online fitness classes
- Boutique fitness franchises
- Yoga franchises
Senior Care
The driving force behind the continued rise in senior care franchises is demographics.
According to the U.S. Census Bureau, “Americans are having fewer children and the baby boom of the 1950s and 1960s has yet to be repeated. Fewer babies, coupled with longer life expectancy equals a country that ages faster.” And that’s where we are now.
But how many different ways can businesses offer senior care?
Maybe a better question is how many (profitable) senior care niches can be started. Here are three.
- Senior-living facility placement franchises
- Hospice care franchises
- Assisted living/nursing home franchise businesses
Are There Riches For Franchisees In Franchise Niches?
As you can see, franchise concepts that are highly specialized in their fields are springing up.
Can you capitalize on them?
Of course you can.
These are two things you can do to increase your odds of success as a franchisee in a niche business.
1. Get in early.
Being the first in your area with a business that’s sorely needed is one way to do it.
On the positive side, you can get a choice location and (hopefully) a generous territory.
But you need to keep in mind that you may be investing in a young concept. The franchise business system may not end up being as tight as you were hoping it would be.
2. Commit to multiple units.
In a lot of cases, multi-unit franchise ownership is the way to go. Why?
For one, you can control your market.
Secondly, earning revenue from multiple places is always a good thing.
With that said, you’ll be on the hook for multiple leases.
That’s not necessarily a bad thing, but you will have more liability.
In the final analysis, it’s up to you to decide if a niche franchise business is the way to get into franchising.
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.