“I fear failure, but I won’t let it stop me. Sometimes you just got to do it or else it just doesn’t happen.” – Mark Cuban
According to FranchiseInsights.com, ” 66.4% of aspiring franchisees agree or strongly agree that “now is a good time to start a business,” the highest reading since February”. So what is contributing to this optimism? Wanting to take control of one’s financial future & employment stability. At least that’s the sentiment of the candidates I am working with who are exploring franchise investments.
So what franchise segments are seeing continued stability and/or growth during these times? Let’s take a quick look…
Computer / Technology – With more & more people working from home there continues to be a need for computer technology services, if not a growing demand for them.
Education Services – Education-related franchises logged the highest increase in inquiries in May, at 35.6%. Individuals are willing to spend disposal income to further educate their children in additional STEAM-related courses as a supplement to traditional schooling.
Pet Services – We’ve heard all over the news how pet adoptions have risen dramatically during the pandemic. And those of us who have pets (including me) will spend top dollar to keep them looking & smelling good!
Business Services – B2B franchise models continue to grow. Especially ones that have recurring revenue streams and provide essential services such as cleaning, disinfectant, commercial health, and safety, etc.
Cleaning – Both commercial and residential cleaning business models continue to stay strong. Cleanliness has become even more important during these times and will continue to stay so.
Senior Care – Although these times have made it challenging to go into seniors homes or retirement facilities, there continues to be a growing and strong demand for senior care / in-home care services.
Home Improvement – There will always be a need for home improvement services such as window washing, painting, kitchen & bath remodels, organization, window treatments, and so on.
So what are the attributes that many of these segments have in common? Great question! Here are just a few of the attributes they share…
- Lower-cost investments
- Can be home-based businesses or small office space
- Require minimal overhead & few employees
- Have recurring revenue streams
- They may be contractual or membership-based business models
- Are feel-good businesses (i.e. making a difference in peoples lives)
- Recession & pandemic resistant (not “proof”, but resistant)
So yes. Franchise investment is still going strong and with interest rates still at all-time lows, now may be a perfect time to start exploring which concepts could be the perfect fit for you!
If you are ready to start exploring, I’d love to assist you! You can reach me at [email protected] or via phone/text at 319.440.0857.