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Identify the perfect franchise for you! Take our short quiz Take our free franchise quiz!

What Industry Should I Explore In 2020?

It’s already a month into the new year and 2020 new year resolutions aside, it is a good time to take a look at your business plans for the year, whether you’re looking to start a new business or buy a franchise. Many budding entrepreneurs still have the big question of which industry has the most potential for them to dive into looming over their heads. If you are one of them, fret not - take a look at some of these insightful trends we have discovered.

Travel Industry

Despite the countless number of entrepreneurs who have tried to get a slice of the travel industry pie and have failed, the travel industry still has proved to be one of the most burgeoning ones. Wonder what’s driving the undying interest in this sector? Consumers are attempting to understand this fragmented industry, and are constantly thinking of innovative solutions to provide a structure for something so profoundly unstructured. The biggest reasons in this trend include the rising popularity of travel content and sustainable travel ideas on social media, and more importantly, the willingness of customers to spend on getting the best experience there is to offer. With increased accessibility to exotic locations around the world being discovered, travel is definitely an industry to keep your eyes on.

Health and Wellness

There are a host of health and wellness franchise opportunities in the booming health and wellness sector. Customers are becoming increasingly conscious about their diets, variety of exercises they are doing, the type of clothes they work out in and even their post-workout habits. Franchises in this sector definitely have a dual appeal with options such as ClassPass, boutique workout classes and competitive gym memberships that target the consumers who want to maintain a healthy lifestyle. This also extends into the post-workout, wellness concept, with beauty and wellness studios offering cryotherapy and more. Not only do the consumers in this industry demand for a variety of experiences while attending workout classes, but they are also willing to pay a premium for it and their interest in looking and feeling good is unlikely to wane anytime soon.

Residential Services Sector

Handyman services such as plumbing and electrician services may sound like one of the most boring industries to be in, but this category of franchises is hotter than ever. With the increasing popularity of having dual-income families, many consumers are looking to outsource the jobs they used to do on their own. Greater financial stability and the need for convenience has led to a huge demand in this sector. With the amount of time and hassle saved with the option to outsource these maintenance services, this industry has attracted many homeowners. Thus, as boring as it sounds, the residential services sector is definitely one that you should look into this year if you’re hoping to own a profitable franchise.

While we have discovered some of these top trends from our vast interactions with budding entrepreneurs and potential franchisees, don’t let this be the be-all-end-all to your investigation. Continue to look around and evaluate the lifestyle that you hope to achieve, in order to figure out what kind of business or franchise is the most suitable for you. Determining the potential of an industry and business is crucial, but let’s not discount the importance of your personal goals as well as a brand’s overall health (which can be found in item 19 in the Franchise Disclosure Document!).

If you are still lost, perhaps you might want to give our franchise matching quiz a go. We’ve got thousands of franchises that could give you a better idea as to what kind of business you should start this year. 

Rachael Annabelle is the Marketing Analyst at FranchiseHelp. Her dream franchise involves a blend of photography and travel.

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Protect Your Brand: Trademark Monitoring for Franchisors

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Franchise Hurdles

The first point I made ties into this, but you need to make sure you’ve done your research before you go ahead and sign a franchising agreement. And that doesn’t just mean from a financial perspective. There are so many other aspects in running a franchise that you need to understand before you get started. Most of this information can be found in the Franchise Disclosure Documents. Some of the most important things you should take a look at would be any legal issues the franchisor might have and the churn rate of franchises. Both of those could potentially be pretty significant red flags that might make you want to reconsider whether or not you want to open that franchise.