When a business gets to the point of being able to expand, the idea of franchising might feature heavily in its considerations. Franchises leverage a brand's name and promise, which benefits the business owner by giving them a leg-up on widespread brand recognition.
Even so, not all industries have products and services that could easily fit into a franchising model. Creative thinking can help a business prepare to enter the world of franchising or buy into a franchise themselves, but they should consider whether it's worth the investment. These seven members of Forbes Coaches Council take a look at a handful of industries that are well-suited to franchising. Here’s a few they think are ideal for franchising in 2020.
1. The Knowledge And Education Industry
The knowledge and education industry is one of the fastest growing industries. People don't look for the information as much as they look for getting this information presented in a convenient way. Products like certifications for companies that allow them to use frameworks from tried-and-tested providers while using the branding and marketing of the originator are the quickest way to scale an information business. - Petra Zink, impaCCCt
2. The Test And Training Industry
Even though training online has increased dramatically through YouTube and many other offerings, the in-person tutoring, test taking and training industry thrives on person-to-person contact. Even with artificial intelligence, trainers who work with people one on one and in groups will still see a high demand for their services and their offerings. Pairing this with online options may have strong, long-term success. - John M. O'Connor, Career Pro Inc.
3. The Health And Wellness Industry
Health and wellness is an industry that continues to grow regardless of the economy. People are looking for ways to better their health. People are looking to many healthier choices, so establishments that offer salads, wraps or rice bowls tend to franchise—especially when situated near a gym. You are influenced by your environment. - Debra Kasowski, Debra Kasowski International
4. The Food And Drink Sector
As health information is more readily available and people are fed up with feeling unwell and tired, they are looking for healthier food options. California and Europe have been leading the way, making it easier and more affordable to access nutritious food. Special diets, food intolerances and allergies are less of a challenge when eating out or accessing "to-go" meals. - Frances McIntosh, Intentional Coaching LLC
5. Fitness And Fast-Food Restaurants
The best franchises provide a sense of instant gratification. The consumer is looking to get something and not have to wait long for it. That's why places like new-age fitness classes and restaurants—most of the fast-food variety—franchise successfully. The membership-driven models of a fitness center really help provide consistent income on a monthly basis. - Jon Dwoskin, The Jon Dwoskin Experience
6. Caregiving For Seniors And Children
Besides food and fitness franchises, other industries that currently lend themselves to franchising well are the senior and children industries. With the baby boomers aging and more families with working parents, senior and children options are needed. For working adult children who take care of their aging parents and have children at home, home care, medical care and transportation are needed. - Elizabeth Ruiz, EAR Enterprises
7. The Cannabidiol Industry
With the legalization of marijuana in many states, along with the softening of public opinion on cannabis use in general, franchising for cannabidiol products is popping up all over. As with anything, it's important to do your due diligence on the franchise financials, what support it offers, what training, etc. Keep in mind that advertising of the product is very difficult. It's hard to get your name out in this niche. - Michael Beran, MB52 Consulting LLC
Source: This article was initially published on April 6, 2020, on Forbes here.