The franchising industry, through the years, has seen growth from 1.6 percent in 2017 to 1.9 percent in 2018. This year, that number is expected to increase by up to 2.6 percent as a result of the country’s current strong, economic climate.
The International Franchise Association (IFA) predicts that the franchising industry will continue to expand because of the country’s good economic stability, increase in employment, and good consumer spending habits. With the country’s current economic climate, venturing into the franchising industry this year looks very favorable.
A food franchising business may be the safest choice if you’re new to the industry. Most of the more lucrative franchises are restaurants of fastfood chains. Franchising for pizza, ice cream, donuts, and pretzels are some of the typical options available to you. But if you’d like to try venturing into other franchising concepts for your business, then these emerging trends may work for you.
Emerging Franchise Concepts for 2019
Over the last 10 to 15 years, franchising has evolved from simple storefront locations to include high-demand services. Businesses are trying to tap into the market for opportunities, welcoming health-centric spaces.
The first franchising concept expected to rise this year is in-home senior care. According to a recent study on aging, 46 million Americans are currently aged 65 or older. With the baby boomer population in the country entering retirement, the demand for in-home senior care will increase to meet the growing rate of senior citizens.
This year, franchises focusing on health and wellness will grow significantly. Aside from in-home senior care, urgent care facilities will also experience growth and a surge in demand. Franchises on direct access lab testing and retail healthcare outlets will see an increase in popularity.
Retail outlets, such as physical therapy and rehabilitation facilities, will experience heightened demand as Americans increasingly become health conscious. Other successful franchise concepts in the health and wellness sector are: alternative therapies including massage, chiropractors, and acupuncture.
In relation to the study of aging in the country, people are getting older and having families, shifting their priorities from food to services focused on child development. Franchising concerned with child enrichment, such as cooking, coding classes, camps, and programs for kids may also be a lucrative business venture.
An article on Forbes reports parents are increasingly willing to pay for the development of their kids, from entertainment to education. Because of this, child-centric franchise opportunities steadily gained popularity over the years.
Trends in the franchising industry reflect the consumer’s changing philosophies and priorities. This year, there has been a rise of interesting concepts in the beauty salon industry. One of these is an increase in high-end salons that cater specifically to male customers. As men become focused on their grooming habits, beauty salons cash in on an opportunity to expand their brand and take on that demographic.
Aside from male-centric beauty shops, the salon industry also shifted its customer focus to pets. According to the American Pet Products Association, Americans spent $69.5 billion on their pets just last year 2018. Franchises are taking advantage of this surge of expenses in animal care to build grooming and pampering salons.
These are some of the emerging concepts in franchising this year. Take advantage of these trends, and get ahead with your business.