Which Franchise Concepts Can Stand the Test of Time
In recent years, we've seen hundreds of new franchise concepts registered. Many of the concepts have a good chance of being around for a long time.
Food franchises, whether fast food, restaurant style or quick service franchises have been around for a long time. Americans do have a love affair with food but trends in the food industry come and go. Casual dining establishments that offer carryout or delivery of food and catering for businesses and consumers offer several sources of revenue to increase longevity.
Pet Services franchises offering dog training, pet grooming, pet day care centers, and pet food delivery concepts will likely stand the test of time. The American Pet Association states that 63% of U.S. households own a pet we spend almost $37 million a year on them. There are more than 90.5 million cats and 73.9 million dogs in America which translates into revenues for pet service franchises. This is a trend that will continue to sustain itself.
Home health care franchise opportunities are becoming more popular these days offering a wide range of in-home services. In 1994, approximately one in eight Americans was age 65 and older and projections by the year 2030 are that one in five Americans will be a "senior citizen." From 2010 to 2030, the number of baby boomers age 65-84 will grow by an estimated 80 percent while the population age 85 and older will grow by 48 percent. In addition, between 1994 and 2020 the nation's population of 85 years and older is projected to double to 7 million, and then increase to between 19 and 27 million by 2050.
It is not a surprise that the home health care industry is booming and will likely continue to grow.
Franchise concepts that provide services to our children are growing rapidly. There are a wide array of options available in this realm. Parents love spending money on their kids which is why children’s products and services are in high demand.
Today, you can buy a franchises offering after-school classes in children's art, drama and music. There are birthday party franchises, child portrait and photography opportunities, daycare and children's opportunities and specialty math, science and even computer franchises available.
According to the U.S. government's "2007 Statistical Abstract," by 2010, the country will have more than 21 million children under five and almost 21 million more aged 5 to 9. It is safe to say child services to make our kids smarter, healthier, and happier will continue to thrive.
Lastly, specialty coffee has been around for at least 40 years. In the 1990's the number of coffeehouses doubled every two years and the coffee industry is still experiencing unprecedented growth. There's a rapidly accelerating trend from independent ownership to coffee franchise operations. Just like fast food, real estate and video, the retail specialty coffee business is shifting to chains because of their advantages in marketing, promotion and advertising, management control systems, operational experience, training programs and market reach.
Only 62% of the adult population drinks specialty coffees occasionally. Given that, and the number of high school students now drinking specialty coffee, it is no surprise that the specialty coffee industry will continue to grow.
More franchise systems are being registered every day. Only time will tell how many will find success. To be sure the opportunities provided here will likely continue on a path to unprecedented growth.