As business men and women, we’re always on the hunt for the “next best thing.” But once we venture into the franchise world, we need to balance the necessity of a proven model without crossing the line into an outdated business plan. After all, no one would have wanted to buy into a Blockbuster franchise on the eve of Netflix and Redbox emerging into the marketplace.
To help you on this journey, here are three growth industries to watch. Each of these industries has seen an explosion of different business ventures, with franchise options developing quickly on the heels of business success. Some even have launched thriving franchise chains.
Food: Pizza
At first glance, pizza might seem overdone. It’s been around for ages, and the bigger chains seem to be forever competing for a share of the market. That’s one of the reasons it’s so interesting to watch the instant pizza market evolve. When I was young, once you ordered a pizza you endured a 30 to 60 minute wait to finally devour that cheesy sustenance. Today, it’s closer to 60 seconds thanks to fast pizza. Okay, technically it takes 180 seconds to fully cook, but you get the idea.
Franchise chains like Blaze Pizza, have taken their lightning-fast approach to pizza across the nation, growing at a rate similar to the speed of their ovens. Today you can find them in about 40 different states, with venues in Canada as well. Their growth highlights the appeal, as well as their unique positioning in the market. So far they’ve been able to compete, and thrive, even in neighborhoods with the behemoth pizza chains.
Food: Ramen
The other food to watch grow originates from Japan. I’m not talking about sushi, nor the instant, overly salty ramen we were force fed while growing up. This is real ramen. Franchises like Jinya Ramen Bar are taking the authentic, robust and flavorful Japanese classic across the nation. Their steady growth, favoring the west and the south, proves that America was eagerly awaiting a new venture into Japanese food.
Senior Care: In Home Care
We’ve been exceptionally fortunate to dramatically increase our lifespans, but this creates a very large segment of the population that needs additional health support. Not everyone is ready to move to an assisted-living facility today, yet they need more support to flourish at home. That’s the segment of the market that franchises like Right At Home come in to support. Like many of the up-and-coming franchises in the senior care industry, this business creates custom health and assistant services to help aging individuals live in their homes longer.
Senior Care: In-Home Improvements
As we age, even if we storm into old age with the zeal of a twenty year old, we’ll find a few places around the house that need modification. It could be the shower that you feel you need to pole vault to get into, where a walk-in shower would be so much more manageable. Other times it’s the cabinet drawer handles that seem to be designed for a world arm wrestler. Why don’t they open easier?
Several savvy entrepreneurs agreed giving the rise to a home improvement business specifically designed to modify homes for seniors. Regardless if you have experienced a dramatic decline in mobility or if there were a few things that would make living at home more manageable, these businesses come in and transform your home to make living that much easier. Sometimes it’s as simple as performing safety checks, giving your pesky kids the peace of mind that you’re still fine to stay in the home.
Health and Beauty: Hair Care
Again we have a classic industry producing innovative, and extremely niched, franchises. While high-end salons for women have traditionally dominated the market share, with a few affordable options available for men, today we are seeing an increase in luxury hair salons designed solely for men. For example, The Barbershop blends in a precision haircut, hot face towel, shoulder massage, and mustache trim to ensure men come out looking their best. Other venues cater specifically to sports fans, adorning their walls with huge TV displays paying homage to all the ESPN networks.
It’s not just men getting the special treatment. Franchises like Cookie Cutters are creating a tailor made hair-cutting experience for children.
Health and Beauty: Waxing Studios
Gentleman, you might want to skip to the end as the idea of waxing makes more than a few of us uncomfortable. Despite this, waxing studios, almost predominately for women, are carving out an exceptionally profitable corner of the market. That said, Waxing the City claims that their service is for everyone, including women, men, and children. There must be something to their claims as this expanding franchise recently made it to Entrepreneur Magazine’s list of top 500 franchises for 2017. Today they reside in over 30 states.
Weighing a Growth Industry Against a Solid Franchise Plan
No matter how hot the market is for a particular franchise industry, you need to vet the specific franchise model and dig into the details for the Franchise Disclosure Document before you fully sign on. That’s where I come in. As an experienced franchise lawyer, as well as a co-owner of a franchise, I bring a wealth of legal and franchising expertise to help you ensure that you’ve chosen the right model to move forward with.
If you’re considering purchasing a franchise, thriving from the proven business model, you’re going to need an experienced franchise lawyer to walk through the process with you. Contact me today to get you headed in the right direction.
To those currently running a thriving business and want to learn more about how franchising can take your business to the next level, contact me today. Together we can build the right legal foundation for long-term success.
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