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Recent Trends in Franchising

By: Jania Bailey

 

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Here at the FranNet Blog, we like to keep all of our readers apprised of the latest and greatest happenings in the exciting world of franchising…which is why we’re going to take a look at three of the hottest trending topics in the industry: Semi-absentee retail concepts, Low cost franchises and the Dads and Grads (or Moms and Proms) trend. Each of these subjects has been getting their fair share of interest in recent months, so if you haven’t heard of them yet, your education awaits below:

 
Semi-Absentee Retail Concepts:
 
We’ve covered the semi-absentee model before, but recall that this franchise business model means you’ll own the business—and hire a qualified manager to run it in your absence. This business model has allowed many franchise entrepreneurs to invest in their own future while, at the same time, allowed them to keep on the career track they already maintain. “Managing the Manager” is a popular trend in franchising, especially when the available talent pool for qualified retail prospects are ready to “mind the store” in your absence. One great listed example in the industry is hair care salons. Already known as a recession proof business, the amount of training and support available to franchisees is complemented nicely with the advent of a qualified salon manager—of which there seems to be no shortage.
 
Low Cost Franchises:
 
Of the more than 3,100 franchise concepts available today, some require a substantial financial commitment to get up and running, while others do not. The more well-known franchise brands may command a higher pricing structure because of the brand name and recognition. Other franchise concepts may fit better into your budget and provide an excellent return on your investment. Low-cost doesn’t mean low return. There are many brands that return a very healthy margin regardless of their initial costs. Don’t let the misperception of franchising’s “high costs” become a barrier to your entrepreneurial dream. There are many low-cost franchise options on the table as well that need not be overlooked.
 
Dads and Grads:
 
Talk about keeping it in the family. The Dads and Grads concept is the teaming up of a seasoned business professional (the parent) and a recent college graduate (the child). For all intents and purposes, we can call this category Moms and Proms, too! It’s an interesting take for franchising because it opens up an entirely new prospective franchisee category. The job market for recent college graduates has been anything but stellar in recent years and the Dads and Grads trend is making a positive difference in people’s lives. Take a look at this one excellent success story built on a home health care franchise platform.
 
That’s all for this week, but take our advice to heart. We scour all our sources to find prospective franchisees the best news and noteworthy information to help them make informed decisions about the entrepreneurial world. If it helps just one additional candidate cross the threshold, we’re satisfied!
 
This article was originally published by FranNet
Published: October 2, 2014
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Jania Bailey

Jania Bailey is president/COO of FranNet, North America’s most well-respected franchise consulting firm. Bailey sits on the board of directors for the International Franchise Association (IFA) and is a certified franchise expert. Her background includes over 25 years experience in the banking and franchise industries.  Bailey also authored the book, “Thriving – The Journey to Success in the Business World.” 

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