If you’re thinking about exploring franchise opportunities, there are a few common questions you’ll probably have:
– “Which franchises are popular right now?”
– “What new franchises are on the rise?”
– “Are there specific types of franchises I should be considering?”
In this article, I’ll guide you on how to find the answers to these questions, helping you identify franchises that align with current U.S. trends.
**How to Identify Trends in Franchising**
It’s crucial to know where consumers and small businesses are spending their money and, more importantly, why they’re spending it. What motivates their spending? What trends are influencing their decisions?
**A Specific Example**
A major trend that has significantly impacted the franchise industry is the prevalence of dual-income families. According to Pew Research, 66% of couples with children under 18 have both parents working. With both parents working full-time, they have less time for household chores, and this is where the franchise industry steps in to provide solutions.
The home services segment in franchising has grown substantially because it serves dual-income, time-strapped consumers. Examples of franchises in this segment include house-cleaning, lawn care, painting, handyman services, and window cleaning. These franchises have successfully capitalized on the trend of dual-income families needing help with home maintenance.
**Identifying Similar Trends**
Think about whether there are other trends similar to the dual-income family trend that you can take advantage of. Here are three ways to spot trends:
1. **Search Engines**
Use search engines to uncover current trends. Try searching terms like “consumer trends,” “demographic trends,” “consumer spending,” “dining trends,” “food trends,” and “retail trends.” Look for patterns in search results. For instance, if dining trends show people are opting for food delivery more than eating out, look into franchises capitalizing on this shift.
2. **Friends and Family**
Pay attention to what your friends and family talk about and complain about. Are several of your friends with school-aged kids complaining about the school curriculum? If so, consider researching tutoring franchises. Make sure to look up “trends in tutoring” for more insights.
3. **Office Talk**
Listen to the conversations at work and observe any changes. Are there new technological developments? Are there recurring problems your company faces that are common in other businesses? Look for franchises that offer solutions to these issues. For example, if there’s a challenge in hiring quality salespeople, investigate sales-training or business coaching franchises.
**Conclusion**
When searching for franchise opportunities to buy, it’s essential to observe the trends. Can you capitalize on them? Identifying and understanding current trends can significantly enhance your chances of choosing a successful franchise.
