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|IS SECTOR A BARRIER TO FRANCHISING? – Peter Thompson|
In previous articles we have explored franchising as a growth strategy and whether or not your concept is indeed franchisable.
One of the most common questions posed to Franchise Consultants is “What is the most popular (and potentially most profitable) sector of the franchise industry”. The landscape has changed dramatically as franchising has proven successful in both traditional and emerging markets. The levels of initial investment have in the past proven to be a hurdle to all but the wealthiest of potential franchisees but the emergence of non “bricks and mortar” franchise opportunities has enabled the growth of business ownership to extend into home based locations and see those investment levels tumble.
Let’s take a look at the most popular franchise sectors outside of major Retail Stores and perhaps some others that on the surface would appear to be less than obvious.
When you think of franchising, this is the first business that springs to mind. You may think that this would only apply to “fast food” but the market offers many other diverse business models, such as:
Another industry commonly associated with franchising and as with the food service sector the market offers different opportunities:
HOME & BUILDING SERVICES
One of the many growing segments of the franchise industry and more increasingly home based and therefore reduced investment levels:
Huge growth in these services catering to health and beauty needs:
BUSINESS & PROFESSIONAL SERVICES
Attracting potential franchisees from the corporate world and utilising their existing skills. Tend to be home based with minimal investment and overheads:
It’s a pretty impressive list, but it only scratches the surface and it simply reinforces the belief that, certainly in North America, almost every business with very few exceptions can be franchised.
Here are some further illustrations:
Even The Franchise Industry itself has franchise opportunities.
A few facts to leave you with:
Business Owners now understand that Franchising is a proven business development model and that it is well regulated but have always been skeptical as to whether their own business sector could be “franchisable”.
The development away from traditional models to that of a lower overhead, with minimal investment fees has seen the industry transformed and will continue to evolve in this way.
Most businesses these days have the potential to be franchised……..is yours one of them?
Want to discuss this further? Call Peter at 905 636 9378
Plutus Consulting Group – May 2012