Looking to Franchise Your Business? Consider These 3 Franchise Trends for 2021
Whether you’re considering opening a franchise location or franchising your business in 2021, there are numerous key industry trends you should consider before making your move. Review a few of the trends we’ve observed from the franchise development space.
1. Appealing to Millennial
Franchising.com reports that:
This generation, whose numbers outstrip even those of the Baby Boomers, are coming into their own as a potent economic force … This group of more than 70 million – whether as entry-level employees or as media-savvy consumers raised on the Internet — present a huge opportunity for franchisors and franchisees who can provide goods and services related to their growing needs.
So, what exactly does it take to appeal to Millennials? For one thing, Millennials are more interested in experiences than they are in things, so businesses that center around activities like camping, fitness, and travel are likely to be popular among this group. Furthermore, it’s no secret that Millennials highly value technology and using devices like smartphones to simplify their lives. Building components like these into your concept is a great way to cater to this massive demographic.
2. Adaptable Business Models
2020 brought many hardships and changes for entrepreneurs in and outside of franchising. As the pandemic led millions of people to work from home and limit social interaction, businesses of all sorts were forced to adapt to survive. Whether you’re considering opening a franchise or franchising your business, the chief lesson to be learned from 2020 is that flexibility is essential. Giving customers multiple ways to shop for your products and services and creating mobile options can help to give your business an edge, even during times of economic downturn.
3. Growing Industries to Open a Franchise
The Bureau of Labor Statistics publishes updated figures on industries that are rapidly growing and shrinking. Researching this list can give you a good insight into how your investment is likely to pay off. The few that are exhibiting rapid growth include:
- Home health care
- Educational services
- Computer and software systems
All of these industries have great potential for new franchises.
At ZOR411, we specialize in taking fresh franchise concepts and building them up into thriving businesses. If you have an idea for one in a growing industry, contact us! We’ll weigh numerous factors to determine how much potential your concept has. If we choose to partner with you, you can count on our expert team to work with you throughout the entire process, from building a business model to writing the Franchise Disclosure Document and connecting you with prospective franchisees.
Contact ZOR411 today to learn more about the franchise industry trends we’re predicting for 2021.