Earlier this year, I wrote about the growing diversity in today’s franchise buyers. It’s fascinating and wonderful to work with such varied stages of life, needs, goals and interests all finding their “right fit” in franchising. There’s Millennials to later career Boomers. Multi-generational teams and semi-passive investor/owners continue to surge. Women are flocking to business ownership through franchising.
The franchise industry has responded in kind, both with innovative new brands, improved technology and more strategic approaches for existing opportunities. As we contemplate the possibilities of a new decade, let’s take a look at some notable data from 2019.
- 62% Personal Services
- 48% Multi Unit, Semi-Passive
- 30% Business Services
- 15% Existing Franchise Acquisition
- 14% Health and Wellness
Personal services franchises topped our list, fueled by the buyers’ increasing desire to own a business that helps others while helping themselves. Franchises in this category include home services, children’s enrichment, fitness, beauty, and senior services. 2019 enjoyed a strong job market so it’s no surprise that semi-passively managed business models were also a popular choice. Companies large and small continue to outsource their needs, creating enduring opportunity for business service franchises
Where did they come from?
- Air Force Veteran
- Senior Vice President, SunTrust Bank
- Retired Educator
- Sales Representative, Pharmaceuticals
- Executive Director, Cox Communications
- Technology Officer, Medical Practice
- International Serial Entrepreneur
- Sales Director, 3M Company
- Finance Executive, Nokia
- Part Time Business Owner, Travel Industry
Where are they now?
- Tree Services
- Hospitality Staffing
- Healthfood Cafe
- Apparel Customization
- Dance Fitness Studio
- Commercial Property Maintenance
- Child Enrichment
- Men’s Grooming
- Beauty Studio
- Graphics/Printing/Signage Manufacturing
Will you move beyond “what if” in 2020?
A common denominator among successful business owners is the ability to move beyond “what ifs” to achieving desired results. Michael Hyatt wrote this thoughtful article on the Law of Diminishing Intent, which says,