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Hot Trends in Franchising for 2007
With the swell of baby boomers in the marketplace, products and services that cater to this market have experienced
exponential growth. This reality is certainly reflected in types of franchises that are hot today:
Senior-care services: in-home care, private care centres, services specializing in assisting families in transitioning
property and wealth after the death of a loved one - franchises build their growth by having a reputation for ethical
and compassionate service that they can count on.
Personal-care services: from laser and skin-care to massage and fitness centres - if it has to do with pampering - it's
a good franchise to bet on.
Educational products and services: with more parents becoming disillusioned with the public system and others wanted
that extra edge for their children, a huge market has been growing for "enrichment" products such as specialized
tutoring programs, content-rich material to supplement in-school courses, test-preparation services, and unique and
entertainment-styled computerized learning programs.
eBay drop off stores: with the explosion of the internet, more people are choosing to buy on-line, but they haven't
quite got comfortable with the level of security associated with that. To this end, companies that will list and sell
items for you, and will serve as a broker to purchase items of your choosing.
Fast healthy food: the new "McDonalds" is one that serves salads, juices, smoothies, and all things low
fat and healthy. In addition, non-franchises that specialize in unique food items such as food as gifts are also
growing.
Unique food: the growth in the variety of foods within the cereal category has become a fast way for companies to
quickly create product diversification; in fact, the term "Cereality" has been born. One example of this is the Miami
Rice Pudding company that now sells 30 different flavors of rice pudding - do we really need all those choices - ok maybe
we like the colorful packaging - who knows. This trend of taking a basic product and giving it a bit of a "twist" is a
solid new product trend across the board.
Business consulting/staffing: with the gold-watch jobs being a thing of the past, and with the new generation open to
working wherever the best package is offered at any one time, there has been tremendous competition and turnover of
staff. This, combined with the great exodus of the baby boomers from the workplace, has made staffing service
franchises one that is expected to experience continued growth for the next 10 years.
*(Source: Entrepreneur Magazine - January 2007)
An overall trend in franchising is Co-branding, where two or more complementary, but separate, businesses under the same
roof. They obviously share in overhead costs and both benefit from the reputation and client base of the other.
One example of this is the co-branding of Wendy's and Tim Hortons; first you have a burger, then you have coffee
and dessert - a winning combination!
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