The Best Franchises for
the Long Term
By Dan Citrenbaum Register for Dan's Free Webinar Here
You’ve decided.
You want to take more
control over your own career. You want greater income. You want
your success to be dependent on your work ethic and abilities, not on
corporate politics.
All around you, you see
the cycle: layoff > search > hire > layoff. . . . You
want to remove yourself from that trap.
You've chosen to become
the owner of your own business.
Being a careful person,
you want to avoid fad businesses and ensure your new business will
succeed in the long run. Since you’ve heard about the high success
rate of franchises, you have decided to make your new business a
franchise.
But what franchise will
offer success in the long term? The economy is certain to have times
of boom and times of bust. How can you be equally certain that the
business you pick will have the best chance for this long term
success?
Two kinds of businesses
are best suited to do well even in bad times:.- Businesses with demographics moving in their favor, and
- Businesses that are insulated from the economy.
There are some shifts that
are as strong as they are inevitable. The population is getting
older. Baby boomers are retiring as the wealthiest senior citizens
ever. They want to remain healthy. They want to be able to travel
and live a comfortable life.
There are some businesses
that help people in their 60s and 70s to remain healthy and active.
These are gaining new customer prospects every day, because every day
there are more and more people in their 60s and 70s.
There are also more people
turning 80+ every day. These people are not as healthy and strong as
those in their 60s. Often, these most-senior citizens need help
taking care of themselves. A business that provides care for these
people can also benefit - even if they barely keep pace with the
population growth.
But improving demographics
are not the only way to ensure there is a continued, long-term
demand
for your services.
The
need for certain services might be unrelated to the economy. What
about a business that helps home owners to recover from floods? A
flood is just as likely to occur in bad times as in good, so these
businesses should be unaffected by the economy.
Public and private schools
have experienced year after year of budget cut-backs. Businesses
that help provide independent academic tutoring will see the need for
their services increase as schools reduce the levels of help they
provide.
And there are plenty of
other trends a smart business-person can benefit from.
Are corporations running
with fewer full-time employees? That would benefit a temp staffing
company.
Are businesses trying to
cut costs wherever they can? Companies that help businesses to
reduce cost should get a boost from this.
Are government regulations
and insurance companies causing more businesses to drug test their
employees? That would benefit companies that provide more efficient
methods of testing for drug.
There are clearly many
franchises well placed to do well in any economy. If you would like
help in identifying some of the best ones, you might want to talk to
a franchise coach.
Dan Citrenbaum is a
Franchise Coach and Entrepreneurial Consultant, and is a franchisee
himself. He has spent over 25 years helping small business owners
start and grow their businesses, in order to achieve their dreams.
He offers a free service to help people find an existing business to
buy, or a successful franchise to start. View his company’s web
site at www.EntrepreneurOption.com Mr. Citrenbaum can be reached at
DCitrenbaum@gmail.com or
at (215) 367-5349.
Organizations that help companies to decrease cost should get a increase from this. Are govt rules and insurance plan providers resulting in more companies to medication analyze their workers A overflow is just as likely to happen in bad periods as in good, so these firms should be unchanged by the economy
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