The Best Franchises for the Long Term
By Dan Citrenbaum Register for Dan's Free Webinar Here
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.