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Which Is The Best Franchise? Do Your Homework!

If you’re looking to buy the right franchise resale opportunity to match your skills and experience it is necessary to focus and do an analyses of facts and industry info. Your choice about which franchise brand is best for you, should not be founded upon which brands land on top of the “Hot Franchises in 2015” lists that are rolled out each year by national magazines. The criteria for each of those hot lists…may have nothing to do with the best franchise fit for you.

Before considering which franchise resale is best for you….you should step back and consider one very important thing: The mandate for specific products or services during the next twenty years. When considering the purchase of any business you need to contemplate what the future holds for a brand and its service or product. Although there is an immense amount of homework to be done if you are serious about buying a franchise….it can be broken down into a few steps:

  1. Pick the type of business that you are interested in and that you could actually operate.
  2. Be sure you know what you have in the way of available capital to invest (This means what you have and what you can borrow)…there are many options for financing a business…educate yourself.
  3. Begin searching for the brands that fit into those parameters.
  4. Next, is a crucial step, which alarmingly, many people choose to ignore. Once you have made your choice about a fit for you as far as interest and investment level…..you have to be sure it is a business that will meet the challenge of delivering over the next 20 years. You must get a clear understanding of what the outlook is for that particular industry. Common sense says to look at the aging population to get your answers.

Recent population projections from U.S. Census Bureau are eye opening!

  • The number of people in the U.S. over 65 years of age will grow from 40 million to almost 47 million.
  • The percent of the population of those 65 and older will grow to over 14%
  • By 2015, 1 in 7 people in the U.S. will be 65 or older.
  • By 2015, 1 in 5.6 people in the U.S. will be Hispanic.
  • By 2015, 1 in 20 people in the U.S. will be Asian

Considering these facts, some of the franchise segments that will likely profit from these population developments are:

  • Health & wellness and fitness related franchises. This would include home healthcare, fitness and recreational sports centers, medical services and other services for the elderly.
  • Personal Care Services including massage therapy and related spa services.
  • Home services such as cleaning services, handyman, lawn care and landscaping, security services, pest control, and home care services focused on the elderly.
  • Accounting, tax preparation, bookkeeping and payroll services
  • Mexican and Asian restaurants and healthy cuisine concepts.
  • Food/restaurant delivery concepts.

Entrepreneurs seeking a franchise should be aware of the demographic shifts taking place in the US in order to make an ideally suited choice. So even if there is a Hot Franchise for 2015 that sounds like a ground-floor-opportunity to the newest trend……be sure it is sustainable as the aging marketplace remains a reality for the US.

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