Fastest Growing Franchises
The previous two years have introduced the world to a pandemic and record unemployment, causing instability with our lives and health. This has made us value and appreciate security and stability, especially when it comes to our source of income.
Business owners and entrepreneurs have turned to franchising as an investment opportunity. Why? For starters, working with a well-established company with a good reputation can provide stability and build wealth for future generations.
If you’re a franchisee who has invested in a fast growing franchise, you can benefit from many of the great advantages that a reputable business can offer. While the franchise grows, it builds a wider consumer base and therefore generates more profit.
However, while these fast growing businesses present many pros, it is important for business owners to also consider the cons.
We’re going to discuss the causes behind a fast growing industry as well as the pros and cons of growth in a business. If you’re looking to become a franchisee, stay tuned for some helpful information that will help you make a wise financial decision for your future.
What is causing the fastest growing industries to grow so fast?
What is the major cause behind the growth of a certain industry? Many factors contribute to a franchise’s growth. The development of technology, as well as the demand for a specific sector (tourism, healthcare, etc) can lead to higher investments in certain industries.
Essential businesses have also seen growth over the last year as consumers understand their value and consider them a staple they can’t live without.
Pros & Cons of Fast Growing Industries
Learning the pros and cons of fast growing industries can help you get a better understanding of your business needs.
Here are some of the pros:
• A great opportunity for your business to develop new products
• Attracting new customers
• Opportunities for recruitment and training of new employees
• Opportunities to form partnerships
• Increase in sales and revenue
• Popularity helps your marketing efforts
The cons of a growing industry:
• Pressure on management to cope with growth
• Businesses might overlook customers while being too busy focusing on growth
• The risk of compromising the quality of your services or products
• Higher turnover as people see an opportunity but don’t stick with it
• Loss of connection with employees: in larger businesses, it is much harder for employers to connect with their staff members
Some of the Fastest Growing Industries in 2021
- HR & Recruitment Services: With labor demands rising, the need for staffing has also increased which leads to the growth of HR and recruitment services.
- Hotels and Resorts: Despite the restrictions of the pandemic, the hotels and resorts industry remains one of the fastest growing industries. Many people love resorts, theme parks and feel the need for a small or even local getaway.
- Car and Automobile Sales: Whether you’re trading a car or buying a new one, you have to go through a dealership for a trusted vehicle. With companies manufacturing new vehicles with advanced features everyday, the car industry has witnessed a significant growth during the past 5 years.
- Beer Manufacturing: Bottled and canned beers manufacturing industries have witnessed growth during the past few years with the increase of demand for the alcoholic beverage.
- Management Consultants: According to insidermonkey.com “The management consultants industry has been steadily growing since the past decade globally. In 2021, IBIS World reported a global market size of $692.3 Billion, with an expected growth of 10.4%.” Consultants help businesses identify their problems and figure out solutions, and consultancy jobs are known to be among the highest paid in the world.
Some of the Fastest Growing Franchises in 2021
- Clean Juice: Clean Juice is the perfect go to place for a fresh and organic drink especially for those seeking a healthy lifestyle. With more people being aware of the importance of a well-balanced diet and lifestyle, this franchise has witnessed a significant and fast growth.
- Conserva Irrigation: Homeowners know they cannot afford to neglect their lawns, which is why this franchise is so popular. Conserva utilizes the latest in conservation technology and design to help our clients reduce their landscape irrigation water use by up to 60%.
- Fire Fitness Camp: As we mentioned before, the fitness industry is becoming more popular, making this franchise a perfect business to invest in. Fire Fitness Camp offers workouts, how-to videos, FIRE University training, proven sales process and dialogue, continued support and most up-to-date software partnerships.
- Home Clean Heroes: Many people are too busy keeping up with their career and find little time to clean their homes. This is why this franchise is popular and growing rapidly, it offers convenience and quality cleaning services for working home owners.
- Venture X: This franchise allows entrepreneurs, small business owners and freelancers to share office space under one roof. Add-on revenue options include light snacks, additional IT/tech services, printing and mailing services, as well as event hosting and meeting room reservations.
The list of fast growing industries keeps getting longer. Check out some more fast growing businesses to invest in.
To Sum Up
Franchise owners have many opportunities for business investments. The smart move is for them to invest in a growing industry to secure an income and enjoy the stability of their careers. With many industries and franchises to choose from, the opportunities are endless.
However, if you’re a franchisee, you need to consider both pros and cons of a growing industry. While growth can present great opportunities such as product sales or an increase in revenue, it also puts a lot of pressure on management and causes lack of control for some businesses.
Researching your industry and picking a suitable franchise can help franchisees secure an income and find a great return on investment.
If you’re looking to become a franchise owner, contact My Franchise CPAs to get help with your financial plan.
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