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2010 Franchise Industry Predictions

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(Sienna)

On December 29th, I spent the day with Sienna The Soothsayer, over in Sandusky, Ohio. Known for her prowess with crystal balls, and things of that nature, this great, great, great, great, great, great granddaughter of Sirena Nostrildamus, was able to help me hone some of my predictions for our industry this year.




Here’s my top 5 franchise industry predictions for 2010;

  1. 2010 will be a pivotal year for the franchise industry as a whole. The availability of small business loans for start-up franchises has been extremely challenging, and will continue to be until the 3rd quarter. I shared this prediction in an interview with the folks over at Fox Business News, last week.

  • 2. Senior care franchises, both medical and non-medical types will start consolidating this year. Out of the 30 or so different concepts currently available in the US, I predict that at least 10% of them won’t be franchising by years end.
  • 3. Business coaching type franchises are attractive to lots of downsized executives who can’t find work. The investment is low, office space is cheap, and for the most part, there’s no barrier to entry. Read why. I predict a slowdown of new coaching franchises being sold, as word gets out that more coaches went out of business than were previously thought.
  • 4. Newer food-related franchises will continue to grow, as people looking for opportunities in franchise ownership are always looking for the newest thing. This sector of franchising will be the only one to show any consistent sign of life on our planet, this year.
  • 5. The Small Business Administration will develop a new program especially for start-up franchises. The program will include mentoring partnerships with SCORE, and local Small Business Development Centers, to help these new franchisees start off on the right foot.

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    A gentle tip from The Franchise King®:
    Do not buy a franchise until you know EXACTLY how to do thorough research.
    Learn how here

    What do you think? Did Sienna provide the right guidance for my predictions?

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    About Joel Libava

    I’m The Franchise King®, Joel Libava. I'm an author and a franchise ownership advisor. I encourage you to subscribe to my free VIP Franchise Newsletter, so you can get my latest articles and helpful tips.