The franchise industry has been impacted negatively by the weak economy for the past two years, and I expect that things will remain about the same for at least the 1st half of 2010.
One of the keys to franchise unit growth in 2010 will be the availability of small business start-up loans. The Obama administration seems to be turning up the heat on US banks to start lending money to future small business owners again, and if that happens, 2010 will be a better year than 2009 was. Watch this 3 minute video
One industry segment that I'll be keeping my eye on in 2010 is the senior medical and non-medical care market. I'll be watching for some consolidation to start happening, as I feel that the industry is becoming quite saturated.
In my 3rd Annual "Top Franchise Trends" article over at Anita Campbell's Small Business Trends website, I wrote;
"I counted thirty different senior care franchise offerings that are
currently being marketed to prospective franchise owners. Thirty! 2010
may be a year of consolidation in this industry, which provides much
needed services to families in stressful situations. Comfort Keepers, HomeInstead, and HomeHelpers
are pretty dominant players in the non-medical senior care area. Two of
the the senior care franchises that specialize in at home medical care include Brightstar Healthcare, and Interim HealthCare."
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Excellent article, Joel. I agree that franchising will continue to be negatively impacted for the first part of 2010 but do believe there are significant signs that the trend is slowing down. Seeing this, franchisors are beginning to plan accordingly. Hopefully, the credit markets will loosen up which will help franchising gain some momentum once again. Happy Holidays!
Paul,
I am also seeing some signs that the slowdown may be slowing down.
We’ll see how it goes, but I’m ready!
JL
Joel:
I am sending you the Clean Tech Job Trends report. Some great info on ‘green’ jobs and hopefully some ideas about where and what ‘green’ franchises might be doing in 2010.
I liked you article and will continue researching franchise possibilities.
Great seeing you over the holidays.
Barry,
Thank you for being such a loyal reader. it was great to see you!
We Need More Green Franchises!
JL
An interesting and informative article. Thanks for sharing this information.
How has the franchise market looked for 2011? Did the senior care franchise industry consolidate like you expected? I still feel like it is a really valuable market and offers a service that a lot of people need. If there is consolidation, I don’t think it will be too aggressive yet.
How has the franchise market looked for 2011? Did the senior care franchise industry consolidate like you expected? I still feel like it is a really valuable market and offers a service that a lot of people need. If there is consolidation, I don’t think it will be too aggressive yet.
Hi Robert, Thanks for stopping by.
The senior care franchise sector continues to grow, and it’s not wonder why; the demographics favor it!
Would-be franchise owners just have to choose the right one.
JL
Sorry about the double-whammy. I get getting an error, and it told me it wasn’t posting. Apparently the error message was an error and it did post, and I didn’t need to try it again.