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Author: Suzanne Flynn/Monday, January 07, 2019/Categories: Industry News
Posted by Forbes
New ideas, products or services have always held a special appeal in the minds of Americans, particularly among consumers. As times change, so do our needs, personal preferences and spending habits. While certain concepts catch on quickly and then fade, others leave a lasting impression in the marketplace and change how we live and work.
In many respects, franchising is no different. It reflects the changing times and customer preferences, updated forms of communication and new technology used to run a business. Some franchises will flourish for many years with exceptional stability while others will fall by the wayside after some initial success. The world of franchising looks very different today than a half-century ago, and it will continue to evolve over the next 50 years.
When franchises first started, they were predominately storefronts, particularly restaurants and retail outlets. Over the last 10-15 years, we have seen an increased number of service-based franchises that can operate without a retail location. Some examples include maid, pool cleaning or handyman services. These businesses bring their products or services to the customer. Without the cost of building out a retail location, these concepts are particularly appealing to franchise prospects due to the lower initial investment, which is often less than $150,000.
As a franchise coach, I work with many people who are exploring franchise ownership opportunities, including many new popular brands that may not have been in existence just a decade ago. I have seen many new concepts come about within the last 25 years with qualities that position their brand for long-term success. These franchises often cater to what people need or want and successfully market their services.
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