In the last year ten franchise industries have become runaway stars. Some, like the ubiquitous burger and fries concept, remains popular. Others, like children’s entertainment, are the newcomers to the popular crowd.
Children’s Enrichment: Children’s education franchises have seen an increase in popularity and need for several reasons, not the least of which is the unfortunate reality that the American public education system is failing to properly educate young people:
- 2 out of 3 eighth-graders cannot read proficiently and most will not catch up
- Nearly two-thirds of eighth-graders scored below proficient in math
- Seventy-five percent of students are not proficient in civics
- 1.1 million American students drop out of school every year. For African-American and Hispanic students this percentage is almost double the national average at close to 40 percent. (The national average is 27 percent.)
Children’s Entertainment: Keeping kid’s occupied and entertained is a big business. Many parents spend considerably on their children’s birthday parties and after school programs. As the prevalence of households that require both parents to work increases so does the popularity of children’s entertainment franchises.
Fitness Franchises: According to the New York Times, when the going gets tough the tough get going– on their treadmills and yoga mats. While some struggle to squeeze in any workouts at all, others turn to fitness for mental relief.
Frozen Yogurt Franchises: Going out for ice cream has turned into going out for frozen yogurt as the obesity rate in America has increased (and it’s officially become a disease).
Hamburgers: During the Great Recession, America’s taste for cheap, fast food increased as disposable income decreased. Though the U.S. has weathered an economic recovery, hamburgers and fries franchises remain all too popular.
Health Services Franchises
Retail Stores: As economic confidence returns, so do customers willing to spend their larger paychecks at retail franchises.
Senior Care: The need for senior care franchises has continued to increase since the first of the Baby Boomer generation began to retire and there seems to be no end in sight.
Spa Services: Perhaps as the Great Recession ended people finally felt comfortable with indulging a bit. Whatever the reason, spa franchises have reached the list of the most popular franchises in the industry.