Recessions are always a possibility, even when an...
Knowing what's in now and what's about to trend in the Canadian franchise industry can help you chose your brand during the selection process. Trends may not last forever, but they can indicate a general consumer shift that may just be around for years to come.
With climate change being one of the largest issues in the world today, more brands are focusing on becoming eco-friendly. Franchise businesses are approaching this in two ways. Some have entire models dedicated to helping, such as a solar energy business, while others are taking steps to become as friendly to the environment as they can. Since more Canadians are trying to go green, franchises that involve eco-friendliness and advertise that fact can boost their revenue while doing something good for the planet.
More and more Canadians are concerned about what they are eating, which has led many popular food brands to change their menus and market the inclusion of better ingredients or healthier foods. It's not just about the type of food but also where it comes from, with antibiotic-free meat, vegetarian options and offerings like free-range eggs increasingly becoming sought-after by consumers. Niche diets, such as veganism, are also becoming more accepted in the mainstream.
Growing old at home
The large Baby Boomer Generation is continuing to age, but they are largely deciding to stay at home rather than enter a facility. Keeping their independence means increased care, which has led to a boost in demand for elder care services that send employees to homes. With brands that have small overhead and offer people the opportunity to make a person's life better, this can be a rewarding trend for the right franchisee.
Not all franchises want to be entirely hands-on in their business, with many preferring to own it while the right manager runs it instead. This is a popular trend in retail right now, but it's also showing up in service industries such as hair care. If you would prefer to be a semi-absent owner, there are now more brands than ever that offer this style of ownership.
Keep these trends in mind as you continue your Canadian franchise search. Although trends shouldn't be the sole defining factor in your search, they can help you pinpoint opportunities in industries on the brink or in the midst of an exciting growth period.