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When you're evaluating franchise opportunities, it can be tough to decide which industry to go with, especially since there are so many interesting choices out there. As you draft your shortlist, consider some of the industries that are poised for growth over the next few years.
Online Educational services and products
The online educational sector is booming in Canada, and it's not hard to see why. Parents want the best for their kids, and they are willing to pay to help their children succeed, especially during these times were there is some pandemic-based uncertainty around physical schools. The current situation has driven a significant change in online educational capabilities and there are now huge growth opportunities. There is a large potential client base, too, with Statista reporting there are approximately 2 million post-secondary students and close to 5 million in primary and secondary school. Online learning for seniors and adults is also a growing market with great potential, particularly in the fields of arts and computers.
Senior Services – not just the traditional services anymore!
If you like to garden, paint or shop, the Senior Services sector is exploding with great new brand opportunities. According to the Seniors Action Report from the Canada Employment Social Development program, both the proportion and the average age of seniors are projected to increase sharply with 1 in 4 Canadians being a senior by 2030 - up from 1 in 7 back in 2012. Now more than ever, distanced families are counting on local providers to support aging members of their families as well as others who, though accident or illness, require additional support. In addition to the traditional senior care brands involving visitation, cooking, personal care and nursing, newer support concepts have also emerged that include interior and exterior house maintenance, yard work, odd jobs and shopping, all designed to let seniors remain in their homes longer. With regular and centralized appointment scheduling that establish long-term repeat business, these franchises are providing great, low-overhead home-based and mobile opportunities for prospective franchisees.
Pets of all sizes
Household pets are a roughly $2 billion industry in Canada today, according to IBISWorld, and that's not shocking given how popular furry friends have become. The Canadian Animal Health Institute estimated in 2019 that just over 40 percent of all households in Canada included at least one dog, while 38 percent had at least one cat. This number has shot up over the past year due to the increased number of people that have permanently shifted to working from home. The field is taking off, too, with newer pet services such as food delivery, pet daycare, holistic and organic foods, pet walking and pet transport in addition to the traditional and always popular pet food stores.
Cannabis, the new kid on the block
Canada's recent legalization of cannabis has created an entirely new franchise sector. There are many provinces that are now allowing the sale of recreational marijuana at retail locations, which boosts cannabis service demand and introduces product opportunities. Given how this has gone in other countries, it's very likely the early adopters will do well before the market becomes saturated.
The trend of non-traditional locations among various brands is one to watch, too. There are now more pop-ups, kiosks and other options that leave smaller real estate footprints. Many franchisors are now looking to generate profitability at a traditional store level using other models to lower operating costs.
In general, franchising is seeing a growth period, and there are now a lot of unique opportunities out there. Due diligence, however, remains a crucial key to success no matter what industry you decide on.