Choosing a profitable franchise When thinking...
When you're considering Canadian franchises, you may be interested in need-based franchises. Many people are looking into this right now simply because the pandemic has disrupted daily life and the economy, and needs seem to be more of a sure thing than wants as far as customer demand goes.
While you should never discount "want" franchises - as things reopen, and we move past the pandemic, there's likely to be an explosion of demand - there's nothing wrong with looking at "needs" franchises, either. However, you've got to keep in mind what the differences are between needs and wants. To that end, here are three franchise industries that fill true needs.
Of course, we all need to eat, so food franchises definitely do fill a need. However, where a person goes to eat is an option, or want. To find the right type of franchise in this category, consider current eating trends and the consumer profiles in the area you want your franchise to be in. Both of these factors are crucial. Even if, for example, healthy food is very popular, a healthy food place that takes longer to fill an order or has a complicated ordering system may not do well in a neighbourhood where customers prefer speed or convenience.
Senior and home care
People are aging in Canada. In fact, Active Aging Canada estimates that one out of every five Canadians will be 65 or older in 2021. This increasing senior market will need many services, including home care. Naturally, these are needs--the older adults need help to keep living independently, and their children have work and family obligations and therefore need outside help. There are a lot of subcategories in this sector, from medical to grooming and other services, such as house clearing for seniors moving into facilities or assisted living. The right franchise for you here will depend on your goals, interests and personal preferences.
Education for children
No parent wants their child to struggle in school, and for many, their child's education is paramount. While a school may provide additional help to students, it's often not enough, and this is where tutoring franchises step in.
If you are interested in an educational franchise, keep in mind that you don't need to be experienced in education to own one. Many times, owners of education franchises focus on business development while hiring teachers and qualified professionals to handle the actual services provided.