America's Leading Franchise Consultancy FranNet Picks the Hottest Five Industries of 2021
With franchising up 100% over last year, FranNet has identified the top sectors for growth.
LOUISVILLE, Ky., Oct. 13, 2021 /PRNewswire-PRWeb/ -- FranNet, the international franchise consulting firm with more than 100 consultants around the world, has announced the top five post-pandemic industries for 2021.
Following a year of rapid change and reset, 2021 is shaping up to be another unprecedented year, with franchising deals up 100% year over year, according to FranNet CEO Jania Bailey.
"The franchise industry is experiencing a huge influx of new franchisee prospects seeking new careers after COVID-related layoffs," Bailey said. "Historically, franchise sales increase when unemployment is high, and we're seeing that tenfold this year."
But not all franchise sectors are equal — the pandemic wrought permanent changes to the way we live and work, and certain industries have emerged victors of those trends. With its fingers on the pulse of the franchise industry, FranNet predicts the following sectors will continue to dominate for the rest of the year and well into the future:
1. Home Cleaning/Restoration/Maintenance
Home repair and restoration brands got a major boost during the pandemic, when homeowners spending on home improvements and repairs grew to nearly $420 billion. Now a new study by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University projects an uptick in year-over-year growth of home renovation and repair expenditure from 3.5% at the close of 2020 to 3.8% by year-end 2021. WIth Americans spending more time than ever at home, thanks in part to remote work and online school, demand for home cleaning services continues to rise as well, along with awareness about the importance of cleanliness and battling germs at home.
2. Education Brands
With the 2020 school year disrupted at a greater scale than ever before, parents are now even more willing to spend on their children's education. No one should be robbed of an instruction childhood due to the pandemic, and franchise opportunities like swim schools afford parents an opportunity to teach their children real, vital life skills in a COVID-19 safe environment. As students return to school, it's become increasingly clear that the pandemic has left serious gaps in learning. New federal funding for schools struggling to get their students caught up has allowed them to partner with personal learning brands to address what could become a generational education crisis if left unchecked.
3. In-Home Senior Services
The in-home senior care industry has seen unprecedented growth in recent years as the baby boomer generation has begun flooding the market. According to the National Council on Aging, 90% of seniors today say they plan to remain in their homes for the next five to ten years. And now, as a result of the pandemic, there's even more reason for seniors and their families to choose in-home care over assisted living facilities and nursing home models. With the U.S home care market expected to grow to $225 billion by 2024, there's never been a better opportunity to help meet that demand, which industry experts are calling the "silver tsunami."
4. Business Support Services
Workplace services allow an organization's workforce to work from anywhere and anytime in a protected environment. As companies recover from the impact of COVID and rearrange their operations to remote models, the global business support services market — which includes document preparation services, telephone call centers, business service centers, collection agencies, credit bureaus and other business support services — is expected to grow to $521.77 billion in 2021, reaching $679.67 billion by 2025.
5. Home-Based/Mobile Businesses
While large brick-and-mortar gyms were hit hard by forced closures, smart boutique fitness franchises innovated at lightning speed to keep guests spending on fitness. From mobile fitness franchises to online classes or outdoor activities, this sector has produced dozens of hits. According to the U.S. Chamber of Commerce, virtual personal training and teletherapy are among seven service-based businesses that are projected to be in high demand throughout 2021 and moving forward. Even when social distancing is no longer needed, Americans have become used to the convenience that mobile concepts offer.
From ongoing health concerns to child care and elder care challenges to a wish for more flexibility and less time commuting, many workers have decided now is the time to branch out on their own rather than return to the office.
"The pandemic has been an enormous challenge for so many people, many of whom are now looking for new career opportunities," said Bailey. "In many ways, it's been a great awakening for workers who've discovered their priorities have shifted. They're ready to take their careers into their own hands, and that's a major opportunity for franchise brands."
ABOUT FRANNET
FranNet is North America's most respected leader in matching individuals with franchise ownership opportunities. Founded in 1987, FranNet has more than 100 experienced consultants across the United States, Canada and Germany. FranNet uses a proprietary profiling and consultative process to determine a business model unique to each client's goals, skill sets and interests, and has matched thousands of prospective business owners to rewarding small business franchise opportunities. Headquartered in Louisville, Kentucky, FranNet is the only locally-owned and operated franchised consulting firm.
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SOURCE FranNet
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