The global economy is in a slump. However, with every recession, their is always an opportunity. Franchises will continue to thrive in our current economic state because it has a better chance of succeeding compared to putting up your own business.
Here are the top 4 franchise trends based on my observation
1. Franchises who has products/services that are a need. Affordable Hair Salon Service Franchises will still definitely thrive. People will still get a haircut as it is within his/her budget. People will prefer products/services that give value to them.
2. Health Related Franchises. More people are getting health conscious. In addition, more new diseases are coming out. More people are wary of getting diseases like H1N1 virus so they would want vitamins, masks that would protect them.
3. Low Total Investment. Most people will buy franchises that are within their budget. Franchises lower than 300,000 will get more new franchisees. Food cart franchises will grow as long as new malls/commercial establishments are put up throughout the country.
4. More People will Franchise. The Go Negosyo program has been making Filipinos aware that we should develop new entrepreneurs so that our economy will grow. In addition, the government has been giving more loans to potential franchisees.
author: Charles T. Licup, Franchise Director of Nitro Motorcycle Parts & Accessories