Borrow an Idea for Business Ownership

What’s your idea? Plenty of people dream of owning a business but not everyone has a great idea for starting one. That’s a benefit of franchising. You can be your own boss using someone else’s tested model.

Buying into a business that has a track record is very appealing, which helps explain why the growth in franchising is outpacing overall business creation. In the US alone, there are more than 800,000 franchises that support nearly 18 million US jobs, according to the International Franchising Association.

Here are three recent trends in franchise ownership to get you thinking about the possibilities:

· Businesses offering 24/7 access to needed products and services

Convenience stores and gyms aren’t the only ones thinking about how to offer time-starved consumers 24/7 access to needed products and services anymore. According to a Washington Business Journal story, a new Loudoun-based business offers round-the-clock access to safe deposit boxes. Finding a franchise that provides a service that is available all day, every day can be a good bet for entrepreneurs.

· The consumption of fitness services in the DC metro area

The wellness industry is hot. Fueled by baby boomers with an interest in being healthy and an improving economy, the growth in gym memberships continues to expand, says IHRSA. Many different types of fitness opportunities are out there. Ones that offer 24/7 access like Anytime Fitness, provide a full-service experience, and meet niche interests like boxing and martial arts. Couple that with fact that Washington, DC is the “Fittest City in America,” according to the American College of Sports Medicine, and you can see the how exercise industries can be a smart business.

· Franchises are using celebrities and reality TV to creatively promote their brand

Both emerging and mature franchises continue to boost national brand recognition through celebrity endorsements and reality TV shows such as “Undercover Boss” (Menchie’s, Fast Signs), “Shark Tank” (College Hunks Hauling Junk) and various home improvement shows (Budget Blinds on “Buying and Selling”, Tailored Living on “House Smarts,” and Servicemaster on “Hoarders”). Investing in a franchise that has developed a strong brand will give a boost to all its franchisees.

There’s no need to invent a new business. With franchises in over 90 industries, there are franchise opportunities that fit many skills sets, lifestyles, and interests. To find one, consider working with a franchise specialist who can provide valuable insights and experiences that are normally free for potential franchisees. They will walk you through the steps and ensure you end up with a business that most closely fits your needs, goals, skills, means and desired return on investment.

So you want to borrow a business idea? Study the trends, do your research, and use an expert to find a proven franchise to help satisfy your inner-entrepreneur.