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Everyone looking for a franchise wants a “hot” opportunity, or at least a business in one of the “best” franchise industries. But how do you identify those kinds of businesses?
If you are willing to spend some time doing a little homework, or research, you can identify dozens of franchise businesses that meet the criteria of “hot” or “best” opportunities. Here’s how you can do it.
1. Get to an Expo
First, visit a reputable franchise expo such as those sponsored by the International Franchise Association, the British Franchise Association, the Mexican Franchise Association, etc. You may find an expo in your city, or nearby, but even if you travel a long distance it’s worth attending an event like the International Franchise Expo (IFE) in New York City, June 18-10, 2015.
Franchise expos feature hundreds of brands under one roof. They’re all looking for franchisees, they’re priced from low to high ranges, and they include many new or “hot” concepts. You want to know what’s up and coming, and which industries are expanding? You’ll find answers at a franchise expo. Just be sure you select an expo that features franchise companies and not business opportunities because the two are not the same.
In addition to exhibits and educational programs, some free, some requiring a fee, the best expos also feature experts who can help you identify growth industries and “hot” opportunities. At the IFE, for example, just stop at the International Franchise Association (IFA) booth and someone will point you in the right direction. The Supplier Section also includes experts who can answer your questions.
2. Visit FranciseExpo.com
This franchise portal makes it easy to search for companies by name, investment level, industry, and location. You’ll also find a link to FranchiseResales.com, which offers sales of existing businesses in growing industries.
You’ll be amazed by the variety of new franchise opportunities and it’s easy to find franchises that are priced in your investment range. FranchiseExpo.com also provides a variety of resources including CEO interviews, videos, expert articles and interviews with franchisees.
3. Read the Franchise Press
One of the best ways to follow trends in franchising is to read Franchise Times online or in print. While the magazine provides newsworthy information about franchising, its archives are of great value to those looking for stable and growing business, or “hot” opportunities. Check out the publication’s Top 200: the archives include the list back to 2006!
While Franchise Update is a publication targeted primarily to franchisors, it’s worth following because it regularly features stories about new opportunities and “hot” businesses. The magazine also includes a section about multi-unit franchises, which appeals to people looking for “growth” opportunities.
A perennial favorite among franchise seekers is Entrepreneur’s Franchise 500, published every January. The magazine does an excellent job of listing franchises by various rankings, as well as by industry. It’s a good place to identify popular trends that are taking advantage of the franchise model for business development.
Those three steps will help you find “hot” franchise opportunities and brands in the “best” franchise industries. The good news is that it doesn’t take much time to find the information you seek, and today there are a variety of businesses at affordable investments.