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01 Feb 2024

6 Current Trends in Franchising: A 2030 Outlook

As we edge closer to 2030, the franchising industry is evolving rapidly, driven by significant shifts in technology, consumer behavior, and market dynamics. For businesspeople looking to invest in a franchise with substantial growth potential, understanding the current trends in franchising is crucial. This blog delves into several key trends that are reshaping the world of franchising, offering insights into where the industry is headed.

1. AI: Revolutionizing Administrative Functions

A major shift within the current trends in franchising is the integration of artificial intelligence (AI). AI is increasingly being used to streamline administrative functions in franchises. From automated customer service systems to AI-driven analytics for market research and inventory management, this technology is making franchises more efficient and adaptable. The incorporation of AI allows franchises to reduce operational costs, enhance customer experiences, and make data-driven decisions, positioning them for future growth.

2. Enhanced Customer Experiences

Today’s consumers seek more than just products or services; they crave enhanced experiences. This aspect of current trends in franchising emphasizes the importance of building strong customer relationships and delivering memorable experiences. Franchises that focus on personalization, engagement, and creating emotional connections are more likely to attract and retain customers. This trend is reshaping marketing strategies and customer service models within franchising.

3. Streamlining with Mobile Apps and Kiosks

Another pivotal aspect of current trends in franchising is the use of technology to streamline purchasing processes. Mobile apps and ordering kiosks are becoming commonplace, enabling self-service, on-demand services, and diversified delivery options. This tech-driven approach not only improves customer convenience but also enhances operational efficiency, allowing franchises to cater to the modern consumer’s desire for quick, hassle-free transactions.

4. Rise of Regional Businesses in Franchising

A notable shift in the franchise landscape is the expansion of smaller, regional businesses into franchising. These businesses often bring unique concepts and localized appeal, differentiating themselves from larger, more established franchises. This trend reflects a growing consumer preference for niche, community-oriented brands, offering new opportunities for entrepreneurs to invest in businesses with strong regional roots.

5. Pet-Related Service Franchises

The burgeoning pet industry is poised to become a growing part of the franchising industry in the near future. An increasing number of pet-related service franchises, from pet grooming to specialized pet care, are emerging. This growth is fueled by the rising number of pet owners and their willingness to spend on pet care, presenting lucrative opportunities for franchise investors.

6. Home Services

Home service franchises, particularly in areas like damage restoration and residential cleaning, are experiencing substantial growth. These services are in constant demand, making them resilient to economic fluctuations. Investing in a home service franchise offers the potential for steady growth, driven by the ongoing need for maintenance and repair services in residential areas.

Fastest-Growing Franchise Categories

As we look towards 2030, four categories stand out among the best franchises to own: fast-food/QSR, fitness franchises, home and building repair services, and cleaning services. These sectors are showing significant growth due to changing lifestyle patterns, consumer preferences, and the perennial demand for essential services. Market analysis company IBISWorld shows that when it comes to franchise statistics, these categories show great potential. A November 2023 report shows there are 201,000 fast food restaurants in the U.S. alone, and market size is projected to increase in the next few years. Gyms, health and fitness clubs in the U.S. are also poised for growth, with 113,000 such businesses in the U.S.

A February 2021 report, the latest available, shows residential cleaning services are showing slow but steady growth, with 369,551 businesses in the U.S. by 2021. Finally, damage restoration services, as of January 2021, were at 55,352 businesses by that year, and are expected to flourish in the near future.

For entrepreneurs seeking promising franchise opportunities, understanding and adapting to trends in franchising is vital. As we approach 2030, franchising will continue to be shaped by technological advancements, changing consumer expectations, and evolving market dynamics. By planning around these trends, potential franchisees can position themselves at the forefront of growth and innovation.

Stay on Top of Trends with MFV

We at MFV Expositions are eager to share our 30+ years of experience bringing the franchising world together with entrepreneurs like you. Our franchise conferences are great places for franchisees and franchisors to meet and network, as well as attend workshops and presentations from industry experts on the latest developments in a wide range of fields. Request attending info today to find out more about how MFV Expositions can help find the best franchise for you.
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