Although many of the millennial generation are working for other people currently, a lot of data suggests that they are interested in owning their own businesses in numbers that dwarf that of any other generation. So for those that are franchising businesses that incorporate technology to the extent that it provides the purchaser technological advantage in the marketplace, it looks like good times ahead.
Here are some types of opportunities that are currently being blended with technology to make better franchise options for buyers:
One of the mantras of existing fast-food restaurants recently has been the simplification of the menu. McDonald’s ended up losing money when they had too many items available. Today, they are back in the black with a streamlined menu. Automating processes is also an area that people are using to help their franchisees save money in cities that are passing the $15 minimum wage law. Maya Botticelli is one Mexican casual restaurant that has engineered their franchise processes and setup so it is optimized for American franchisees to make money in markets where there are higher wages laws. The key for those that wish to open restaurants is to remember that the bulk of your costs are largely due to labor. That is a very good thing when the economy is strong. When belts start to tighten however and your business is affected, those that planned ahead and went with a franchise that is built to withstand that type of shock are bound to end up in a better financial position.
Remodeling types of activities remain one of the larger construction markets in many cities. Some of the franchisers that are creating new opportunity include thermal imaging equipment services that can look at your house with their equipment and tell you specifically where you have energy leaks. The technology in that type of opportunity affords the franchisee with a built in advantage to provide repair work that will allow the homeowner some relief from high energy bills. A cabinet refinisher franchise is another opportunity that is heating up because the average homeowner that purchases a used home does not want to keep the same look in their kitchen. Refinishing cabinets using technology that makes it easy to apply whatever coating that the homeowner wants is not only less expensive than ordering new cabinets, it also can be priced and completed relatively rapidly.
One newer category in cleaning is actually keeping a home or commercial business free from pests by installing sensors tied to software-driven radio speakers in the walls of the protected area. Anything that moves will be dissuaded from moving any closer to the interior of the home or business using waves that can cause damage or discomfort to the pest or animal. Another franchise opportunity that is currently getting thought about by quite a few entrepreneurs has to do with applying state of the art green technology to clean homes and businesses. One of the hottest sectors here is carpet cleaning. From franchises that take area rug and oriental rugs out to be green cleaned in a factory with set processes to a set of technologies that can be either wet or dry cleaning, blending machines and cleaners in ways that create clients that are fans, the market for cleaning franchises has certainly continued to be strong.
Another type of cleaning that is on the horizon for commercial clients is a business that leverages automated equipment to keep a facility clean. The bonus here for many firms is the ability to safely clean without invading the privacy of the clients that they are working with.
Overall, franchise opportunities that offer people a technological advantage have the potential to return more to the franchisee in today’s market than franchises that are not adding technological innovation.
By: Jennifer Livingston