Small business entrepreneurs should look into in-home senior care franchises, which have a very promising outlook according to the International Franchise Association, reports CNBC.
The number of franchise establishments is projected to rise 1.9 percent this year as the business world takes notice of the potential perks under the umbrella of a well-known company.
“Overall, franchises are expected to continue stealing market share away from independent businesses and increasing their total economic output, which currently stands at 4.4 percent of the total private sector,” said IBISWorld industry analyst Eben Jose.
The industry research firm IBISWorld released its list of six franchise industries with promising outlooks during the next five years, based on revenue growth, growth in the number of franchise establishments and those establishments’ dispersion across the U.S.
In-home senior care is one of those six, with IBISWorld forecasting a 6.3% growth in the industry “due to millions of Baby Boomers who are fueling the $6 billion industry.” Additionally, the rapidly expanding industry will likely strengthen the “aging-in-place” trend, according to the firm.
Other franchises likely to take off include pharmacies/drug stores, gas stations/convenience stores, and supermarkets/grocery stores.
Read the full CNBC article here.
Written by Alyssa Gerace