Franchises & business opportunities can be analyzed for growth and profit potential using a few simple rules. These rules apply whether you are buying a franchise or starting a business on your own.
It almost goes without saying that the first thing to do is analyze the particular market that you are contemplating to enter. Is it growing or tapering off? Is it becoming more competitive or less? Is it forecast to increase or decrease? Basically, what forces are at play in any of the franchise and business opportunities that you may be looking at?
Let's take the men's clothing retail trade for example. By analyzing this particular market you will find that the segment is very tough indeed. Average retail prices have fallen whereas average cost prices have not. Margins are being squeezed. Average spending power has actually increased so certain specific segments within this men's clothing retail could still prove profitable and mail order and internet shopping for these products has risen over time. However, with supermarkets entering this field and holding a market share and with imported goods now reaching the standards of some inferior brand names, you would want to think twice before going taking up franchise and business opportunities in men's clothing.
I think you have already figured out for yourself that in order to make the most of the franchise and business opportunities that are out there, you must enter a growing market segment where profit margins have not already been squeezed.
One example of a rapidly growing market segment is health care for the elderly, in addition to providing holidays, products and other services to the same age demographic. Over the last 50 years in the USA, the rate of growth of those over 60 has exceeded any other age group and their disposable incomes have risen with them. This is forecast to grow even further as better understanding of health risks, improved medication and exercise facilities enable the population to live longer.
Services and products designed for the elderly is definitely a franchise and business opportunity you do not want to overlook.
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