Consumer Trends & Franchising - Franchise Buyers Beware!

Posted by Jim Otto on Fri, Nov 11, 2016 @ 12:11 PM

consumertrends.jpgThere's an old adage on Wall Street, "The trend is your friend". The same can be said for franchises and the customers they are trying to attract. Wayne Huizenga, owner of the Miami Dolphins, is a brilliant business man worth billions of dollars. When building his Blockbuster video chain in the 1980s, he was unaware that the 1990s would usher in  a new and deadly competitor called the internet. Services such as in-home and on-demand movie ordering services, along with Netflix, Redbox and others would soon spell doom for Blockbuster - which eventually took Chapter 11 bankruptcy in 2010.

So how do you spot consumer trends? One way is to constantly keep up with all the new technologies available and to try to always stay ahead of the newest and latest trends. May I suggest a simpler strategy, which is looking for services that consumers consider necessary and that are irreplacable. Several examples of these types of businesses would be haircare, senior or child related services or restoration companies. Take our business at Shear Madness Haircare for Kids, where we provide a service for busy parents that cannot be replaced by the internet! Further more, Shear Madness Franchising LLC franchises Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth), and have sometimes seen the unexpected happen!  When it does, we help by identifying and helping with challenges that might arise for franchisees. Additionally, we work to present options that can help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantages of franchise ownership!

Another good question to think about in regards to the potential long term growth of a business is to ask the following: What do people consider a necessity rather than a luxury? Or put another way, if the economy slows down or even goes into a recession, will my franchise business survive? One example of this is how haircuts are something that most people consider a necessity and not an option, and no matter what the economy is doing hair is always growing - and it always needs to be cut! Child care is another one. People will always have a strong desire to have a family. If people spend money on anything in good times or bad, they will ALWAYS spend money on their kids. We can probably all think of companies like Blockbuster whose products have either gone out of style or are no longer relevant. Another example is Borders. Borders book stores unfortunately didn't keep up with Amazon's online book stores, and recently closed most of its locations as well.  Again, it's hard to imagine a time when hair care is no longer a need - no matter what happens with technology.

Shear Madness Franchising LLC, was founded in 2010 to expand the Shear Madness Haircuts for Kids concept that was originally opened by Paula Thurman in 1997. Combining the magic of childhood with kids haircuts, parties, salon services and a fantastic kids boutique filled with toys, hair products, jewelry and more, Shear Madness currently has franchise locations open in Kansas, Missouri, Texas, Iowa, New York and New Mexico. For additional information, please click on our franchise buyer's toolkit below!

Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own  small business? We are one of the fastest growing kids hair salons and franchise systems in the industry today! If you would like to learn more about small business marketing, great marketing strategies, resources for small businesses, business tips, franchise opportunities, how to grow your small business, or how to become a owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD!

Exploring a Children's Salon Franchise

Topics: franchise, franchise opportunity, growing a small business, business growth, franchising, franchise success, consumer trends