Franchise Spotlight: Personal Services
Industry trends show an increase in personal service franchises.
Personal services are defined as businesses that provide individual consumers with a service rather than a product and as such this sector covers a wide range of areas - from health, law, medicine, accountancy services and consultancy to the performing arts, fitness, hairdressing and pet grooming. Many time-poor but financially stable consumers will look to outsource their personal services for convenience and ease, providing a continued market and repeat business in this sector.
Franchisees looking to invest in this market will find relatively low start-up costs and, with many personal service businesses being run from home and not requiring stock or premises, the ongoing costs are also reduced, making this a potentially profitable sector in which to become a franchisee.
Successfully franchised, Trans Canada Tax Service is a company that will appeal to financially-minded entrepreneurs looking to work from home and grow their business over time. Franchises such as Marlin Travel (Transat Distribution Canada) have capitalized on the growing market for individuals looking to outsource their travel needs and take advantage of this personal service.
Personal Services industry analysis
The personal services sector is a varied and interesting market to enter. Franchisees will benefit from the brand and identity of an umbrella company as well as an established consumer base. Personal services can be an extremely rewarding industry for a people-centered franchisee looking to make a difference for individuals.
With relatively low start-up costs and the option of working from home, this is an industry that appeals to many looking to become their own boss. Most companies who franchise in this sector suggest that franchisees will be able to work as individuals to manage their business, but for some, there is also the option of scaling up the business and growing over time. Although some companies (such as tax businesses) require qualifications from franchisees, most franchisors are looking for excellent communication, organisation and people skills rather than specific experience in one area.