December 8, 2023
Members of the Young Entrepreneur Council (YEC) talk about the industries that currently lend themselves to franchising and doing it well.
Originally Published Mar. 24, 2017
The following answers are provided by members of Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
It would be good to have city-based concierge services for travelers and people new to cities that could offer assistance in finding anything they may need. While people can do this online to a certain extent, it’s not as personalized as it could be. This could be a way for a brand to bring together many types of services under one franchise brand.
– Murray Newlands
As the “Enernet” grows in popularity, a lot of companies should take advantage of the demand in even the most remote areas. Instead of leveraging capital to meet the demand, franchising and licensing aspects of the business to construction companies and stand-alone shops can help meet the demand and further persuade more consumers to make the switch from fossil fuel and nuclear-based energy.
– Cody McLain
I’ve always wondered why tattoo parlors have no franchise options, especially with an eye toward bringing respectability to the business with an emphasis on hygiene, safety, no-pressure sales, refusing to tattoo minors, and other options that would take tattoo parlors out of the medieval mindset they seem to enjoy. They should guarantee a certain skill level, mandated classes, and certification, etc.
– Brandon Stapper
Now that we’ve figured out how to make wearable technology that’s stylish, it’s probably going to be in stores a lot more. But having a franchising business dedicated to new tech could appeal to a certain demographic.
– Thomas Smale
Gone are the days when you had to walk into a local mall or travel agent to book your vacation. Now it’s all online and automated. However, this is still a very personal and usually expensive decision. The world of booking travel is one that could easily be franchised to independent brokers or agents who can work out of their homes while focusing on being great salespeople.
– Zac Johnson
Fast and convenient will always sell in the food industry. Even big box brands are introducing organic and all-natural versions to stay competitive within the marketplace. The younger generation is starting to demand healthier options and many smaller drive-thru restaurants and ready-made fitness food restaurants are thriving concepts, presenting a great opportunity for a franchise model.
– Hillary Hobson
Men, particularly successful entrepreneurs between 30-40, are taking care of themselves. Gone are the Don Draper health routines of the past. The anti-aging space from botox to floatation tanks is booming after an initial beachhead in large metro areas. Clinics and spas are popping up across smaller “micro-urban” towns across the country, and the demand is stirring.
– Ryan Bradley
Automated car washes did it already. On-demand car washes are leaning that way. The Uber-type business model is picking up quickly. Few companies out there are trying to break ground outside their state and, in some cases, their country. I think that “on-demand” businesses will go the franchise way and be better off.
– Adrian Ghila
BusinessCollective, launched in partnership with Citi, is a virtual mentorship program powered by North America’s most ambitious young thought leaders, entrepreneurs, executives, and small business owners.
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