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Irish Franchise Trends 2016

Today there are millions of franchise businesses in over 300 business categories, so now there is a business to suit just about every interest and niche.

According to the 2016 Franchise Business Economic Outlook report, franchising as a whole will continue to thrive for the foreseeable future. It’s no surprise, as people are increasingly finding their own opportunities rather than going the route of a traditional employee income model.

Kids and Pets Categories

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We’ve seen the child enrichment category blossom, and it will continue to thrive. Any business model related to enriching or expanding the world of kids (infants to school children) is hot right now. It’s about getting kids moving, thinking, reading and believing in themselves. It’s exposing them to new experiences, in many cases going mobile to where the kids are. These businesses provide a sense of accomplishment and community in a supportive environment.

These are also franchises that fill a need for busy parents. Kidsbrain is all about learning maths, as is ALOHA Mental Arithmetic, while Bricks 4 Kidz is for little science buffs.

The pet industry is an estimated $60 billion industry in 2016, so you can guess that pet-related franchise businesses are still thriving just as much as ever. There is an overall shift in thinking about our pets – they are seen as part of the family. With that frame of mind comes pampering and care, presents at holidays, birthday celebrations, outfits, shampoos and care goods, and overall wellness products. The pet industry is a nearly recession-proof business: it's obvious that people are willing to spend money on their pets, no matter what.

Franchise Activists

Franchisees are making themselves heard. While the parent company, in many ways, calls the shots, the franchisees as a whole are extremely powerful and can be a tremendous influence on the franchisor. We’re now seeing franchisees “taking to the streets” and demanding change, and in many cases, they are getting that change. One recent example happened at the headquarters of McDonald’s, wherein franchisees banded together to demand operating changes as their profits began to dwindle. The result was the demise of the Dollar Menu, among other changes.

Not only are existing franchisees speaking up, but former franchisees are taking to the Internet to tell their experiences: whether to warn others from making the same mistake, to damage the reputation of the franchisor, or to vent frustration. Regardless, the stories are out there, and it’s your responsibility to do the research and find out what’s happening with the franchise you’re investigating.

Here Come the Millennials

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Multiethnic Group of People Social Networking at Cafe
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In so many sectors of life, we see the impact of Millennials (ages 18-34), and franchising is no exception. 66% of Millennials are interested in entrepreneurship, nearly 30% of all entrepreneurs are between 20-24 years old, over 25% are self-employed, and they launch 160,000 start-ups each month, according to the International Franchise Association (IFA). Because of this, the IFA has launched the NextGen Franchise initiative, a global competition to recognise and support the enormous contributions that young entrepreneurs have, and the impact of their contributions (this year with 450 applicants from 46 countries).

Microfranchising

We’re seeing Millennials making a big impact on the last trend in our list, microfranchising. This is a model designed to help people get out of poverty. Microfranchising is similar to a traditional franchise, but with scaled-down startup costs so that it is affordable to people with a low income. It is a ready-made business opportunity model that anyone can step into. It’s often referred to as a business in a box/bag/backpack, as in many cases everything the person will need to start their business literally is provided in a bag, box or backpack. Initial training is provided, along with ongoing support and mentoring.

Microfranchising is especially impactful in developing countries, wherein people do not have the skills or resources to start their own businesses from the ground up: but once provided with a ready-made business – complete with the supply chain, systems, any legal issues, licensing or real estate – they can provide a living for themselves and their families, and eventually expand their business and provide jobs to others. One important characteristic of microfranchises is that they are very reactive, ready and able to adjust to failure and improvement at short notice.

Franchising remains a strong business option that offers those with an entrepreneurial spirit a chance to launch their own business based on a proven, established model. As the above list proves, it is a dynamic, living business model that readily reflects and supports a rapidly changing world.

Irish success stories of 2016 - Our top threeChopped

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Chopped has announced the creation of 90 new jobs, a mix of full and part-time, as a result of Chopped’s franchise rollout. Founded in 2012 by Dublin entrepreneurs Brian Lee and Andy Chen, Chopped was developed to meet the needs of the growing number of health-conscious Irish consumers. Chopped’s first franchise opened at 109 Grafton Street in January of this year.

This outlet, which will provide employment for 10 staff, is to be followed by five other Chopped franchises across Dublin in early 2016. The new franchises joined existing shops in Baggot Street, Ballsbridge, Fairview and St Stephen’s Green. The four outlets currently employ 69 people in total.

Rocket's by Eddie Rocket's

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Our nomination for 2016's other outstanding success is Rocket’s by Eddie Rocket’s. This is the fast casual sub brand of Ireland’s favourite diner, Eddie Rocket’s - fast casual dining at its best, and a faster, more convenient way to enjoy the best hamburgers around.

Following on from the successful launch of Rocket’s by Eddie Rockets, Topaz (Ireland’s largest fuel and convenience brand) announced an €11.4 million investment in 2015 which will see them introduce Ireland’s newest fresh, urban food concept, Rocket’s, to 40 forecourts nationwide. The rollout will take place over a seven-year period.

Fit4less

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In the fitness sector, Fit4less is the fastest-growing fitness club franchise business in the UK, and the undisputed market leader in the area of fitness and wellness franchising. The concept is also available in Ireland, delivered by the Energie Group - the largest provider of fitness franchises in Ireland and also in Europe.

With an array of benefits on offer, Fit4less franchisees consistently exceed their business plan targets. This is the franchise that is about to take the Irish fitness market by storm - and best of all, it's reasonably priced. People always have a desire to look and feel better - it's the reason why getting fit and losing weight is consistently voted the number one New Year's resolution. This proves that health, fitness and wellbeing is a huge market with an evergreen appeal.

With this franchise model you also avoid the hassle and complications associated with managing a large team of staff, as it is designed to be run on a low staffing structure with only three to five staff members required to run a thriving and successful club - with profit projections over €100,000 within 24 months

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