I am often asked “What’s Hot?” by prospective franchise owners who want to own a business in a booming industry with long term expansion potential. The good news is that there are many industries and many franchise opportunities capitalizing on growing demographic and economic trends. Here are a few…

Convenience Services
Cleaning the house, picking up the dry cleaning, and caring for the lawn are among the many services more and more time starved consumers gladly pay for to create more fee time to relax and enjoy their families. There are 27 million dual income households in the U.S and growing, the prime customer base for convenience services. Franchise owners in this market space continue to see growth, even in a down economy, as more employees lose more personal time as they take on the additional workload created by corporate downsizing.

Pet Services
Up from 56% in 1994, 62% of American families own pets today. As aging baby boomers become empty nesters, their dogs, cats, and fish become the daily recipients of affection and pampering. Last year Americans spent over $31 Billion on their pets and the spending on luxury pet services such as grooming, apparel, and gourmet snacks has more than doubled since 2001. “Even though people are losing their jobs and people are becoming more careful with their spending, they have not spent less on their pets," said Vivian Ma, an analyst at CIBC World Markets in New York.

Home Services
The threat of terrorism, the jobless recovery, and the growth of telecommuting are among the many factors fueling the “Cocooning” trendof American families turning their homes into personal sanctuaries, repairing and beautifyingthe space that represents comfort and shelter from the uncertainties of today’s world. Despite the down economy, the housewares market, which includes everything from custom picture framing to window treatments, grew 6% to $283 Billion in 2001. Seventy-five percent of US homes are over 25 years old, driving the demand for home remodeling and repair services, already a $143 billion business.

CAUTION!!!! A sure fire way to fail in a franchise business is to invest in it because you see it popping up everywhere or because it ranks high on some list. The right business for you is also one that you have the right skills to manage and grow, fits your budget, and fulfills your personal, professional, and financial dreams.