America is going through major changes. Just as we’ve discussed the recent mass resignation, there’s another huge trend affecting our nation: a mass migration. According to the U.S. Census Bureau, in 2021 the largest net domestic migration gains were in Florida (220,890), Texas (170,307), and Arizona (93,026). Largest domestic migration losses were in California (-367,299), New York (-352,185) and Illinois (-122,460). People are escaping major cities and high tax centers in droves, and flocking to the South and West. There are so many factors involved in these shifts, the Coronavirus pandemic seemed to have galvanized much of the Great Resignation which almost certainly plays a huge role. No matter the reason, these massive population changes represent a huge opportunity in the franchise sector. Here’s how:
New Citizens Need New Homes
People are moving across state lines at a record-high rate. As they find places to settle down, they will want to make those places feel like home. According to Global Market Insights, the U.S. Home Remodeling Market size exceeded USD 340 billion in 2020 and is expected to grow at over 4.1% CAGR (Compound Annual Growth Rate) between 2021 and 2027. Increase in spending on home improvement activities by rental property owners owing to surge in rental demand will foster the industry growth. Are you interested in helping those homeowners or rental properties upgrade their floors, cabinets, or hvac systems? There’s a franchise for that.
New Populations Mean New Demographics
Let me explain something about the industry: usually when you buy a franchise, you also buy an area of the US where you, and only you, are allowed to own and operate that franchise, leaving you unencumbered by the threat of internal competition. Depending on the industry, your preferred area of operation may have already been snatched up. I utilize the newest technology and diagnostic tools to research the population and demographics of available areas in order to provide you what you need to make the most informed decision possible. These demographics are changing, and as they do the premier areas for certain franchises and industries are also changing, opening up big opportunities in unclaimed territories. Maybe your future customers lie within these burgeoning populations.
A New Normal Begets New Opportunity
As we tentatively enter a “post” Covid era, communities in significant transition will again begin to settle into themselves, and consumers will rebound with renewed confidence. At least, that is according to most economic trend forecasters. I work with hundreds of Franchises in uniquely recession-resistant industries, like home care, certain health services, and consumer staples. Not only tried and true industries stand to make big profits in the coming years though, as new trends are emerging fast alongside these migrations. The rapid digitization that became necessary to the multitudes who were told to stay home hugely affected the average consumer’s relationship with technology, diversifying the target demographic of tech-based businesses. Interestingly, there has also been a recent widespread acceptance of cosmeceuticals and medical spas creating a huge demand for franchises in this sector. As we begin to leave our homes, we want to look good doing it.
Do you long to be a part of the Great Resignation? To join the throngs of people who are taking back autonomy in their lives through big changes? To make a move yourself, and in doing so initiate a brighter, more fulfilled future? Give me a call. We can take advantage of these major shifts together.