Preview: The top four franchise trends for 2024

"What's the next big thing in franchising?"

I hear this question at least two to three times a week from curious entrepreneurs looking to strike gold on the "hottest" franchise brand right before it becomes a household name.

Unfortunately, I'm just a franchise consultant, not a franchise prophet.

I can't say for certain who the next McDonald's will be or guarantee you'll be an early adopter for the 2024 version of Dunkin' Donuts.

I wish I had the secret formula to foretell franchise trends with 100% certainty, but I don't.

No one does, so don't hold that against me. And if someone tells you they do, run for the hills.

However, I will say this: There are common ingredients within emerging franchises that often suggest sustainable growth. Consumer behavior is ever-changing, and sharp franchise entrepreneurs observe and act on these shifts before the average business does.

Plenty of consumer data points to fast-approaching booms that franchise businesses are already capitalizing on. To name a few...

• The US housing market is short by 6.5 million homes. Could a franchise business help bridge this gap in an affordable fashion?
• Over three quarters of Americans say they are let down by the current healthcare system in some way, shape or form. Perhaps there are specialized treatment areas where franchise brands can provide a higher level of care than the traditional primary care visit.
• 12,000 Baby Boomers will retire today and everyday in 2024 across the country. Can franchise businesses help this demographic enter their next chapter on their own terms?
• 66% of American households own a pet. Do all 89.6 million of these families know how to groom a dog or have a reliable cat-sitter?

Clearly, there's a lot of opportunity out there to work with underserved and growing market segments. The question, then, becomes, who is uniquely positioned to meet these demands?

So rather than redirect the conversation, I've decided to lean in, do some digging, and give the people what they want to hear.

You're asking for the trends, so I'll give you the trends.

Over the next several days, I'm going to release my top four franchise trends that I see in the industry for 2024. Think of these articles not as surefire forecasts, but rather observations of what industries and types of businesses we're seeing emerge, and why that might be.

So whether you're a lifelong corporate executive looking to be your own boss, a young entrepreneur who's hungry for additional income streams, or looking to invest in a semi-absentee business, we've got insights on deck.

What's next in franchising? Stay tuned for trend # 1 on LinkedIn soon.