TES Insights
Going green is no longer just a trendy buzzword
Eco-Friendly Franchises Pick Up Steam
The future of franchising is focused on the environment as more investors turn their eye to companies and products offering sustainable resources to help clean up the planet and preserve our natural resources.
Current Consumer Trends Focus on Environment
Uncertainty in several macroeconomic indicators is helping to shape the long-term habits of consumers in the United States. As part of this global uncertainty, people are pushing to accelerate greener and cleaner solutions. In response, top players in the automotive industry, including GMC, Ford, and Kia, all added new electric vehicles to their lineup, including several trucks and SUVs, according to Kelly Blue Book. There are now 33 electric vehicles on the market, versus only 19 options last year. Electric vehicle sales jumped 13% during the second quarter of 2022 as people shop for alternatives to keep transportation costs down.
While Europe weathers a historic heat wave and cities across the United States hit record high temperatures this summer, entrepreneurs are responding. Soaring temperatures are prompting consumers to rethink the way they power their homes, and the popularity of alternative energy businesses is growing. In 2022, solar power is slated to account for nearly half of the new electric generating power in the United States, according to the U.S. Energy Information Administration.
A new study conducted in July by the University of Pennsylvania’s Wharton School of Business revealed that 75% of Generation Z consumers said sustainability was more important than brand name, and 90% of Generation X consumers would spend 10% extra for sustainable products.
Franchising Provides Environmentally Sustainable Future
Entrepreneurs turn to the franchise industry to invest in a business with a proven track record combined with training and support to achieve the American dream. Franchise businesses are on track to generate $826.6 billion and add 17,000 locations in 2022, the International Franchise Association reported.
Franchisors are doing their part to help preserve the planet and cater to current trends by focusing on sustainability. Going green is no longer just a trendy buzzword, it’s a viable business solution that can help consumers cut costs and be good citizens for the planet. Eco-friendly franchises have a leg up on the competition. Here are a few reasons entrepreneurs are turning to environmentally friendly solutions.
- Create a Generational Legacy. Business owners turn to franchising to take charge of their financial future, diversify their income, and build a legacy for future generations. Part of creating a lasting generational legacy is relying on a business with environmentally friendly solutions dedicated to staying afloat for the long haul. Discovering a proven business model with an eco-friendly advantage is attainable in the franchise industry.
- Foster Change. Owning a franchise focused on the environment is appealing to many investors. It allows them to achieve their financial goals while being a global citizen in an expanding industry. Having a positive impact on the planet helps business owners provide value to their local community, foster positive change, and achieve career fulfillment.
- Provide Job Security. Many people climbing the corporate ladder are left feeling battered and bruised as they face a future lacking job security. Yet, they continue to toil away in roles beneath their pay grade and skillset. Entrepreneurship allows people to control their own destinies and discover financial freedom. An eco-friendly franchise can help entrepreneurs chart a new course to self-sufficiency.
- Recession-Resistant Business Opportunity. Many environmentally friendly franchise opportunities help owners survive unpredictable economic conditions. With the threat of another recession on the horizon, choosing a franchise business with steady profits is key to success. Eco-friendly franchises focus on reducing, reusing, and recycling, which typically costs less than buying new. When people tighten their purse strings during a recession, environmentally friendly options remain viable.
- Choice Abounds. As interest in sustainability grows, the franchise industry is answering the call. Franchises specializing in home air quality, waterless car washes, junk hauling services, water conservation solutions, and all-natural lawn care are just a few of the franchise opportunities gaining steam.
TES Helps Franchisors Meet Growth Goals
The Entrepreneur’s Source®, the nation’s leading career coaching franchise, helps businesses focused on providing sustainable solutions meet their franchise growth goals. Our consultative approach to Career Ownership Coaching™ helps potential franchisees define their goals, needs, and expectations, which enables us to better pair them with your unique opportunity and create strong, lasting business relationships. With 150-plus coaches working remotely nationwide, your opportunity will be visible to tens of thousands of candidates to grow your system right.
Learn How We Can Help
Turn your environmentally friendly business into a franchise player by contacting The Entrepreneur’s Source® to learn more about our Franchisor Member Network. For more information visit https://futureoffranchising.com/our-team/