Consumer Demand Driving Growth in the Tech Sector of Franchise Tech-savvy entrepreneurs can jump on the bandwagon of innovation.
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Are you a self-styled computer-guru? Perhaps one of those individuals who can't seem to get enough of mobile-based apps, new technologies, gaming and the interconnected world of Information Services (IT)? If you've always had a knack and interest in technology, the niche market of tech business franchising could be your ideal path to entrepreneurship.
Related: Considering franchise ownership? Get started now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.
A fast moving market
If it seems like every time you turn around there's another technological leap forward in the world of personal convenience, you certainly aren't alone. Some of the biggest global brand names are continuously working on technology designed to advance consumer convenience, value and cost-efficiency. In response, the category of tech-related business opportunities in the franchising world have blossomed. Another bonus? This category includes franchise opportunities geared to both the B2B and B2C target audience. Specific examples of these franchised business models include cell phone and device repair, outsourced IT services, mobile-computer service businesses, electronics sales and service, wireless setup operations, digital marketing agencies and even broadband internet access providers. Rapid innovation is driving this growing category of franchises, with options that appeal to all levels of tech intelligence. While familiarity with tech is certainly welcome, a majority of these business models don't require a lengthy career based in technology or even previous in-category experience. That's where the franchisors' training and ongoing support come into play.
How tech is driving advancements within the franchising industry
The technology industry is more than just a high-performing category among franchise sectors, as many new operational products and platforms are now moving the needle for franchisors and franchisees alike. Franchise brands are constantly looking for ways to give their franchisees a leg up on the competition and have begun to experiment with the latest innovations designed to revolutionize their business models. Examples include artificial intelligence (AI), digital payment platforms, mobile delivery apps, gamification and algorithms that drive loyalty programs based on a consumers' purchasing habits. Franchisors are even applying technology to their sales development pipelines with algorithms that search for ideal candidate profiles, as well as the implementation of automated SMS text-messaging programs. At the core of these efforts is the determination of franchisors to streamline operations, reduce overhead and maximize profits within their business models.
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Which tech business franchises top the current list?
The highest-ranked tech business franchisor in this year's Franchise 500 list is CPR Cell Phone Repair, which topped all others in the 93rd overall spot. Another franchisor of note is uBreakiFix, which earned the 203rd spot. This brand began franchising in 2009 and have now expanded operations to include nearly 700 U.S. locations. Even more impressive is the 64.8% increase in awarded units in the last three years alone. This growth may be a credit to the brand's reasonably priced initial franchise fee, which runs from $82K to $354K. Several other tech business brands of note earned rankings, including Batteries Plus, TeamLogic IT, and Wireless Zone. To view the full list of related concepts and review which tech businesses franchises Entrepreneur has to offer, simply follow this link.
