More and more consumers are starting to demand ecologically-friendly options in every aspect of their lives - from their homes to what they eat to even their pet care. Smart franchisors in all categories are working hard to meet the "going green" trend with products and services that are conscious of their impact on our planet. If you are an entrepreneur that likes to be on the cutting edge, pursuing a sustainably focused franchise could be a great business decision.View Green Franchises
The global market volume for environmental technologies is projected to reach $2.7 billion by 2020.
SOURCE: Roland Berger Strategy Consultants
67% of Americans say that sustainability strategies are necessary to be competitive.
SOURCE: Massachusetts Institute of Technology (MIT) Sloan School of Management
3 out of 4 millennials say they are willing to pay extra for sustainable offerings.
Global green construction now represents 20% of all new commercial construction in the U.S.
SOURCE: U.S. Green Building Council
Roland Berger Strategy Consultants
Massachusetts Institute of Technology (MIT) Sloan School of Management
U.S. Green Building Council
Green, eco-friendly franchises are a newer category, which means there is an enormous potential for diverse opportunities. Some of the obvious choices in this area include franchises that focus on greening people's home, whether it is installing solar powered products, cleaning with eco-friendly materials or performing energy audits. Removing junk or recycling clothing and similar items also fall into green franchise opportunities. Environmentally friendly lawn care, pest removal and home renovation franchises are other options.
A green franchise business is a great way to tap into the growing consumer demand for a more eco-friendly lifestyle. Sustainability is on many people's minds, and any franchise that can allow people to feel they are helping, rather than hurting, the planet is positioned to take advantage of this new reality. In fact, because this category, and interest in it, has grown so much since the start of the century, it has really gone from a fad to a need, something smart entrepreneurs are realizing.
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It’s tempting to think that a green franchise will have an easier path to success because of its noble mission and the goodwill that mission creates. There’s just one problem with that thinking: green businesses face competition just like any other kind of venture. The early days of the eco-friendly movement are long gone, so anyone wanting to compete in this space today will have to work hard and prove their worth.
If there is one thing that all businesses have in common, it’s the need to deliver value. When a client or customer agrees to spend money on a product or service, they want to get fair value in return for that money. This doesn’t change in the green or eco-friendly business sector.
Whether eco-friendly or not, a business is only going to grow and thrive if it offers what customers see as a fair value compared to the rest of the market. Put your new green franchise business plan through the same kind of vetting that any other plan would receive—and only proceed if the financial outlook is in your favor.
Perhaps the most important point relating to running a green business is that you need to be fully committed to the mission that you claim to support. Your customers and clients will see right through any efforts to simply cash in on a popular movement when your heart isn’t in it.
To demonstrate your commitment to eco-friendly business and sustainable practices, take part in local events that serve the same mission. Instead of just giving this topic a mention in your marketing materials, dive into the community and become a part of the movement. There will be far more time and effort required for this approach, of course, but it’s the right way to build something authentic that can last and make a difference.