Down to Business: Trending Businesses – Do you have or plan to start one of these?

ice_cream_cone_strawberry“After crossfit I’m going to uber to fro yo, do you want anything?”

Just a few years ago this statement would have made absolutely no sense, but thanks to several fast-track trending business ideas, vocabulary is born!  Let’s briefly examine some of the pros and cons of today’s top trending businesses.

Boutique gyms/CrossFit is the new craze in the fitness world.  The smaller setting combined with intense group workout, adds a social aspect to the traditional gym setting.  On the business side, start-up costs are minimal.  The average CrossFit franchise takes less than $50,000 to open and is usually profitable within the first year.  The CrossFit name is licensed to 7,000 gyms for an annual fee of $3,000!  Don’t quit your day job just yet; medical research surrounding the intense alternative workout craze is infant at best, and many new studies reveal that these workouts may not be as beneficial to your body as you think.

If you can find a taxi across town it will most likely run you $27 plus tip.  An Uber driver can pick you up on your schedule for $20 – tip included.  This sounds like a great idea right? Well … maybe not. Ask yourself, does the driver have insurance? Does his/her insurance cover using a personal vehicle as a commercial taxi? Has he/she passed a criminal background check or drug test?  Has he/she completed a driving skills assessment?  These are just some of the requirements that registered taxi drivers are required to pass before picking you up, making that extra $7 and 10 minutes not sound so bad!taxi

Self serve frozen yogurt shops with very creative names are seemingly opening on every corner lately too.  Health conscious consumers are attracted to the portion control and healthier yogurt options,  add in dozens of popular flavors and even more toppings – and you have a successful trend.  Market research has not yet found any major flaws in this industry.  Heavy market saturation has forced a few stores out of business, but overall sales are trending VERY well!  Before starting that franchise however, be sure to check out the past 40 years of market trends in the industry.  There was a frozen yogurt boom in the 80’s that fell hard in the mid 90’s spearheaded by TCBY, and who could forget Humfreeze Yogart?!

Each of these industries born or reborn in the last 10 years, may not make it another 10 – so if you are an entrepreneur, always err on the side of caution and really do your research.

If you are looking for stable help to grow and sustain your business, look no further than First Financial Federal Credit Union.  We have been helping businesses grow since 1936 and we plan to continue this trend by providing the best value in the industry for our business members. 

For more information about any of First Financial’s business accounts and services, contact Business Development at business@firstffcu.com, call 732.312.1421 or simply leave a comment below.

Article Sources:

http://www.washingtonpost.com/business/capitalbusiness/in-the-cross-hairs-of-crossfit-local-businesses-find-niche-in-fitness-craze/2014/01/17/28e368b2-7c95-11e3-93c1-0e888170b723_story.html

http://www.huffingtonpost.com/erin-simmons/why-i-dont-do-crossfit_b_5411771.html

https://nationalcareersservice.direct.gov.uk/advice/planning/jobprofiles/Pages/TaxiDriver.aspx

 http://smallbusiness.chron.com/potential-market-growth-frozen-yogurt-77121.html

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