There are very rewarding prospects available with children's franchises, as they can not only make franchisees a lot of money, but also enable them to enjoy their work more.

These franchises vary from extra education and exercise to school photography and children's salons. There is a large market for these businesses, as according to the last US census there are approximately 40 million kids under the age of ten.

A range of education franchises have been established to supplement learning in schools and to offer extra tutoring to those struggling with their work.

One of the most established is Kumon, which has consistently ranked highly in Entrepreneur Magazine's Franchise 500.

It focuses on reading and mathematics and in centres across North America, children have the time to make steady progression in stages, where they only move on once they can consistently master reading passages and mathematical problems in a given period of time.

Others such as Mind Labs provide games for young children that are fun, but also require thinking to solve problems and be successful.

Children's fitness and diet franchises have been established to offer a solution to the growing number of children in most countries considered overweight and obese.

According to the American Obesity Association, approximately 30.3 per cent of children (ages six to 11) are overweight and 15.3 percent are obese. For adolescents (ages 12 to 19), 30.4 per cent are overweight and 15.5 percent are obese.

Franchises such as My Gym Children's Fitness Center and Gymboree provide children with structured activities such as dance, running relays, fun games, gymnastics, sports to improve their health and fitness at a level they can deal with.

A growing trend that children's franchise owners often point out is that people are having children later in life, usually in their mid-30s as opposed to mid-20s. In most cases, older parents are more financially stable, meaning that they have additional money to spend on their children's development.

In addition, the longevity of older people is increasing, meaning that grandparents have more years to spend money on their grandchildren.

However, franchisees must be able to handle these demanding and flexible franchises in the right way to make them a success.

It is vitally important that they do not treat their franchise too much like a commercially driven business. The main focus should be on creating a service that will appeal to children and making sure they get something out of it.

Therefore, as well as needing to like children and work well with them, franchisees should make their business have enjoyable aspects to it, from songs and videos to help with learning to a play area for children to occupy while they wait to get their hair cut or styled.

They also need to have structures in place to cope with busy and quieter periods, for example during school holidays and conversely when children are at school.