One of the most common franchising questions we hear from clients, both current and future, is “what’s the best business category to look into?” It can be a little bit tricky to answer this outright, as it’s clearly a subjective request. What is the best franchise category to look into? Well, that depends on how you’re phrasing the request. The best in terms of popularity? The best in terms of opportunity? The best in terms of ROI? As you can see, it can become a complex conversation – but one we’re well-skilled at narrowing down to provide you with a decent answer.
In this instance, FranNet of DFW & Oklahoma wanted to share four franchise categories worth exploring in 2023 – in terms of opportunity. The following sectors have all demonstrated robust interest from franchisee candidates and are expected to continue flourishing this year in particular. Below is a summary of each category and proof points to support the claims.
Senior Care Franchises
The senior care industry continues to be an undeniable force in the world of franchising, which has everything to do with our ever-evolving demographics. Simply put, there’s a specific target market of consumers that’s growing by the day – 10,000 to be exact, in terms of those who have reached the age of 65. In all, there are currently 76 million Baby Boomers aging out, representing 24% of the U.S. population. And the home healthcare industry in particular is expected to reach $225 billion by 2025. What this means is that senior care-related franchise opportunities are definitely part of an in-demand marketplace.
Home Improvement Franchises
Hello, Handyman Services – interest in home improvement began to skyrocket with the advent of Covid, but never really slowed down. Even in the face of higher interest rates which put a damper on the recent home-buying frenzy. It’s now an industry expected to reach $600 billion annually in the U.S. by the year 2025. And home improvement franchises come in hundreds of varieties. From painting and window washing to full kitchen remodels and pest control services. If you can provide a valuable service to homeowners in your community, chances are that success will follow.
Pet Care Franchises
The U.S. might be the only country on earth where we consider our four-legged friends to be actual members of our family. And pet owners continue to prove this by ratcheting up their annual spending each year. Currently, that adds up to over $1,300 – per pet! And since two-thirds of all households have at least one pet – or more – it’s a marketplace full of opportunity. Just as with home improvement franchises, pet care business opportunities are plentiful in the franchising world.
If it’s January, you’re definitely hearing about getting in shape for the new year – which makes fitness franchises another popular category for 2023. Year-over-year growth has been steadily climbing for this business sector, with an average compound annual growth rate (CAGR) of 4.5%. Franchisee candidates can choose from gyms of all types, workouts of all persuasion, and even trends on the cusp of catching on with the consumer market.
The reason that these, and other, categories are going strong has everything to do with the proven business models for franchise owners to follow. Not to mention the comprehensive training and ongoing support provided by the franchisors. If you’d like to investigate franchise concepts in any of these four categories – or any others for that matter – drop us a line at FranNet of DFW & Oklahoma and let’s set up a discovery call to get the ball rolling.
Here’s to success in 2023!
If you’d like to know more about franchise opportunities and ownership, we’d like to hear from you. We are uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is allow FranNet of DFW & Oklahoma to be your guide. Our no-cost, no-obligation consultations have helped hundreds of entrepreneurs in North Texas and Oklahoma secure a future that belongs to them and them alone. If you’d like to get started on your own entrepreneurial journey, we’d love to introduce you to a whole new world of possibilities through franchise ownership. Don’t forget to bookmark our podcast, Unpredicted Entrepreneur, and let us know if you enjoyed our content. Whenever you decide to act on your future, we can help you begin your entrepreneurial journey. Just let us know!