5 Good Franchises to Open Right Now
The franchise landscape is continuously evolving, and 2023 has brought forward some exciting opportunities. Looking toward 2024, you may be wondering how to identify good franchises to own now. There are many different criteria by which to identify a good franchise; keep in mind that the best franchise for someone else may not be right for you.
One way to hone in on good franchises to open is to consider industries that are forecasted to show strong growth over the next several years. Here are six places to start your search:
- Personal Care and Beauty: In an era where self-care and wellness are more than just trends, personal care and beauty franchises are thriving. Spas, massage parlors, waxing studios, beauty salons, and cosmetics stores have become sanctuaries for people looking to rejuvenate and pamper themselves. Demand is skyrocketing, with the market expected to grow at a CAGR of 8.6% through 2027.
- Digital Devices Repair and IT Services: With a surge in remote work and digital learning, the need for tech services has escalated. Retail and repair electronic franchises, along with IT service providers, are essential in today's tech-driven society. The global consumer repair and maintenance market is projected to reach $21.6 billion by 2031 — a CAGR of 3.6%.
- Pet Care: The pet industry is booming. According to research by Zippia, 70% of U.S. households own pets, and these pet owners spend an average of $1,300 a year on their cats and dogs. From veterinary services to pet grooming, the opportunities in this sector are vast. The market is forecast to increase at a CAGR of 5.3% between 2020 and 2025.
- Eldercare: People are living longer than they did a generation ago and this longer lifespan is often accompanied by declining mental or physical capabilities. The need for help taking care of this aging population, including home health care services and assisted living facilities, is rising. The global elderly care services market is forecast to grow 6.5% between now and 2030.
- Home Renovation and Repair: The desire for a comfortable and aesthetically pleasing living space has led to a surge in home renovation. This industry encompasses a wide array of services, including design, landscaping, and kitchen remodeling. The market is forecast to be worth more than $121 billion by 2026.
Can You Secure High Profit Potential?
Some entrepreneurs believe that finding the right investment can make them millions. But it’s hard to know for sure. Determining how much a particular franchise will earn is challenging, as profitability varies widely based on numerous factors.
As with any investment, profitability in franchising also depends on the franchisee's ability to effectively manage the business, adapt to local market conditions, and leverage the support and training provided by the franchisor. It's important for potential franchisees to conduct thorough research to gauge the potential profitability of a specific franchise opportunity.
Why Concrete Craft Is a Good Choice
The demand and profit potential in the growing home services industry make these franchises popular investments. Entrepreneurs who want to open a franchise should make sure they’re buying a well-trusted brand with a history of success — one that serves a niche in the crowded marketplace.
Concrete Craft, the nation’s leading decorative concrete franchise, offers a niche service within the broader, booming home improvement industry. We provide our franchisees with comprehensive training and support, as well as the backing of our parent company, Home Franchise Concepts.
Take the Next Step with Concrete Craft
If you are looking for good franchises to open, contact Concrete Craft today. One of our franchise consultants will be in touch to get you started on the path to franchise ownership. By franchising with Concrete Craft, you're not just joining a growing market; you're becoming part of a brand that's recognized for quality and innovation.