The world economy is changing. These are uncertain times for many. However, it might be an excellent time for aspiring entrepreneurs to seize the opportunity and enter the market on favorable terms. Franchising stands out from other kinds of businesses. It seems to have unwavering growth and survival rates. A franchise gives you a chance to become your own boss while avoiding challenges associated with developing an independent business. It is a safe way to get into the business world.
We have analyzed the global market scene and determined the most attractive categories of franchises that are growing rapidly and acquiring real influence. Here are some hot franchise categories for you to get acquainted with.
Today, people focus more on their health and looks. They are prepared to spend money on services and products that make them feel good and beautiful. That’s why self-care franchises are gaining enormous popularity.
The most popular kinds of self-care establishments are spas, massage parlors, waxing studios, beauty salons, and cosmetics stores. Customers love the friendly atmosphere, quality service, and accessibility. And, self-care franchises provide that. The demand for health and beauty services and products will only continue to grow in the near future, and right now is the best time to get into the market.
Electronics have become an integral part of people’s lives. The demand for digital devices is ever-lasting, as innovation and technology development are constant in the modern world. It is a trillion-dollar industry that will only generate more revenue in the coming years.
After the pandemic many people started to work from home, so digital technologies have become more popular than ever. The innovations in online education and entertainment have also influenced the global market of electronics. There is no doubt that retail and repair electronic franchises, as well as IT service franchises, are profitable and thriving ventures.
Recent years have shown that owners tend to spend more and more money on their pets. And because people tend to spoil their pets and sometimes even cut on other expenses, the pet market continues to grow regardless of economic conditions.
The pet care industry is one of the fastest growing in the world. Its turnover exceeded $100 billion. The most popular subcategories are veterinary services, pet food and treats, as well as dog walking, and pet grooming. Almost every household has one or more pets, so the demand for pet-focused franchises is high.
The baby boomer population is aging. The number of senior citizens is rapidly increasing. That’s why there is an essential need for elder care. The home care market is expected to generate $225 billion by 2024. Senior citizens require certain kinds of care and help. Home care franchises provide assistance and support for the elderly population.
The active use of smart technologies will take place in home care franchises. The world is constantly changing, and there appear new ways of taking care of health. There may even be AI applications to the better-assisted living experience.
There has been a boost in home improvement services. People want to live in a comfortable and beautiful environment. That’s where home remodel franchises come to the rescue. There is a wide variety of renovation services. The subcategories include design, window coverings, kitchen and bath remodeling, furniture retails, landscaping, and many more.
The growing need for home improvement will bring franchises a lot of customers, and, therefore, profits.
Above we have listed the hottest franchise categories. As you can see, the most thriving franchise trends in 2023 are wellness, home services, pets, electronics, and senior care. All these categories have enormous growth rates and profit potential.
There is no doubt that there has been some turbulence in the market in the past years. However, the franchising industry in 2023 shows a steady increase. It is a business model that continues to strive, even during hard times. It is easier to acquire and run a franchise than to try and make it on your own, especially in this market. You will have support from the parent company and a proper plan of action.
Written by
Vasil Gazizulin
Founder of Topfranchise.com
CEO Expedition 2009 - 2014
Author of a book «GROW WITH A FRANCHISE»