- Which Industries are most likely to franchise?
- Which Industry is especially well-known for franchising?
- Conclusion: Which industries franchise you will buy?
Franchising is a popular and developing business model in which the franchisor permits by granting the rights to another company or individual as the franchisee to utilize its products, brand, services, and operating systems in exchange for an initial cost and continuing royalties. I will share with you a list of top industries that are most likely to franchise.
Which Industries are most likely to franchise?
Not everyone makes the cut out for franchising. Some people want complete autonomy in order to flourish or fail on their own, but others prefer the tradeoffs inherent in working for a bigger company. To be successful, the buyer must be familiar not just with the franchise concept, but also with the franchisor’s ambitions, culture, and values. In this context, many people regard franchising as a long-term commitment, similar to marriage. A solid connection between franchisor and franchisee, with mutual long-term goals, is critical to the long-term achievement of each franchise unit, and hence the brand as a whole.
It is a win-win situation for the franchisee as well as the franchisor, as the franchisor obtains access to new markets and the franchisee gains access to the franchisor’s established reputation and support infrastructure. With the growing popularity of franchising, it is no surprise that franchising has evolved into a dominating business model in various industries.
Franchises exist in almost every industry a person can possibly think of. In addition to a strong presence in the food and hotel industries, the most typically franchised sectors tend to include the following
Quick Service Restaurants
Quick Service Restaurants (QSRs) is considered to be an extremely popular and profitable franchised industry. The franchising industry for Quick Service Restaurants (QSRs) is incredible and developing. According to industry estimates, the worldwide QSR franchise market was worth more than $700 billion in 2020. In addition to this, it is most likely to rise further in the future years. This is one of the fastest-growing industries which can make a successful franchise globally.
QSRs, often known as fast food franchising opportunities restaurants, have become booming franchises and handy options for customers seeking a quick and inexpensive lunch. QSRs’ convenience and low cost have made them a popular alternative for franchisees, who may profit from brand recognition.
QSRs account for a large percentage of the food and beverage business in the United States, earning billions of dollars of revenue every year. McDonald’s, Subway, and Starbucks are examples of some of the prominent QSR franchises in the United States.
2. Home Services Franchises
The Home Services franchise industry is a growing market that encompasses a wide range of home maintenance and improvement services. According to industry estimates, the worldwide home services franchise market will be worth more than $200 billion by 2020, and it is likely to expand further in the future years.
Home Services franchises provide a wide range of services such as home maintenance and repair, house cleaning, and landscaping. In the United States, major home services franchises include
The Food and Beverage industry is considered to be one of the most significant and widely-renowned franchised industries. Franchises such as KFC, McDonald’s, and Subway fall into this category. Food and beverage franchises have a diverse menu selection and are known for providing quick and convenient service.
Because of the great need for quick and affordable meals, as well as the support and resources offered by the franchisor, the food and beverage industry has appeal to franchisees.
The sorts of food provided and the eating experience provided by food and beverage franchises might differ substantially.
Some franchises specialize in fast cuisine and rapid service, whereas other businesses may provide sit-down dining or takeout. The food and beverage industry is likewise highly diverse, with everything between salads and sushi to pizza and burgers available.
4. Business Services
The franchised business services industry is highly sought after. The Business Services franchise industry is a large and growing market that provides a wide range of services to businesses and people. The global business services franchise market was estimated at more than $500 billion in 2020, according to industry estimates, and it is expected to expand higher in the future.
Business services franchises provide tax preparation, maintenance and cleaning, marketing and advertising, and office assistance.
Franchisees are drawn to these franchises because they offer the possibility to own and manage a lucrative company while benefiting from the franchisor’s brand awareness and reputation. Marketing Maven, the UPS Store, Regus Servpro, FedEx Office, and H&R Block constitute the four major business services franchises in the United States.
5. Personal Services
The Personal Services franchise industry is a big and growing market that includes a wide range of services that cater to individuals’ needs. According to industry estimates, the worldwide personal services franchise market will be worth more than $250 billion by 2020, and it is likely to expand further in the future years.
Personal services franchises provide a wide range of services, such as housekeeping, pet care, and beauty and personal care.
Supercuts, Petco, Supplies Plus, Maid Brigade, and The Salon Professional Academy are among the largest and most successful personal services franchises.
6. Automotive Services
The Automotive Services franchise industry is a big and growing market that encompasses a wide range of automotive-related services. According to industry estimates, the worldwide automotive services franchise market was worth more than $100 billion in 2020, and it is likely to expand further in the future years. There are a few industrial franchise industries also in the automobile sector.
Car repairs, oil changes, car washing, and tire services, are among the services provided by automotive services franchises. Midas, Valvoline, Jiffy Lube, and Meineke Car Care Centers are major automotive services franchises in the United States.
7. Retail Products and Services
Another popular and profitable area for franchising is retail. The Retail Products and Services industry is perceived to be a large and developing market that includes a diverse range of products and services. According to industry estimates, the worldwide retail franchise market was worth more than $1 trillion in 2020, and it is likely to rise further in the future years.
Clothing and accessories, personal care, items, home goods, and electronics are all available through retail franchises. These franchises seem appealing to franchisees because they provide them with the chance to own and operate a flourishing company while benefiting from the franchisor’s brand awareness and reputation.
The retail franchise industry in the United States is a substantial contributor to the economy, earning billions of dollars in sales each year. In the United States, major retail franchises are 7-Eleven, The UPS Store, and others.
The health and wellness industry as a potential franchised sector is quickly expanding. The Health & Wellness franchise market includes a diverse range of products and services geared toward encouraging health and wellness. This is one of the most demanding and considered recession-proof industries to franchise.
According to industry estimates, the worldwide health and wellness franchise market will be worth more than $100 billion by 2020, and it is likely to expand further in the future years. Nutrition, fitness, and wellness products and services are all available through health and wellness franchises. Major health and wellness franchises in the US are 24-Hour Fitness, Gold’s Gym franchise, Anytime Fitness franchise, and Massage Envy.
9. Property and Real Estate Management
The real estate and property management industries are trendy and lucrative for franchising. This franchise industry is a big and growing market that encompasses a wide range of real estate and property management services. This is an upcoming and growing industry to franchise in the United States.
According to industry estimates, the worldwide real estate and property management franchise market was worth more than $150 billion by 2020, and it is likely to expand further in the future years. Real estate and property management franchises provide a range of services such as commercial and residential property management, real estate investing, real estate brokerage, etc.
The education and training sector is known to be a fast-expanding franchised industry in the present times. As a franchise industry, it is a big and developing market, spanning a wide range of education and training services. According to industry data, the global education and training franchise market was estimated at more than $200 billion in 2020, and it is likely to rise further in the future years.
Education is my personal favorite among industries to franchise in the United States.
Tutoring, professional training, test preparation, language education, etc are the services provided by instruction and Training franchises. The Princeton Review, Sylvan Learning Center franchise, and Mathnathisium franchise are a few of the prominent education and training franchises in the United States.
Which Industry is especially well-known for franchising?
The industries especially well know and likely for the franchise are as below
- Food Franchise Opportunities include QSRs
- Education Franchises
- Fitness Franchises
- Hair Salon Franchises
Conclusion: Which industries franchise you will buy?
Are you ready to uncover your franchise or business opportunity and learn which sectors are most likely to franchise? Franchising is an incredible way to expand an already successful business. You should be aware, however, that franchising is not appropriate for every business. If you are in search of a franchise, it is highly recommended that you obtain expert advice from a qualified and experienced Franchise Broker.
There are dozens of franchise opportunities accessible to you. Franchise brokers can assist you in matching the best opportunity and industries to your individual needs. What are you waiting for?