Franchise of the Future: 4 Types of Franchises That Continue to Grow
Finding a franchise that can stay nimble and cater to customers despite evolving market trends can be challenging. Here are four types of franchises of the future that will continue to perform well as technology advances and consumer preferences evolve.
The future of franchising is bright, driven by driven by ongoing shifts in technology, consumer behavior, and economic conditions. As consumer preferences evolve, technology plays a major role in shaping the industry, from automation and digital marketing to the rise of home-based and mobile franchises. Sectors like home improvement, health and wellness, and senior care are seeing steady growth. Franchises leveraging these trends while offering personalized experiences are positioned for long-term success.
“Franchised businesses continue to outpace the growth of the broader economy,” said Matthew Haller, president and CEO of the International Franchise Association, in a statement. “Franchising continues to be a major driver of economic growth and small business creation.”
4 Types of Franchises
Discover the four franchises of the future that will continue to grow and have promising futures.
1. Health and Wellness
The health and wellness franchise industries are booming as people prioritize their physical fitness and mental health. At least 82% of consumers consider wellness an important priority in their daily lives, according to McKinsey & Company. Fitness franchises continue to perform well, but the popularity of niche services is growing. Health-focused beauty and skincare franchises, businesses offering alternative and holistic care, and nutritional coaching services are thriving. Filling a specialized niche can help your health and wellness business stand out. Still, it may have a limited audience, and you run the risk of its popularity diminishing as consumer trends evolve.
2. Senior Care
The U.S. population is aging. The number of people in the U.S. aged 65 and older is projected to jump 47% by 2050, reaching 82 million. As the number of seniors grows, demand for eldercare services is climbing. The eldercare market is forecast to reach $1.9 trillion by 2032. Franchises that offer senior care, in-home medical assistance, and specialized elder services provide a recession-resistant franchise opportunity. Finding skilled caregivers and complying with stringent regulations can be challenging.
3. Quick-Service Restaurants
In our fast-paced world, customers prioritize convenience and affordability. Fast-food restaurants with value-based menus, online ordering, and drive-thru service will continue to gain ground in the future. Customers also value the consistency and predictability that QSRs provide. Whether it's a specific chain or a local fast-food joint, people know what to expect regarding menu items and taste, building brand loyalty. Launching a fast-food restaurant requires a hefty upfront investment, which may make it out of reach for many new entrepreneurs.
4. Home Remodeling and Renovations
Experts predict the trend of personalized home improvement solutions will continue. The aging housing stock is prompting people to make home improvements to give their existing homes a facelift. According to Angi, the average American household spent nearly $10,000 on home improvements in 2023. Some of the most popular projects were painting, new flooring, and bathroom and kitchen remodels. A home renovation and remodeling franchise, like Kitchen Tune-Up, enables you to create your own schedule and offers multiple revenue streams – from simple improvements to full-scale renovations.
Kitchen Tune-Up Poised for Growth
If you’re looking for a franchise of the future, Kitchen Tune-Up is a kitchen remodeling franchise with strong growth potential. Franchise owners can start with a single territory of 41,000 households and expand their business on your timeline. With five different ways to update and upgrade the heart of the home, Kitchen Tune-Up’s services are attainable for many homeowners, creating consistent demand. We also provide additional services, including Granite Tune-Ups to protect the homeowner's investment and Upkeep Pro, our recurring revenue annual service for cabinetry work.
Our focus on ensuring franchisees have access to the latest technology to streamline customer relationship management offers a future-focused mindset. Group buying power and robust vendor relationships ensure the brand can stay nimble as consumer trends change.
Get More Information
Inquire now to learn more about Kitchen Tune-Up’s franchise system and see if you qualify.