Despite the ever-evolving landscape of business, certain industries stand out for their stability and resilience. I like to call these “Steady Eddies”—industries that have stood the test of time and continue to demonstrate growth potential.
In 2024, we find ourselves in a post-COVID era, where trends born from the pandemic seem to finally be settling down. It’s kind of like we’re back to normal life this year, and the “Steady Eddies” of pre-COVID times are still as strong and as stable as ever.
If you’re considering becoming a business owner in 2024, it’s hard to go wrong with the following steady franchise industries.
Home Services
In the wake of fluctuating real estate markets and increased home prices and interest rates, people are opting to invest in their current residences. Thus, home service franchises are thriving, with a focus on small projects and ongoing maintenance.
Small projects, as opposed to major renovations, include things like painting, flooring, blinds installation, and organization—anything that makes the house feel better and look nicer.
Ongoing maintenance services, like cleaning, pressure washing, roofing, pest control, and plumbing, remain robust as homeowners prioritize convenience and upkeep.
Services for the Aging
As the Baby Boomer generation ages, the demand for services catering to the aging population is on the rise. Elder care has always been a solid industry, but with the “Silver Tsunami” on the horizon, these services are becoming increasingly essential.
People want to age comfortably and at home, rather than having to go to a senior facility. Franchises that offer assistance with daily tasks (such as grocery shopping), home modifications for easier and more comfortable living, and companionship are fundamental to this age-in-place goal.
Many people also like to invest in exterior home suites for an aging family member to keep them in close proximity. Anything that keeps the aging population closer to their families will remain a valuable and steady service in any economy.
Business to Business
Franchises in this sector are a strong and lucrative option, especially for entrepreneurs with experience in B2B interactions. While the road to profitability may be longer compared to some other franchises, the payoff, once achieved, can be much higher.
One of the key attractions of B2B franchises is their potential for scalable growth. Once a foothold is established, franchises can tap into national accounts, catering to businesses with a widespread presence.
For example, providing services to a property manager who oversees multiple locations (perhaps hundreds!) can result in a substantial and recurring income stream. Again, while the initial investment in time and resources may be higher, the ROI on large-scale clients like this with higher ticket values can be significantly rewarding.
Men’s Grooming
The grooming industry, particularly men’s grooming, remains a steadfast sector, as people will always need to get haircuts. However, the unique and tailored grooming experience is not just for the ladies. Men also seek personalized and comfortable spaces for self-care.
Businesses that establish “man caves” where clients can unwind, have a drink, and enjoy the ambiance add a distinctive touch to this evergreen industry.
Children’s Enrichments
With schools back in session, parents who recognize the pivotal role of holistic development in their children’s lives are eagerly seeking avenues beyond the classroom. This creates a robust market for children’s enrichment franchises.
Extracurricular activities like dance lessons, swim sessions, and sports not only nurture children’s physical fitness, but also their cognitive skills and social growth. This increased emphasis on a comprehensive educational experience positions children’s enrichment franchises as a steady and growing industry.
Pet Industry
This industry is huge and here to stay, driven by pet owners’ eagerness to invest in premium services for their animals.
Businesses that provide high-quality boarding, daycare, grooming, and other pet-related services cater to the strong emotional bond people have with their furry family members. In fact, many people spend more money on their pets than on themselves!
Experiences Over Things
Many of us value meaningful engagements over material possessions, and this is not going anywhere anytime soon.
Businesses that offer art classes, guided tours, live entertainment, unique culinary experiences, and indulgent beauty treatments create more than just services; they craft memorable experiences, and people will always be willing to invest in them.
Restoration
Restoration franchises, such as fire and water restoration, crime scene cleanup, and comprehensive cleaning services, are not only recession-resistant, they are indispensable to the well-being of communities.
Beyond meeting constant demand, these services serve as a crucial support system during challenging times, providing swift and professional solutions. Whether it’s mitigating the aftermath of disasters or maintaining cleanliness in various settings, restoration services will always be a solid and stable industry.
Business Coaching
Aspiring entrepreneurs and established business owners alike are always going to need help navigating the complexities of the business world. Business coaches’ enduring relevance lies in their ability to adapt, ensuring entrepreneurs receive tailored insights crucial for sustained success in an ever-competitive marketplace.
Whether it’s helping clients save money, streamline expenses, or refine their products or services, business owners are certainly willing to invest in their own growth and improvement.
While these “Steady Eddies” may not be the most glamorous and trendy franchise industries, they do present exciting opportunities for aspiring franchisees who seek stability and long-term growth. If you’re interested in becoming a business owner in 2024 and want to learn more about stable and exciting franchise opportunities, let’s talk!
