As we head into a new year filled with promise and potential, the landscape of franchising continues to grow and evolve at an unprecedented pace. Driven by shifting consumer attitudes and preferences, there are now more exciting opportunities for business ownership than ever before!
Whether you’re just starting out in the world of franchising or you’re a seasoned veteran with years in the business, it’s important to stay on top of the trends and learn more about the businesses that are gaining the most traction.
Here are a few of the “trendy” franchise industries that I believe are poised for growth in 2024.
Holistic Wellness
Following the Covid-19 pandemic, many people have come to the conclusion that they need to start taking better care of themselves and adopt a healthier lifestyle. As a result, the wellness industry has exploded over the past few years to become one of the most popular franchise categories of 2024.
A holistic idea of wellness that incorporates all aspects of health (including factors like fitness, self-care, healthy eating, rest and relaxation, etc.) has been growing steadily and shows no signs of slowing down. In fact, in a study of the U.S. market alone, 82% of customers stated that wellness is an important factor in their lives.
Rest & Recovery
As the discussion of work-life balance and taking more time for rest and relaxation has entered the forefront in recent years, the franchise industry is seeing rapid growth in franchises that focus on full-body rest and recovery.
Some great options in the rest/recovery space include:
- Saunas
- Red-light therapy
- Cold plunges
- IV therapy
- Stretching/massage
These services not only help people recover from their exercise routines and daily stressors, but also provide numerous health benefits, including detoxification, weight loss, increased circulation, and pain reduction. The global self-care industry is projected to reach $48 billion by 2027, offering lots of great opportunities for new franchise investors.
Medically-Guided Wellness
In my opinion, medically-guided wellness will be the number one trend that we see heading into the new year. This is not a new industry, but it’s seen significantly more traction recently, due to the increased popularity of medically-guided weight loss programs.
Medically-guided weight loss businesses provide programs that teach people how to change their diet, fitness, and lifestyle habits in a sustainable way that will provide lasting results.
The second important trend that we’ll see within this sector is hormone therapy programs. These franchises typically focus on offering personalized hormone replacement therapies designed to alleviate symptoms associated with aging, such as fatigue, mood swings, sleep, and decreased vitality.
Home Sale Assistance
I predict that home sale assistance franchises will also see big growth in the coming years. An unstable real estate market has led many people to stay in their homes longer, but as the market shifts, many people need help getting their homes ready to sell.
This process can often be long and complicated, so many customers are seeking help with one or more aspects of the home-selling process. Home sale assistance franchises offer a suite of services that can help home-owners quickly and easily fix up their homes so they’re ready to put them on the market.
Home sale assistance franchises offer services such as:
- House cleaning
- Interior/exterior painting
- Home staging
- Landscaping
- Pool cleaning and maintenance
- Small renovations (no permits)
Fitness Franchises
Fitness franchises are always an integral part of the franchise industry, but this year we’ll see consumers wanting to get more for their dollar. In other words, they’ll be looking for fitness franchises that offer lots of different options and modalities in one space or location.
There will also be more opportunities this year to target the harder-to-reach, high-income consumers who have more discretionary funds to spend and are looking for more specialty and personalized fitness experiences.
“Lighter” Food Services
Restaurants and food services in general have always been a main staple of the franchise industry. However, we’re seeing a new trend emerge in food franchises that offer smaller treats, like beverages and desserts.
Some popular options in this category include:
- Specialty Coffee/Tea
- Smoothies
- Donuts
- Cupcakes
- Milkshakes
- Cookies
The popularity of these kinds of businesses is on the rise because they don’t require as much overhead, as the food products are easier to prepare. These aren’t your typical big build-out restaurants that require lots of ventilation and specialty equipment, but rather smaller (sometimes mobile) options.
Another benefit to these types of franchises is that they don’t typically require a lot of history and/or knowledge of working in the food industry, but can still provide great results and high-margins.
No matter which option you choose, the entire franchise industry is set to see amazing growth and stability in 2024! If you’re interested in becoming a business owner this year, reach out to learn more about this year’s franchise trends and discuss what opportunities are best for you.
