Top Industries for Franchise Growth in 2024

With the business landscape and consumer demand consistently shifting, trending opportunities in franchising are following suit. For entrepreneurs looking to break into the industry or expand their portfolios in 2024, there are a few key industries to consider.

“This is the only industry where someone says, ‘Here’s your playbook. I’m going to lock arms with you, and we’re going to walk forward so you can achieve the American dream,’” said Lisa Welko, founder of Integrity Franchise Group. “You can have total control of your time, money and destiny, and you can pursue that growth in booming markets with bright futures.”

Welko explained that, while some prospective franchisees seek ownership opportunities in markets that they resonate with on a personal level, it is important to consider how your skills can apply to an industry — even if it doesn’t seem like a natural fit on the surface. 

Here are some top-performing industries to consider for a 2024 investment.

Home Services

The home services market took off during COVID, and it continues to grow years later. There is a wide range of home services within the space that franchisees can succeed with, but Welko specifically called out home services businesses that include subcontractors.

“People like the idea of not needing to have employees to perform a service,” she said. “When you think about a subcontractor, you’re working with another business owner. Suddenly, it’s a B2B relationship. You’re contracting with someone who has a vested interest in doing a good job, and that’s a very important differentiator.”

Additionally, given the current challenges in the labor market, having subcontractors to work with can relieve some of the pressure of finding and keeping employees, let alone finding quality workers who will uphold your standards as the business owner.

The business model for home service franchises is attractive, and that’s only bolstered by the future of the housing market.

“Americans are dealing with a housing shortage right now. They’re bringing the kids back to live in a tiny home on the property, or aging people are choosing to add safety measures to their existing homes rather than trying to buy new ones,” Welko said. “People are seeking easier, less expensive ways to create their dream home, and home service franchisees play a major role in that process.”

Health and Wellness

Health and wellness can be achieved many different ways, but people are certainly focused on taking care of themselves. In the franchising space, there are businesses that address mental health, hormones, physical therapy, lymphatic massage and IV therapy.

Welko added that, for many people, beauty services fall under the health and wellness category. 

“Beauty can fall into wellness or vanity,” she said. “But wherever you want to put it, if you feel better about yourself, you’re probably happier and healthier.”

This means businesses offering lash extensions, facials, nail services and tanning fall into the high-demand beauty or wellness categories as well.

“People want to look and feel their best. It’s always been a big industry, and it’s not going away,” she said.

Pets

“The pet category is always huge,” Welko said. “There are a lot of different ways to take it: doggy daycare, dog walking, pet waste removal, mobile grooming, stationary grooming, pet retail or a membership-based model for food, play or care.”

Simply put, countless families got puppies during the pandemic. Now that many professionals are returning to the office and other in-person activities are more prevalent, pet parents have to figure out what to do with their animals. 

Whether it’s daycare to entertain the dog while they’re at work or a convenient mobile grooming experience, pet parents are looking for ways to take great care of their fur babies without sacrificing convenience for themselves, and the industry holds great growth potential for franchisees looking to scale.

Children’s Entertainment, Education and Wellness

Parents are realizing the importance of care and attention for their children. Every child has slightly different needs. Because of this, there are, again, countless child-based franchise models that offer strong opportunities in 2024.

“The biggest models that stand out to me are sports or physical fitness, like swimming, and education or tutoring,” Welko said. “There are even franchises out there right now that are helping with those on the spectrum and providing pediatric nursing; there’s a lot of attention in that space.”

As the industry evolves, working with qualified teams like the one at Integrity Franchise Group is one of the best ways to find a great-fit investment opportunity in a high-growth segment.

“There’s a lot happening in our industry, and it’s changing a lot. It’s changing faster than most of the consumers can keep up,” Welko said. “And it’s our job to watch those categories and brands and say, ‘We’re going to explore this together. We’re going to learn about this brand together.’ We do that intentionally because some of these new brands in growing markets are really great, and we want to help our franchisees be successful early adopters and stay at the forefront of these trends.”

For more information on embarking on your own franchise journey with Integrity Franchise Group, visit https://integrityfranchisegroup.com/.