Which Types of Franchises are Growing Fastest?
Did you know experts predict 2017 will be a growth year for the franchise industry—making franchising one of the fastest-growing industries in the market for the seventh year in a row?
In fact, the IFA (International Franchise Association) predicts 1.6 percent expansion rate in 2017. That means about 11,500 more franchisees are expected to open this year than last year.
And that’s not all. According to IFA’s annual Franchise Business Economic Outlook Report:
Employment is poised to expand by 3.3 percent— allowing 7.8 million workers, and creating a quarter-million new jobs.
And the GDP of the industry is set to increase by 5.2 percent to an estimated $426 billion from last year’s $405 billion.
Arizona, Utah (home of InXpress HQ), Nevada, Florida, and Colorado are the states where franchises are growing fastest.
So–while we can’t “bank on” any speculation in the job market–or know for certain any industry success–we believe that franchising remains a good investment for entrepreneurs looking to strike out on their own in 2017.
Within the franchising industry, there are a few standouts that tend to represent some of the best opportunities out there. Let’s take a closer look:
According to the IFA, these five types of franchises are projected to be the fastest growing within the industry:
- Personal Services: People will always need personal care services, and the cultural importance of a confident self-image in both the personal and professional spheres helps ensure franchises that offer those services will remain lucrative and in-demand.
- Quick Service Restaurants: We’re not getting any less busy these days. With more and more households having multiple children—and both parents working—businesses that make life more convenient tend to be preferred by the majority of consumers.
- Table/Full Service Restaurants: However– on the other side of the same coin, many people understand—as life gets busier—that we have to make time for quality time. That keeps these franchises thriving.
- Retail Products and Services: Everybody shops. And we tend to buy brands we know and trust when it counts. While luxury good and services might be harder to sell, people will always be looking for the staples.
- Business Services: The same goes for businesses. If they want to stay in business, they need the services and supports that make their operations happen. InXpress is proud to provide many successful businesses with the shipping services they need to succeed.
Who wouldn’t want to get in on the ground floor of one of the fastest growing businesses—in a leading industry—in the world? That’s what we thought, too.
Because of their low investment and high margin, our home-based franchisees consistently enjoy unparalleled success– and customer satisfaction!