5 Types of Up and Coming Franchises

service-based franchise business

Franchise ownership is a great career move for aspiring entrepreneurs. You get to experience what it’s like to run a business without the trouble of building one from the ground up. Plus, a recognizable name on your storefront is sure to get more customers walking through the door.

All that’s left to do is figure out which type of business you want to operate. Franchise trends come and go, and certain types of franchises do better in certain markets and economies. There are so many more options than a fast-food or fast-casual chain!

Check out these five up-and-coming franchise categories based on the trends of 2021.

Home improvement

People around the world spent most of 2020 confined to their homes due to the pandemic. All of a sudden, they started to notice little flaws like jiggly drawer handles and chipped paint that previously flew under the radar. Home improvement began trending because there was little else to do besides spruce up your living space.

Although employees are transitioning back into the office, the pandemic allowed home improvement franchises like hardware stores, painting businesses and cleaning services to take center stage. These businesses are still performing well now that people have extra income to spend on their homes.

Automotive care

If this past year has taught us anything, it’s that the world never completely stops moving. Not everyone can afford the luxury of working from home. Even at the height of the pandemic, many people still had places to be, and they needed their cars to get there.

Automotive care franchises remained strong throughout the pandemic and will continue to do well in the future as essential businesses. No matter what happens in the world, people will always need auto services like oil changes and tire replacements.

Early childhood education

Another franchise category that persevered this past year was early childhood education. Parents have a growing desire to prepare their young children for the road that lies ahead. This desire has allowed businesses to open that provide educational childcare for little ones about to enter grade school.

To no one’s surprise, the pandemic has also caused tutoring services to rise in popularity. Parents recruited the help of tutors to supplement their children’s remote learning. Based on the current trends, tutoring and early childhood education franchises will continue to be strong in the coming year.

Fitness centers

Gyms have opened back up, and they’re offering competitive monthly rates to fitness enthusiasts who went without a physical outlet for much of the past year. Franchises with multiple locations attract new customers with affordable prices and flexible hours of operation. Big-name fitness franchises understand the pandemic has forced many to live on a tight budget, and they’ve managed to stay afloat by catering to their financial needs. Plus, these 24/7 gyms let customers avoid peak hours of the day in order to protect their health.

Fitness franchises are expected to remain popular post-pandemic because customers like the convenience of a gym that’s always open.

Hair salons

Everyone needs the occasional trim or special-event styling, so hair salons aren’t going anywhere. In fact, they’re projected to do well heading into next year because enhanced safety measures have made it possible for locations to reopen, and salon franchises have competitive prices compared to local beauty parlors.

Entrepreneurs looking to own a franchise should consider hair salons. When you’re backed by a name people recognize, your business is more likely to become their go-to salon.

Choosing a popular franchise category is only the first step. Recognizable names definitely help, but every prospective business owner needs a solid plan of action and a funding strategy if they hope to get off the ground.

To help your business succeed, discover the financing options available through Tenet Financial Group. Speak with a representative to learn how you can get access to fast funds!