The franchise industry has been on a steady rise for the past decade, with more and more entrepreneurs investing in franchise opportunities as a way to start or expand their business.
With the pandemic accelerating changes in consumer behavior, certain franchise industries have experienced even more significant growth.
Here are three booming franchise industries that you need to know about if you’re considering in investing in a franchise in 2023:
1. Breakfast Franchises
Breakfast has long been considered the most important meal of the day, and breakfast franchises have been reaping the benefits of this fact for years. With busy schedules and an increased demand for convenient meal options, breakfast franchises have seen a surge in popularity in recent years.
In fact, the breakfast food market is projected to grow by 4.2% annually until 2025, reaching a market size of $57.6 billion.
One of the most popular breakfast franchise concepts is the fast-casual model, which offers a quick and easy breakfast experience for busy customers. Brands like Dunkin’, McDonald’s, and Starbucks dominate this market.
Another popular breakfast franchise concept is the sit-down restaurant model, which offers a more upscale dining experience. These franchises often offer a wide range of breakfast options, including eggs, pancakes, waffles, and more. Brands in this sector that you may recognize include IHOP, Denny’s, and Cracker Barrel.
The breakfast franchise industry is booming because of the high demand for convenient meal options and the versatility of breakfast foods, which can be enjoyed any time of day.
Bailey Brown The Franchise Agency represents many breakfast franchises, from fast-casual concepts like Frutta Bowls and Hard Bean Coffee, to sit-down restaurant models like Scramblers and Press Waffle Co.
2. Entertainment Franchises
Entertainment franchises, particularly those that cater to families with children, have also been experiencing significant growth. With parents looking for safe and engaging activities for their kids, entertainment franchises that offer fun experiences have been able to capitalize on this market.
One of the most popular types of entertainment franchises is the family entertainment center (FEC) concept, which offers a range of activities for people of all ages. Brands like Dave & Buster’s, Main Event, and Chuck E. Cheese’s have seen success in this market, as more families look for ways to spend quality time together.
Another popular type of entertainment franchise is the indoor trampoline concept, which offers a unique and engaging experience for kids and adults alike.
The FEC market is projected to grow by 10% annually until 2026, reaching a market size of $70 billion, while the trampoline market is projected to reach $1.3 billion by 2026.
Entertainment franchises are booming because of the demand for safe and engaging activities for families with children, which can provide brand resilience in uncertain economic times.
Entertainment franchises that we represent in our portfolio such as Sky Zone, Urban Air Adventure Park, and Launch Entertainment have seen significant growth in recent years.
3. Fitness Franchises
Fitness franchises have been on the rise for years, and the pandemic only accelerated this trend.
With gyms closed for extended periods, people turned to at-home workouts and outdoor activities to stay active. Now that gyms have reopened, the desire to get back to a regular fitness routine has only increased.
One of the most popular types of fitness franchises is the boutique gym concept, which offers specialized workouts in a smaller, more intimate setting.The boutique fitness market is projected to grow by 10% annually until 2026, reaching a market size of $20 billion.
As people look for more personalized workout experiences, brands in our portfolio such as 9Round Fitness, Alloy Personal Training, and GymGuyz are becoming more popular.
Another popular type of fitness franchise is the cardio concept, which offers a unique and targeted fitness experience for customers. The cardio fitness market is projected to grow by 3.3% annually until 2026, reaching a market size of $112 billion.
Some of the cardio franchises we represent at Bailey Brown The Franchise Agency are CycleBar, 30 Minute Hit, and StarCycle.
Fitness franchises are booming because of the increased awareness of the importance of health and wellness, as well as the convenience and flexibility of these concepts.
In conclusion, breakfast, recreation, and fitness franchises are three booming industries that are worth considering if you’re interested in investing in a franchise.
Each of these industries offers unique benefits and opportunities for growth, and they are all poised for continued success in the years to come. Whether you’re interested in offering convenient meal options, engaging recreational activities, or rewarding fitness experiences, there is a franchise opportunity out there for you.
But with so many options available, finding the right franchise for your goals and values can be overwhelming.
That’s why we’re excited to announce our upcoming Franchise Buying Summit on May 5th, where we’ll teach you everything you need to know to become a successful franchise owner.
You’ll learn about the latest trends in franchising, how to assess a franchise opportunity, and how to negotiate the best terms for your franchise agreement. You’ll also have the opportunity to connect with other aspiring franchise owners and network with franchise industry experts.
The best part? We’ll give you a list of franchises that have Edmonton territory available so that your franchising journey can be quick and seamless!
Don’t miss out on this valuable opportunity to learn from the best in the industry and get expert guidance throughout your entire franchising journey.
Register for the Franchise Buying Summit here and get ready to take your first step toward financial freedom and independence!