Hot Prospects: 2018’s Top 10 Franchise Categories
Which franchise concepts will have winning seasons in the coming year? Entrepreneur has identified 10 “most likely to succeed” categories for 2018 and it’s quite a diverse group.
Among the emerging and established industries on the list, you’ll find franchises that provide needed services (staffing/recruitment and health), those offering luxury services (entertainment, recreation, beauty), and a few surprises (pest control!).
This industry, well suited to athlete-owners, continues to evolve. Large gyms are ceding territory to boutique studios and even in-home training, creating many more affordable options.
Lash and brow services are particularly popular right now. Other thriving beauty services include hair care, waxing and skin care.
With pet owners now considering Fido and Fluffy to be members of the family, businesses that feed, groom, train, and care for pets are raking in almost $70 billion annually.
Restaurants offering up specialty Asian dishes are on the rise. Choose from those offering long-standing popular cuisine, like sushi, and others focusing on more recent culinary crazes like poke.
This fast-growing category includes every interest you can think of, from coding to cooking and swimming to science.
While some of these franchises are targeted to kids and families, adult-centric activities like paint-and-sips and escape rooms are gaining in popularity.
In addition to traditional medical services, alternative therapies like acupuncture and cryotherapy are venturing into franchising. Regardless of health care’s political future, in franchising it’s clearly a thriving area.
With relatively low startup costs and increased demand due to concerns about insect-borne illnesses, the rising winners in pest control now largely focus on outdoor pests like mosquitoes and ticks.
This industry’s growth has outpaced overall job growth, according to the American Staffing Association. And franchises make up a significant and expanding share of that industry.
Frozen yogurt franchises that survived the saturation of the market a few years back are soldiering on. More indulgent treats like frozen custard and gelato are gaining in popularity.
If you’ve thought about owning a franchise, but weren’t sure where to start or what industry to get involved in, the aforementioned 10 are really taking off. If you’re ready to take the next step in owning a franchise, a professional franchise consultant is a great resource and can provide you with information and insight.