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The auto repair and aftermarket industry is positioned for continued growth over the next few years. The industry is strong and projected to grow at a compound annual growth rate of 3.5% through 2020.
Business Services fits so many different types of businesses that it can be hard to get a grasp on its impact on the general economy. However, Statista estimates that business services franchises will make over $185 billion dollars in 2018, a 39% increase from 2007 and 39.5% better than the economy’s lowest point during the last recession.
The market for children’s services and products is huge and growing rapidly. Over 23% of people in the United States are under 18 – or approximately 76 million people according to the latest U.S. Census estimates. This number is projected to increase to over 80 million by 2030. Thus, services to support this booming segment of individuals are rapidly expanding.
Cleaning & Maintenance
The professional cleaning industry and cleaning services market is expected to grow at a compound annual growth rate of 6.8 percent between 2018 and 2022, ultimately reaching just over $80 billion annually. Now that's cleaning up!
Full-service franchise establishments are expected to experience a 6.3% annual growth from 2018 to 2022. Quick service restaurants (QSRs) make up an estimated 21% of U.S. franchises and are expected to grow 2.5% annually over the next decade.
Hair Care Fitness & Spas
Billions of dollars in revenue are generated annually by the American beauty industry. Sales for the global beauty and anti-aging market are estimated at $1.1 trillion annually. Hair care providers lead the pack, generating more than $42 billion in revenue annually.
Healthcare & Senior Care
Health care spending typically accounts for more than 12% of GDP in most countries, and in the US the figure is even higher: 18%. Each year Americans spend over $9,500 per person on healthcare - totaling $3 trillion! And spending is increasing - US health care spending increased 5.3% over the past five years.
Home Based Businesses
Home based businesses are large and expanding rapidly. 52% of small businesses in the United States are home-based and 25% of home-based workers are employed in management, business, or financial occupations.
The overall US pet industry totals over $60 billion per year in sales. That number is expected to grow double digit each year over the next decade. Over two thirds of American households have a pet and this number is expected to continue a steady increase as well.
The retail products and services franchise industry totals over $45 billion dollars each year while employing an estimated 550,000 Americans directly. This number is expected to increase at over double the rate of expansion for the US economy over the next decade.
Veterans make excellent franchise owners. They understand how to follow a system, be a part of a proven concept and winning team, and have resolve to achieve strategic objectives. Smart franchise systems know this and have developed outreach programs to veterans and their family members.