The Best New Franchises in 2024
The Best New Franchises in 2024
Are you thinking about buying a franchise? Great franchise opportunities share a few common traits. The best new franchises in 2024 align with current market demands and show promise for future growth. Top franchises typically operate in industries that are either evergreen or riding the wave of emerging trends. They offer a solid product and have a strong brand identity to ensure a steady flow of business.
In addition to appealing to customers, great new franchises offer a proven brand, comprehensive training, and ongoing guidance to the owners in their system. They have a strong company culture and a supportive franchise community.
Fastest Growing Franchise Types
Certain franchise industries have shown resilience and growth potential, even in uncertain economic times. Franchises in these sectors are attracting entrepreneurs due to their relevance to everyday consumer needs and their adaptability to changing market conditions. Whether it's the ongoing appeal of home services or the burgeoning growth of the health and wellness sector, these industries provide potential opportunities for entrepreneurs looking to start a franchise.
- Health and wellness: The health and wellness sectors offer a wide range of franchising opportunities, from fitness centers and yoga studios to health food stores and wellness clinics. The number of Americans who were members of a fitness facility in 2022 hit a record high of 68.9 million, up 3.7% from the prior year, according to recently released numbers by IHRSA — the Health & Fitness Association. The top three fitness activities were yoga, swimming, and high-intensity interval training, IRHSA revealed. The industry is driven by a global emphasis on healthier lifestyles, which is leading to a surge in demand for services and products that promote physical and mental well-being.
- Technology: As technology becomes increasingly essential in both personal and professional life, franchises in this sector have significant growth and expansion potential.
- Travel: After the travel restrictions of the past few years, there's a pent-up demand for travel experiences. People are eager to explore new destinations, creating opportunities for travel-related franchises to flourish. At least 85% of people plan to take the same number, or more, trips abroad in 2024. The travel sector offers various franchising options, from travel agencies to specialty tour operators, as well as home-based options with a low initial investment.
- Beverages: There's a growing trend towards specialty beverages, including craft fountain drinks and health-focused options like smoothies and juices. Beverages, especially specialty drinks, often come with high-profit margins and have a small footprint.
- Home services: Home services, including cleaning, renovation, and maintenance, are always in demand as homeowners continually invest in their properties. The home services sector is less affected by economic downturns and people often choose to repair or upgrade their current homes instead of moving.
Bath Tune-Up: A Hot Home Services Opportunity
Bath Tune-Up is emerging as a hot home services franchise in 2024. The home remodeling industry, especially bathroom renovations, continues to see robust growth. Bathrooms were the most popular room to remodel in 2023, according to Houzz. We tap into this demand by offering a range of services, from minor updates to complete overhauls, allowing us to cater to a broader range of customer needs and budgets.
As part of the Home Franchise Concepts family, we provide franchisees with extensive training, marketing support, and operational guidance. Home Franchise Concepts is the franchisor of 10 home services brands, also including Kitchen Tune-Up, Budget Blinds, Concrete Craft, and The Tailored Closet. Our support system is invaluable for new entrepreneurs, ensuring they have the tools and knowledge to succeed. Each Bath Tune-Up owner receives 94 hours of in-person training and about 37 hours of on-the-job training.
The initial investment for a Bath Tune-Up location is $104,930 to $158,850, including a franchise fee of $19,950 and an initial territory fee of $45,000. We offer in-house financing to qualified candidates of $36,000, and a single territory consists of approximately 41,000 households.
Get Started with Bath Tune-Up Today!
Inquire now to learn more about hot franchises and what it takes to get started with Bath Tune-Up.