Let’s be honest, some New Year’s resolutions are pipe dreams. Gym memberships, for example, are usually opened on January 2 and closed by January 9. A new career, however, is one that can definitely stick. If you’re entrepreneurial-minded and looking to start an entirely new way to make a living, this upcoming January might be the right time to become your own boss while leveraging the power of an existing brand. Yes, we’re talking about owning and operating your own franchise. Check out the top 5 trending franchise categories for 2023. One of them might be the best New Year’s resolution you’ve ever had!
1. Pets
A strange side effect of the economic shutdown from the pandemic was the increase in pet ownership. People locked in their homes without the ability to freely wander for shopping excursions, dining delicacies, movie magic, and other forms of entertainment turned to the companionship of four-legged friends. Who can blame them? Pets are often the most revered family member. They offer all the benefits of unconditional love with none of the discord.
According to the American Pet Products Association, just over two-thirds of American households contain at least one pet. If you’re a Savvy entrepreneur looking to capitalize on one of the hottest emerging franchising trends of 2023, pet grooming, daycare, food, treats, toys, and apparel are viable subcategories to look for within the overall industry.
2. Property Management
Inflation, rising mortgage rates, an unstable financial market…what does it all mean? Probably a lot of things, but one aspect of American life that has changed is where we live. Millennials are choosing to rent a home or apartment instead of buying one. As a result, property management services have become one of the more popular trends in franchising.
You don’t need to be a real estate mogul to run a property management company. Like most opportunities, you need to have a business mindset and a strong work ethic. Combine those innate strengths with the power of a proven company and next year could be a turning point in your entrepreneurial aspirations.
3. Home Improvement
While millennials are renting, baby boomers and gen Xers are staying in the home they’ve already bought. The uncertain economic year ahead has home buyers appreciating everything they already have and investing more money into their homes. This makes home improvement one of the top 5 trending franchise categories for 2023.
According to Statista, a leading market and consumer data provider, the home improvement market segment is expected to reach $600 billion by 2025. If you’re a plumber, an electrician, or generally handy around the house, you can find your niche in this service segment. Other subcategories also exist: consider window treatments and interior design, as well as the two most popular home improvement areas of kitchen and bath remodeling. Perhaps landscaping is your thing. The opportunities in this area are vast. With mortgage rates expected to continue their upward climb, home improvement is easily one of the top 5 trending franchise categories for 2023.
4. Senior Care
Good news—people are living longer! As a result, senior care has emerged as one of the more readily available franchise trends of recent years and that growth is expected to continue in the upcoming years as well.
In-home care services are currently an excellent opportuntiy for people with a kind heart, a caring soul, and a proven healthcare background. Emerging subcategories should also prosper in the new year and the long term. These niche markets will likely be technology based, as sons and daughters will be leaning on smart home features to help them ensure a safe and accessible environment for their elderly parents.
If you’re concerned that the technology sector and senior care don’t make for a natural fit, take a look around any assisted living center or memory care unit. You’ll see people well into their eighties and beyond playing word games and connecting with loved ones via video conference on a tablet everywhere. Today’s tech has become so intuitive, age is no longer a barrier. In fact, you’ll also see many people taking advantage of health apps on a smartphone or wearable device like a watch.
5. Insurance
When you think about trends in franchising, the more popular names like Subway and 7-Eleven might come to mind. While the pets, property management, home improvement, and senior care markets can be considered “outside-the-box” ideas to consider in 2023, none of them are quite as unexplored with as many benefits involved as the insurance industry.
Unless you’re an experienced professional with a background that spans multiple decades, opening your own business with your own brand won’t be easy. Leveraging the power of an existing brand, however, can be fast to open, have a low amount of personal overhead, and allow you the chance to join a growing marketplace. The latest buzz around the investment world has insurance franchise trends as an increasingly lucrative opportunity for anyone with business acumen and a drive to succeed.
If it’s reliability you’re looking for, the insurance segment is as good as you’ll find. As long as people own homes, they’ll need insurance. Likewise, for automobiles and other aspects of life that require coverage in the event of something unforeseen and potentially costly. If you like working with people and are seeking a dependable way to run your own business, consider this as a top option.
Entrepreneurial New Year’s resolutions are a great idea, especially in a relatively untapped market like insurance, but why wait? You can get started in the insurance business today by calling Freeway Franchise at (877) 822-3024 or by filling out our online form. A member of our expert staff will help you become a member of our valuable team, even if you have no industry experience.
