I’ve said it before, and I’ll say it again: franchising truly does have something for everyone. The industry is incredibly diverse, with options in hundreds of fields and a variety of configurations. I believe any franchise can be successful if you find the right fit for your resources, experience, and goals. But I also believe that certain franchises may do especially well this year. These are franchises that help solve consumer challenges by tapping into long-term demographic and cultural trends. Results are not guaranteed, of course, but I think the best franchises to buy in 2023 will be those that focus on pets, self-care, home improvement, and elder care.
Pet-Oriented Franchises
Of the best franchises to buy this year, I feel most enthusiastic about pet-oriented franchises. Did you know that U.S. families have more dogs than they do children?* Not to mention cats, birds, and other popular pets. And with 90% of employers requiring workers to return to the office, more pet owners need help looking after their animals.
Aside from the massive size of the market, I’m bullish on pet-oriented franchises for three reasons. First, they’re a diverse group, like the franchise industry itself. You can choose from pet-supply stores, doggie daycares, grooming, training, and more. That means you can easily find an option to fit your skills and interests.
Second, the workers in the pet industry are passionate about what they do. They take their jobs seriously, love coming to work each day, and are in the industry for the long haul. That means you can more easily find dedicated, professional employees to minimize labor challenges.
Third, pet-oriented franchises make my best-of list because they’re suitable for executive-model ownership. Most have a brick-and-mortar base and can be operated as multi-unit businesses. And with a pool of enthusiastic employees to choose from, you should have no trouble finding a good manager to oversee day-to-day operations.
Self-Care Franchises
Even before the pandemic, U.S. culture was experiencing a shift in attitudes toward self-care. The isolation of lockdowns, heavy burden placed on mothers, and tremendous losses experienced over the last several years have only accelerated that shift. For those reasons, I’m putting self-care franchises on my list of best franchises to buy this year.
I also think this is a long-term trend, making self-care franchises a good choice for a retirement strategy. And, like pet-care options, self-care franchise options are diverse. Self-care has traditionally meant beauty and wellness: hair and nail salons, conventional fitness centers, and nutrition. Those are still very solid choices, but the range of self-care franchises has expanded in recent years. Franchisees can now also choose from mental health care, medical spas, boutique or technology-powered fitness, and more.
Self-care franchises do sometimes involve more red tape than other franchises. Mental health franchises, for instance, may be subject to special regulations or certification requirements. On the flip side, this means that the workforce tends to be highly professionalized. Employees are usually conscientious, mission-driven, and committed to a positive client experience.
And like pet-care franchises, self-care franchises are usually perfect for aspiring executive franchisees. With some up-front time investment, you can build a network of locations and ultimately manage the business in just 5-10 hours per week. These are also some of the most fulfilling franchises to own, as they help improve clients’ quality of life.
Home Improvement and Elder-Care Franchises
Though I work primarily with candidates who are interested in executive franchise ownership, I do see promise in a couple of franchise options for aspiring owner-operators.
First, home improvement franchises are on the rise and unlikely to slow down any time soon. We partly have HGTV and pandemic lockdowns to thank for that. As people were forced to stay home with time on their hands, they binge-watched DIY shows and got inspired to make their dwellings more comfortable for a stay-put, remote-work lifestyle. Now, with the national housing market extremely tight and pandemic restrictions lifted, homeowners are looking to pros to help them improve their homes for the long haul.
Elder care franchises are also growing, due largely to demographic trends. The U.S. population is aging, thanks to the large size of the Baby Boomer generation. And many of the elderly are likely to need outside help, since Baby Boomers got divorced at historically high rates and had children at historically low rates. Elder care franchises help through adult daycare, in-home care, medical transportation, and other services that improve ease and quality of life for older citizens.
Although these four are my choices for the best franchises to buy in 2023, the franchise world offers many other excellent choices. My co-consultant Lauri and I can help you narrow this vast field to the options that work best for you. Our services are free, and our priority is helping you find freedom and security for yourself and your family. Book some time with one of us today to start your journey!
*Sources: Federal Interagency Forum on Child and Family Statistics, American Veterinary Medical Association
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