What are the best franchise industries in 2023? These little-known franchise industries can generate millions with low initial investments! Today on The Franchise City video above, you will be shown you the little-known low cost franchise industries that are booming in 2023, andthey also look at how much money you can actually expect to generate as a franchise owner.
Service based franchises can be the best franchise for buyers on a budget. “Service based” franchises cost much less as they are generally operated from a small office, sometime a home office and many can generate millions of dollars a year.
10,000 boomers turn 65 every day and are starting to need help around the house. Senior care franchises hire mobile caregivers to attend to these seniors in their homes and help with basic tasks. Due to the low investment, typically in the $120k-$250k range, projected growth of the industry, recession resilience, and potential earnings we put senior care as one of the best franchise options for 2023. If you watch the Franchise City YouTube channel we covered one senior care franchise owner grossing over 55 million a year. In context the top earning McDonalds does around 10 million a year.
Fires, floods, mold, hurricanes are not going away and Disaster recovery franchises help homeowners recover. Investment around $200k. Franchise owners hire and manage crews of experts who help people get their homes or business in order after a disaster. Industry is completely recession proof, you mostly deal with insurance companies so getting paid is easy, weather is becoming more extreme and demand is up, some brands demonstrate a top net yearly income of over $800k
Looks like we may be headed for a recession, interest rates are increasing which means people hold on to their cars longer. Automotive type franchises are a bit higher investment in the $300k to $700k range, but there are mobile options as well starting in the $100k range. In most cases owners don’t need to be an experienced mechanic as you hire and manage your staff. Recession resilient, much lower cost than fast food, increasing market demand, and some brands average over $400k EBITDA for top 50% of their stores.
Guess what else people need in a recession no matter how bad the economy gets? Appliance, electrical and plumbing repair. Again, these can be started from a small warehouse or home office so a lower investment starting under $150k, you manage crews who go out in vans and help homeowners fix their electrical, plumbing or appliance related problems. Again, a need not a want so recession proof, when money tightens people stay in homes longer and often choose to fix rather than replace.
DISCLAIMER: Please remember there are many unique variables involved when you make your decision like your local market, demographics, competition, your own skills and operational preferences so take these examples as a general guide, and never trust those general franchise “top lists”. Check some of the videos on the Franchise City YouTube channel to see why you shouldn’t trust these lists.
Here is a link to the Franchise City YouTube channel: – https://www.youtube.com/@FranchiseCityOnline