If you were one of the millions of people who quit their jobs for a new opportunity during the Great Resignation, it may be time to take the next step. As you look toward the future, discover the best franchises to own. Get insights into current and future franchising trends supported by franchise industry statistics to help narrow your options.

The Great Regret

The Great Resignation, a term coined to describe the unprecedented wave of workers who left their jobs following the pandemic outbreak in 2020, altered the course of many careers, opening up new pathways to potential satisfaction for employees. Stay-at-home orders prompted people to contemplate their future. Triggered by a collective reevaluation of work-life balance, job satisfaction, and pursuit of more fulfilling opportunities, people explored different avenues. Pew Research Center reports the U.S. quit rate reached a 20-year high in November 2021.

As the Great Resignation unfolded, it highlighted the evolving priorities of the workforce and forced employers to rethink how they attract and retain talent. Businesses across sectors began to offer more flexible working arrangements and higher wages and many focused on employee well-being and engagement strategies.

Unfortunately, people did not find the job satisfaction they craved. A new study conducted by Paychex revealed 80% of employees who left their jobs during the Great Resignation regretted the decision. At least 68% of employees attempted to get their jobs back, but only 27% of employers rehired employees who left during this period. And only 11% were more likely to be satisfied with their new salaries.

Franchising Provides a New Path Forward

Transitioning to a new corporate job can be unpredictable, especially when the move is driven more by dissatisfaction than a clear vision for the future. Taking control of your future by opening a business can be a viable opportunity to help you achieve your goals. More than half of U.S. adults believe there are “good opportunities to start a business locally,” according to a report from the Global Entrepreneurship Monitor.

With an eye to the future, embracing a franchise could unlock the door to a rewarding entrepreneurial path. The franchise industry statistics showcase its status as a powerhouse. Franchising is forecast to grow by 4.1% in 2024, hitting $893.9 billion, according to the International Franchise Association (IFA). The gross domestic product of the franchise industry is on track to rise 4.3% to $545.8 billion.

If you want to pursue entrepreneurship with ongoing guidance, franchising offers a combination of freedom and security. You’ll get a turnkey business providing brand recognition, a tested business model, and a support system from the franchisor in training, marketing, and operations. The franchising framework can potentially lower the startup risks typically associated with new ventures.

Best Franchises for the Future

The growth potential and resilience of certain franchise industries make them ideal picks for long-lasting demand. Here are some of the best franchises to own:

  • Home services: Demand for services like improvement, maintenance, and organization continues to climb. Angi estimates the average homeowner spent $9,542, in 2023 on 2.8 home improvement projects. Franchises like The Tailored Closet, a whole home organization brand, offer niche solutions to tap into the expanding home services industry market.
  • Health and wellness: This sector's trajectory is skyrocketing, owing to a surge in demand for personalized fitness, nutrition, and wellness services. Health and wellness franchises benefit from diverse revenue streams, including membership fees, personalized health and wellness plans, wellness products, and technology-driven health monitoring services.
  • Technology: Franchises offering tech support services, cybersecurity, drone services, and broadband access are set to thrive. Tech-centric franchises help businesses stay relevant and improve customer access to technology solutions.
  • QSR chicken restaurants: The popularity of chicken restaurants continues to soar as customers express a growing preference for high-quality, protein-rich dining options that don't compromise on flavor. Chicken sandwiches received high marks on the National Restaurant Association’s list of hot food items last year, and regional chicken chains, such as Starbird, Slim Chickens, and Dave’s Hot Chicken are charting a course for expansion.
  • Senior care services: As life expectancy increases and the baby boomer generation retires, the demand for comprehensive senior care solutions is strong. The emphasis on enhancing quality of life, maintaining independence for as long as possible, and providing support for age-related health issues is driving innovation and expansion within the industry, including in-home care, assisted living, adult day care, and specialized healthcare services.
  • Property restoration: The increasing need to address damage from natural disasters, accidents, and our aging infrastructure is bolstering demand for property restoration and making it one of the best franchises to own. The Atlantic hurricane season was the fourth “most active” season on record, according to the Center for Disaster Philanthropy.
  • Window tinting: Extreme temperatures are playing a role in the popularity of window tinting. It can reduce temperatures inside buildings and vehicles by blocking a significant portion of the sun's rays, including infrared and ultraviolet (UV) light, which are primarily responsible for heat build-up and fading of interior fabrics.

Why Choose The Tailored Closet?

The Tailored Closet can be a lucrative choice with consistent demand and franchisor support. The home organization sector's appeal is tied to its adaptability and the universal desire for organized, functional living spaces. Our customizable offerings are tailored for closets, mud rooms, hobby rooms, home offices, laundry rooms, and pantries. We also have space-saving Murphy beds for out-of-town guests.

As homes increasingly double as workplaces, the demand for organization solutions only grows, marking it as one of the best franchises to own. Gallup reports five out of ten people who are able to work remotely have a hybrid schedule where they spend part of the week working from a home office.

With a history of success and nearly 200 locations, our business model merges quality with service, laying a solid foundation for your venture. To get started, we require an initial investment ranging from $155,220 to $268,675 for a single territory with a minimum of 100,000 households. Our parent company, Home Franchise Concepts, ensures its franchisees are well-equipped for success, providing extensive training, marketing strategies, and operational support. Home Franchise Concepts has 10 home services brands covering at least 2,600 franchise territories.

Discover a Future in Home Organization with The Tailored Closet

If you're reassessing your career in the aftermath of the Great Resignation, franchising presents a promising path to entrepreneurship. Inquire now to learn about partnering with The Tailored Closet to launch a franchise.

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