5 Profitable Franchise Industries To Invest In That Aren’t Food Related
Franchising has become an attractive prospect for many aspiring entrepreneurs. It has proven itself to be highly resilient in today’s time. Given the numerous benefits that a franchise business offers as a proven business model, brand recognition, support & training etc, are adding to the popularity of taking a franchise.
According to Gaurav Marya, Chairman of Franchise India, “The franchise industry in India is today estimated to be at USD 47-48 billion.” And going by recent trends, it seems that this figure is only set to rise in the future.
However, more often than not, when people think of franchisees they instantly think of food franchises. It is one of the most common myths related to franchising which we debunked recently.
Though the most famous franchises are food franchises only, there are lots of other successful franchises in other industry. Almost 60% of franchises are in non-food sectors and are doing extremely well. Here is the list of some of the profitable franchise industries to invest your money in, which are not food related.
Fitness Franchises are selling like hot cakes. With changing lifestyle and increased focus on being fit & healthy, there has been a significant increase in people joining gyms & fitness clubs. The Indian fitness industry is expected to reach USD 554.2 million by 2022. The industry also offers diverse opportunities, ranging from yoga-based exercise studios to national gym networks etc.
Salon & Spa Franchises
The beauty industry is one of the lucrative sectors of the franchise model in India. The salon industry is growing fast, generating annual revenue of around $20 billion, which will reach $58.7 billion by 2019. However, venturing into the salon business is not a cake walk. This is where franchises come in the forefront.
There are many options in the beauty sector for entrepreneurs to choose from. Depending on the choice of preference and budget, beauty industry offers a plethora of opportunities ranging from beauty parlours to specialized spas.
An education franchise is a major part of the franchise business with tremendous opportunities. There are various kinds of education & training franchisees such as school, pre-schools, a learning centre, a training institute, grooming centre, animation school, coaching classes, aviation academy, language centre, etc. The education sector in India is estimated at US$ 91.7 billion and is expected to reach US$ 101.1 billion.
The most simple and easy way to venture in the healthcare industry is, to begin with, taking a pharmacy franchise. It is one of the most flourishing and productive franchises in the healthcare industry today. Brand name & trust are an important factor for success in the healthcare industry, taking up a pharmacy franchise offers both. Thus, It is one of the thriving and profitable businesses opportunities which never go out of demand as these stores have daily use products with them as well.
Apparel Retail Franchise
Apparel retail franchise in India is the key franchise business opportunity. The fashion industry in India sees the entrance of new brands that soon become popular. The fashion industry adapts quickly to changing trends, making it a highly profitable business opportunity. With the growing per-capita income of people, there is a huge demand for international clothing brands. The Indian retail market is expected to reach the US $1,576 billion by 2026.