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PNC recently released its list of industries expected to thrive in 2024. Travel operators and travel-related small businesses topped the list. This might not be a big surprise given that many people are excited to pursue personal experiences again through traveling after being homebound for so long during the pandemic and the uncertainty that followed.
For those looking into starting a franchise, these lists offer a lot of promise and healthy direction. A list like this from a third-party resource as reputable as PNC allows us to see what’s expected to happen in the market. Knowing those expectations can help you find a franchise you love that will also align with the market demands. You might want to lean into one of these four industries, with the travel industry expected to thrive.
Travel Franchises Carry Tremendous Potential
With the expected travel industry boom, it’s no secret that starting a travel franchise makes a lot of sense. These franchises are filled with opportunities for people who love to travel and love to support other travelers. From cruise planners to vacation planners, there are tremendous benefits to operating a travel franchise. As a special perk, you, too, can explore while helping others find unique experiences.
US Industry Landing :: Travel Franchises
Food Franchises Will Serve Travelers
Travelers don’t have easy access to kitchens to whip up their favorite meals. Instead, they need to eat out whenever they travel, which increases the demand forfood franchises.
If you live in a highly traveled area, having a quick-service restaurant for the traveler on the go can be enormously lucrative. Likewise, having a restaurant franchise for a sit-down meal can also offer a welcome invitation for travelers. Looking at your area and the type of traveler who arrives will help you know the right option for your region.
Help Travelers Wake Up with a Coffee or Tea Franchise
It’s no secret that you don’t sleep as well as you’d like when traveling. Enter coffee.
Many travelers seek tea or coffee to satisfy their desire for a good morning brew. If you operate a tea or coffee franchise in a highly traveled area, you can capture these customers and take advantage of the thriving industry.
Having a franchise gives you the benefit of having a well-known and recognizable name. Likewise, many franchises offer loyalty programs. Being easily recognized and having a loyalty program to fuel your sales helps spur franchise growth in well-traveled regions. If you don’t live in a well-traveled area, you can open a food truck and go to where the crowds go, allowing you to capitalize on events and destination experiences in your town.
Small Business Support Franchises Will Be in Demand
In addition to the travel industry, PNC predicts that information technology companies, such as social media consultants and web designers, will continue to boom. The good news is that, even if you don’t have years of experience in these fields, you can still start a franchise that will help you connect the businesses with those who need support and those who can help them.
The beauty of franchising is that you can understand what’s needed in the market and start a business that will support that need. With the strong forecast for the travel industry, starting a franchise in this space or any of the peripheral industries holds a lot of promise.
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Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.