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The table below offers a collection of data aimed at giving potential franchisees a glimpse into their market landscape. Click Read More to delve deeper, uncovering additional information to assist you in making a well-informed decision. These insights are tailored to highlight the opportunities in your city as you consider a franchise purchase.
| Key Data Points for Greensboro, North Carolina | ||
| Data | Greensboro, NC | Nationwide |
|---|---|---|
| Population | 301.2 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -0.6572% | 0.5% |
| Median Household Income | $95,741 | $74,580 |
| Median Age | 34.15 | 38.9 |
| Residents per Business | 1 to 18 | 10 to 1 |
| Annual Household Expenditures | $8.34 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
In Greensboro, NC, the data points to several promising sectors for new franchisees. The estimated average household income in 2023 is $95,741 with a projected increase to $102,355 by 2028, indicating a community with income that can support discretionary spending. This economic backdrop is conducive for the entertainment franchise industry. Considering the total annual consumer expenditure on entertainment is $470.74 million, franchises that offer family entertainment centers, movie theaters, or recreational activities could tap into the community's willingness to spend on leisure activities.
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Health and fitness franchises also stand to benefit in Greensboro. With the total annual consumer expenditure on health care at $700.09 million and a community showing a considerable interest in personal well-being, there is a potential market for gyms, fitness centers, or wellness programs.
The housing data reveals that there are 123,287 total households with a 92.3% occupancy rate and 55.2% owner-occupied units, which suggests a stable residential market. Home services franchises, which include home improvement, cleaning, and maintenance, could see success given the high rate of homeownership and the annual consumer expenditure on household operations at $328.31 million. These franchises can capitalize on the needs of homeowners seeking to maintain or enhance their property value.
Lastly, the food and beverage sector is another attractive franchise opportunity. Greensboro's total annual consumer expenditure for food and beverages is a substantial $1.23 billion. The presence of 123,287 households, with a significant percentage being multi-person households, underlines the potential demand for quick-service restaurants, specialty food stores, and catering services. The trend of an increasing population, with a projected growth to 303,183 by 2028, also indicates a growing market for new food service franchises.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Greensboro, North Carolina Franchise Opportunities (and Businesses for Sale)
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