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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: Knoxville, TN 2024 | ||
| Data | Knoxville, TN | Nationwide |
|---|---|---|
| Population | 203.96 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -3.2921% | 0.5% |
| Median Household Income | $81,885 | $74,580 |
| Median Age | 32.16 | 38.9 |
| Residents per Business | 1 to 15 | 10 to 1 |
| Annual Household Expenditures | $7.45 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The Knoxville, TN, demographic data points to several promising franchise industries. Firstly, the real estate sector appears promising with a median home value of $237,252 and a high percentage of owner-occupied units (58.9%). The historical annual growth of housing units between 2020 and 2023 was 1,556 units, and the owner-occupied units stood at 50,566. With these figures, a franchise in home services could thrive. Services could include landscaping, renovation, or home inspection services, catering to the needs of the substantial homeowner population looking to maintain or increase their property value.
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Secondly, the automotive industry holds potential for new franchisees. With 85,810 households and a total of 145,927 vehicles available, averaging 1.7 vehicles per household, there's a clear demand for automotive services. A franchise specializing in vehicle maintenance, repair, or even car wash services could serve this market.
Another area with potential is the health and fitness industry. Knoxville has an estimated average household income of $82,655 and a significant portion of expenditures goes towards health care ($441.76M). With a strong spending power and a focus on health, franchises in the fitness sector such as gyms, specialized fitness centers, or even health food stores could capitalize on the community's investment in health and wellness.
Lastly, given the consumer expenditure data, the food and beverage industry also presents an opportunity. Knoxville residents spend a considerable $769.49M annually on food and beverages. This, paired with an average monthly household expenditure of $747 on food and beverages, suggests a vibrant market for food-related franchises. This could include fast-casual dining, specialty food stores, or even health-oriented eateries.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Knoxville, Tennessee Franchise Opportunities (and Businesses for Sale)
| Order | Franchise Name | Industry Name | Available Capital | ||
|---|---|---|---|---|---|
| 1 |  | Automated Investments | Business Opportunities | $100,000 | |
| 2 |  | Tiger Adjusters | Home Services & Repair Franchises | $50,000 | |
| 3 |  | Healthy YOU Vending | Vending Franchises | $25,000 | |
| 4 |  | Proper Ecom Academy | Business Opportunities | $50,000 | |
| 5 |  | Building Kidz School | Child Related Franchises | $200,000 | |
| 6 |  | FranServe - Become a Franchise Consultant! | Business Services Franchises | $50,000 | |
| 7 |  | PostalAnnex+ | Printing Packing & Shipping | $70,000 | |
| 8 |  | Batteries Plus | Retail Franchises | $100,000 | |
| 9 |  | American Business Systems, LLC | Financial Franchises | $30,000 | |
| 10 |  | Wings Etc. | Food | $350,000 |
Is Knoxville the Right Place to Launch Your Franchise?
- What's the business landscape like in Knoxville?
- Is there a reliable workforce for my franchise?
- Are operational costs affordable in Knoxville?
- How financially stable is the community?
- What makes Knoxville a great fit for franchise owners?
Question:What's the business landscape like in Knoxville?
Answer:Knoxville is home to 88,983 businesses, meaning franchise owners can enter a market with less direct competition and a more localized customer base.
Question:Is there a reliable workforce for my franchise?
Answer:Yes! The city has 142,988 employed individuals, providing a steady and loyal workforce for franchise owners.
Question:Are operational costs affordable in Knoxville?
Answer:Absolutely. With a median rent of $913, franchise owners in Knoxville can benefit from lower real estate costs, making it easier to secure commercial space.
Question:How financially stable is the community?
Answer:The average household income in Knoxville is $81,885, supporting a stable and engaged customer base.
Question:What makes Knoxville a great fit for franchise owners?
Answer:With 91,710 housing units and a strong sense of community, Knoxville provides a stable market where franchises can establish long-term success.
At Franchise Ventures, we prioritize transparency and objectivity to empower your franchise decisions. Unlike brokers or franchisors, our motivations are unclouded by financial incentives tied to your choices. We don't earn based on the franchise you opt for, instead, our mission is to present you with impartial insights. Navigate through a realm of franchising opportunities with information you can trust.