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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 Lakeland, Florida | ||
| Data | Lakeland, FL | Nationwide |
|---|---|---|
| Population | 118.62 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -12.5239% | 0.5% |
| Median Household Income | $91,793 | $74,580 |
| Median Age | 37.7 | 38.9 |
| Residents per Business | 1 to 16 | 10 to 1 |
| Annual Household Expenditures | $3.05 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Analyzing the data for Lakeland, FL, several franchise industries stand out as potentially lucrative opportunities. Firstly, with an estimated population of 118,618 in 2023 and a projected growth rate of 2.7% from 2023 to 2028, the city is experiencing steady growth. This population increase suggests a growing market for services such as home services and real estate franchises. With 89.3% of housing units occupied and a median home value of $204,946, there is evidence of a substantial homeowner market that could support franchises in home repair, landscaping, and real estate services. The historical annual change in average household income between 2000 and 2023 is 4.5%, indicating increasing discretionary spending, which could benefit these sectors.
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The automotive franchise industry also presents a promising opportunity. With 75,007 total vehicles available in Lakeland and an average of 1.6 vehicles per household, there is a significant market for automotive services. Furthermore, 65.7% of households are owner-occupied, and these households own 72% of the available vehicles, which may indicate a propensity for vehicle maintenance and repair services.
Education and entertainment franchises could be another area for growth in Lakeland, considering the allocation of annual consumer expenditures. Residents spend $90.29M on education and $171.73M on entertainment annually. This spending behavior suggests a market for educational services, entertainment, and recreational activities.
Finally, the health and fitness industry is worth considering. The city's average household net worth in 2023 is estimated at $370,489, and residents spend $260.4M on health care annually. The presence of disposable income and a high expenditure on health indicates a community valuing wellness, which could be a good customer base for health clubs, fitness centers, and wellness-related services.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Lakeland, Florida Franchise Opportunities (and Businesses for Sale)
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