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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: Lakeland, FL 2024 | ||
| Data | Lakeland, FL | Nationwide |
|---|---|---|
| Population | 120.34 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -12.0834% | 0.5% |
| Median Household Income | $97,412 | $74,580 |
| Median Age | 37.34 | 38.9 |
| Residents per Business | 1 to 17 | 10 to 1 |
| Annual Household Expenditures | $4.34 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)
| Order | Franchise Name | Industry Name | Available Capital | ||
|---|---|---|---|---|---|
| 1 |  | American Business Systems, LLC | Financial Franchises | $30,000 | |
| 2 |  | Healthy YOU Vending | Vending Franchises | $25,000 | |
| 3 |  | GarageExperts | Home Services & Repair Franchises | $60,000 | |
| 4 |  | Zoomin Groomin | Pet Franchises | $90,000 | |
| 5 |  | Batteries Plus | Retail Franchises | $100,000 | |
| 6 |  | Automated Investments | Business Opportunities | $100,000 | |
| 7 |  | SiteSwan Website Builder | Business Opportunities | $199 | |
| 8 |  | Health Atlast | Health & Fitness Franchises | $300,000 | |
| 9 |  | Village Idiot Pizza | Food Franchises | $250,000 | |
| 10 |  | Fleet Services International | Automotive | $100,000 |
Is Lakeland Be the Right Place to Launch Your Franchise?
- What's the business landscape like in Lakeland?
- Is there a reliable workforce for my franchise?
- Are operational costs affordable in Lakeland?
- How financially stable is the community?
- What makes Lakeland a great fit for franchise owners?
Question:What's the business landscape like in Lakeland?
Answer:Lakeland is home to 48,575 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 62,283 employed individuals, providing a steady and loyal workforce for franchise owners.
Question:Are operational costs affordable in Lakeland?
Answer:Absolutely. With a median rent of $1,063, franchise owners in Lakeland 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 Lakeland is $97,412, supporting a stable and engaged customer base.
Question:What makes Lakeland a great fit for franchise owners?
Answer:With 51,572 housing units and a strong sense of community, Lakeland 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.