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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: Norfolk, VA 2024 | ||
| Data | Norfolk, VA | Nationwide |
|---|---|---|
| Population | 232.05 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 4.4889% | 0.5% |
| Median Household Income | $93,738 | $74,580 |
| Median Age | 32.04 | 38.9 |
| Residents per Business | 1 to 25 | 10 to 1 |
| Annual Household Expenditures | $8.33 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The health and fitness industry could be a potential area for new franchisees to explore in Norfolk. With an average household income of $98,605 and an estimated per capita income of $41,157 in 2023, there is likely discretionary spending available for health and fitness services. Moreover, the consumer expenditure on health care is substantial at $539.35 million, indicating that health and wellness is a priority for the residents.
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Home services is another industry to consider. With a sizable portion of the population working at home (14.0%), there is an opportunity for businesses that provide home improvement, maintenance, and repair services. The median home value of $261,181 suggests a substantial investment in housing that homeowners would be interested in maintaining or enhancing. Additionally, the existence of older homes (12.7% built before 1939) could create demand for renovation and modernization services.
Lastly, automotive services might be a lucrative franchise option. There are 146,374 vehicles available in Norfolk with an average of 1.6 vehicles per household, and a significant number of these households have multiple vehicles (15.3% with three or more). Considering the annual transportation expenditure is $1.17 billion, which indicates significant spending in vehicle maintenance and services, there is a clear market for automotive franchises providing repairs, maintenance, or even car wash services.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Norfolk, Virginia Franchise Opportunities (and Businesses for Sale)
| Order | Franchise Name | Industry Name | Available Capital | ||
|---|---|---|---|---|---|
| 1 |  | Automated Investments | Business Opportunities | $100,000 | |
| 2 |  | Healthy YOU Vending | Vending Franchises | $25,000 | |
| 3 |  | SiteSwan Website Builder | Business Opportunities | $199 | |
| 4 |  | Zoomin Groomin | Pet Franchises | $90,000 | |
| 5 |  | American Business Systems, LLC | Financial Franchises | $30,000 | |
| 6 |  | GarageExperts | Home Services & Repair Franchises | $60,000 | |
| 7 |  | Batteries Plus | Retail Franchises | $100,000 | |
| 8 |  | Zoom Room | Pet Franchises | $200,000 | |
| 9 |  | My Business Venture | Computer & Internet Franchises | $10,000 | |
| 10 |  | Blue Coast Savings Consultants | Financial Franchises | $70,000 |
Is Norfolk Be the Right Place to Launch Your Franchise?
- What's the business landscape like in Norfolk?
- Is there a reliable workforce for my franchise?
- Are operational costs affordable in Norfolk?
- How financially stable is the community?
- What makes Norfolk a great fit for franchise owners?
Question:What's the business landscape like in Norfolk?
Answer:Norfolk is home to 92,872 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 106,968 employed individuals, providing a steady and loyal workforce for franchise owners.
Question:Are operational costs affordable in Norfolk?
Answer:Absolutely. With a median rent of $1,049, franchise owners in Norfolk 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 Norfolk is $93,738, supporting a stable and engaged customer base.
Question:What makes Norfolk a great fit for franchise owners?
Answer:With 101,386 housing units and a strong sense of community, Norfolk 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.