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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 Norfolk, Virginia | ||
| Data | Norfolk, VA | Nationwide |
|---|---|---|
| Population | 234.16 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 2.7048% | 0.5% |
| Median Household Income | $98,605 | $74,580 |
| Median Age | 32.15 | 38.9 |
| Residents per Business | 1 to 25 | 10 to 1 |
| Annual Household Expenditures | $6.45 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 |  | PostalAnnex+ | Printing Packing & Shipping | $70,000 | |
| 2 |  | Healthy YOU Vending | Vending Franchises | $25,000 | |
| 3 |  | AAMCO Transmissions & Total Car Care | Auto Franchises | $90,000 | |
| 4 |  | FranServe - Become a Franchise Consultant! | Business Services Franchises | $50,000 | |
| 5 |  | Automated Investments | Business Opportunities | $100,000 | |
| 6 |  | FranDestiny | Business Services Franchises | $150,000 | |
| 7 |  | American Business Systems, LLC | Financial Franchises | $30,000 | |
| 8 |  | Batteries Plus | Retail Franchises | $100,000 | |
| 9 |  | Apricot Lane | Retail Franchises | $80,000 | |
| 10 |  | Fleet Services International | Auto Franchises | $100,000 |
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.