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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: Richmond, VA 2024 | ||
| Data | Richmond, VA | Nationwide |
|---|---|---|
| Population | 230.42 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -0.4884% | 0.5% |
| Median Household Income | $103,187 | $74,580 |
| Median Age | 33.87 | 38.9 |
| Residents per Business | 1 to 18 | 10 to 1 |
| Annual Household Expenditures | $9.88 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The housing data for Richmond shows that 60.4% of housing units are renter-occupied, with a median rent of $987. Given the high occupancy rate of rental units (90.9%) and the fact that nearly a quarter of homes were built before 1939, there's a clear opportunity for home services franchises. Services such as maintenance, repair, and renovation could be in high demand, especially given the age of the housing stock. Furthermore, the existence of older homes might necessitate more frequent upkeep, making home service franchises even more pertinent.
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Richmond's consumer expenditure patterns also reveal potential industries for franchising. For instance, the annual consumer expenditure on health care is substantial at $602.09 million, which supports the viability of health and fitness franchises. With the per capita income at $45,795, residents may have disposable income to spend on health and wellness, including gym memberships, fitness classes, and personal training services.
The significant portion of Richmond's workforce operating from home, at 28.1%, presents a fertile ground for home-based franchises. This model of business appeals to those seeking the flexibility of working from home, which has become increasingly popular. The home-based franchise industry could range from virtual fitness coaching, given the high expenditure on health care, to online tutoring services to support the $238.16 million spent annually on education. The attractiveness of home-based franchises is further underscored by the high average household net worth of $477,029, indicating that there may be a segment of the population with the capital to invest in starting their own businesses from home.
Richmond presents a unique opportunity for franchise owners, with 107,571 businesses serving the local community. With fewer businesses compared to larger markets, franchise owners can benefit from less direct competition while still tapping into a steady local economy.
Annual retail expenditures total $4.75 billion, reflecting steady consumer demand, while an average household income of $103,187 supports local spending. Additionally, the area's affordability—including a median rent of $1,059—reflects an accessible market, making Richmond an attractive option for new franchises looking to grow with strong community support.
With 111,963 housing units and a strong sense of community, Richmond offers a business-friendly environment where franchises can build lasting customer relationships and long-term stability.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Richmond, Virginia Franchise Opportunities (and Businesses for Sale)
| Order | Franchise Name | Industry Name | Available Capital | ||
|---|---|---|---|---|---|
| 1 |  | Zoomin Groomin | Pet Franchises | $90,000 | |
| 2 |  | Healthy YOU Vending | Vending Franchises | $25,000 | |
| 3 |  | American Business Systems, LLC | Financial Franchises | $30,000 | |
| 4 |  | GarageExperts | Home Services & Repair Franchises | $60,000 | |
| 5 |  | SiteSwan Website Builder | Business Opportunities | $199 | |
| 6 |  | Automated Investments | Business Opportunities | $100,000 | |
| 7 |  | Batteries Plus | Retail Franchises | $100,000 | |
| 8 |  | Blue Coast Savings Consultants | Financial Franchises | $70,000 | |
| 9 |  | Jeff's Bagel Run | Food | $500,000 | |
| 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.