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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 Winston-Salem, North Carolina | ||
| Data | Winston-Salem, NC | Nationwide |
|---|---|---|
| Population | 252.97 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -3.1116% | 0.5% |
| Median Household Income | $91,916 | $74,580 |
| Median Age | 35.58 | 38.9 |
| Residents per Business | 1 to 23 | 10 to 1 |
| Annual Household Expenditures | $6.78 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The data in Winston-Salem shows a significant portion of the population owns homes, with 58.8% of housing units owner-occupied and a median home value of $202,652. This home ownership rate, coupled with an average of 1.7 vehicles per household and 70.5% of vehicles being in owner-occupied households, indicates that home services and automotive franchises could be lucrative. Home services such as repair, landscaping, and renovation are likely to be in demand. Similarly, automotive services for maintenance, repair, and detailing could benefit from the high vehicle ownership and the importance of car travel indicated by the fact that 71.0% of workers drive to work alone.
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With total annual consumer expenditure on food and beverages at $996.81 million, which is the highest category of retail expenditure, the food industry appears promising in Winston-Salem. Food franchises, especially those that offer unique dining experiences or cater to health trends, can tap into this market. The presence of a significant number of households with incomes between $50,000 to $99,999 (29.8%) suggests that mid-range dining and fast-casual restaurants could perform well, offering quality food options at an affordable price point.
Lastly, considering the 10.3% of households with four persons and the need for family-oriented entertainment and education, franchises in the entertainment and education sector could also prosper. This could include family entertainment centers, tutoring services, and educational programs that cater to the younger demographic represented within these households.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Winston-Salem, North Carolina Franchise Opportunities (and Businesses for Sale)
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