Richmond, Virginia Franchise Market Analysis
To gain comprehensive insights into Richmond, Virginia, consider these figures in the table below, which include demographic segments, household dynamics, and financial averages, all pivotal in assessing the viability and promise of your franchise endeavor.
Richmond, Virginia Demographic Insights | ||
Households (2023) | 108,026 | |
Households (2028) | 110,624 | |
Population (2023) | 230,595 | |
Population (2028) | 244,153 | |
Per capita Income (2023) | $45,795 | |
Total Household Expenditures | $7,320,834,519 | |
Total Retail Expenditures | $3,418,757,156 | |
Average Household Income (2023) | $96,910 | |
Average Household Income (2028) | $102,423 | |
City Data retrieved from https://sitesusa.com/Data |
Local Insights
Richmond’s data show that a franchise in the automotive industry could be quite promising. The gap report reveals a significant potential in the motor vehicle and parts dealers sector, with potential sales of $666.13 million compared to actual sales of $367.72 million. The household vehicle data further supports this potential, with 42.6% of households having one vehicle and 29.5% with two vehicles. This translates to a substantial market for automotive franchises that offer a spectrum of services, particularly for households that may rely on a single vehicle and thus prioritize its maintenance and uptime.
Read MoreWith a robust annual consumer expenditure on food and beverages surpassing $1 billion, the food industry in Richmond has a substantial customer base. Limited service restaurants show promise with $120.27 million in potential sales against $118.14 million in actual sales. This could signal an opportunity for quick-service food franchises, particularly those that offer delivery and catering, tapping into the 28.1% of the workforce who work from home and could be looking for convenient dining options.
In Richmond, the landscape for business services franchises is likely to be driven by the city’s thriving corporate environment. With a total of 12,688 businesses and a substantial employee base of 127,508 individuals, the need for business support services—from printing and marketing to consulting and logistics—is implicit. A franchise that offers innovative solutions to streamline operations, reduce costs, or enhance productivity could find a receptive market, especially among the 3.6% of businesses that are company headquarters with demanding corporate service needs.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Richmond, Virginia Franchise Opportunities (and Businesses for Sale)
First on the scene and best in its class, Sky Zone created the world’s first wall-to-wall trampoline park in 2004, bringing healthy, high-flying fun to people across the globe. Now you can be part of this international…
500k Minimum Cash Required
VOTED TOP PART TIME - WORK AT HOME BUSINESS! Are You Looking to Make an Additional $100,000 in the Next 12 Months - No Employees to Hire - No Equipment to Rent/Buy - No Office/Warehouse to Rent/Lease - Start Making money in…
30k Minimum Cash Required
Sniffing around for a great new opportunity? Zoomin Groomin is expanding our Mobile Pet Grooming business nationwide. Set your own schedule, be your own boss and work with pets all day. We’ll be right by your side, every…
100k Minimum Cash Required
Get started for as little as $15,000. Make an investment in your future. No franchise fees, setup fees or training costs. 100% of your investment goes to your business. Do you need work that can fit around your family…
15k Minimum Cash Required
Did you know you could partner with a company to build out your entire e-commerce store, from product research to inventory acquisition to marketing? Yep! You can easily make 6-7 figures in passive income when we build your…
30k Minimum Cash Required
My Business Venture gives you the ability to start an online business from your home. We provide you access up to 1 million products & you chose up to 2,000 you want to feature on your website! MBV’s 10% Price Guarantee on…
3,995 Minimum Cash Required
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As of May 5, 2024: