Roanoke, Virginia Franchise Market Analysis
To gain comprehensive insights into Roanoke, 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.
Roanoke, Virginia Demographic Insights | ||
Households (2023) | 43,351 | |
Households (2028) | 42,938 | |
Population (2023) | 98,375 | |
Population (2028) | 97,159 | |
Per capita Income (2023) | $37,760 | |
Total Household Expenditures | $2,710,873,285 | |
Total Retail Expenditures | $1,273,021,189 | |
Average Household Income (2023) | $85,144 | |
Average Household Income (2028) | $93,233 | |
City Data retrieved from https://sitesusa.com/Data |
Local Insights
With Roanoke’s median age of homes at 60.9 years, there is a pronounced opportunity for franchises within the home services industry. The gap report identifies a significant market gap in Floor Covering Stores, where potential sales are reported at $2.9 million compared to actual sales of $817.49K. This indicates a robust unmet demand for floor covering services that a new franchise could lucratively address. Along with a homeowner occupancy rate near 50% and an owner-occupied median home value of $168,346, franchises that offer renovation, specifically flooring services, could see substantial growth by meeting this demand in the community.
Read MoreRoanoke's annual retail consumer expenditure totals $1.27 billion. Notably, the gap report reveals specific retail opportunities, such as in Hardware Stores, where potential sales of $2.95 million far exceed actual sales of $461.11K, and Nursery and Garden Stores with potential sales of $7.02 million compared to actual sales of $5.1 million. Retail franchises that tap into these areas could leverage the city’s spending power and drive growth by meeting these unaddressed needs.
In a city like Roanoke, which hosts a total of 5,288 businesses, including 189 company headquarters, there’s a substantial need for a variety of professional services. These organizations, ranging from fledgling startups to established corporate offices, present a vast market for business services franchises. Services such as financial planning, human resources, administrative support, and corporate training are in high demand to support these companies. The average of 9.9 employees per business indicates that many of these enterprises may be small to medium-sized, potentially lacking the in-house resources for specialized tasks. A franchise that can offer tailored business solutions could become a vital asset in supporting the operational efficiency of Roanoke’s business community.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Roanoke, Virginia Franchise Opportunities (and Businesses for Sale)
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
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
American Business Systems has been America's Leader in Medical Billing with Unparalleled Training, and Support for over 25 years. $100k Potential working from anywhere, full-time or part-time. Learn more about this…
30k 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
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
At Franchise Gator, 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.
Most Popular Industries & Categories
As of May 4, 2024: