It takes a lot to operate a business. For many small and medium-sized business owners, their staff alone can’t handle every single task. They say Rome wasn’t built in a day, and it certainly wasn’t built by one set of hands. Outsourcing business services is a savvy move to increase efficiency across multiple platforms. Where anything can be made simpler, there is a business opportunity. Business services franchises can be anything from supplying ink and paper to cleaning and servicing the place where business is conducted.
A recent report by FRANdata and the International Franchise Association shows there were more than 99,000 business service franchises operating in 2021. Together, these business service franchises in the U.S. had an output more than $95 billion in the same year, according to the report.
The International Data Corporation predicts the IT and business service market will continue to expand in 2023 with a 5.2% growth. That is a slight decrease from 2022 projections, but still a hearty gain.
Meanwhile, a separate report from The Business Research Company shows the global professional services market flaunted a compound annual growth rate (CAGR) of 6% from 2022 to 2023. The same report anticipates an additional CAGR of 5% through 2027.
Together, these two reports show an increasing opportunity in a wide range of business services sectors. Depending on the type of service you’re looking to offer with your franchise, you could see exponential growth in the coming years.
Money to be Made
With a business services franchise, your niche audience will be small and medium sized businesses for the most part. While this may seem confining, it’s actually not. There are more than 32.5 million small businesses in the U.S.—together these account for 99.9% of all firms in the nation, data from the U.S. Small Business Administration Office of Advocacy shows. The American economy runs on small businesses, and small businesses depend on service providers to function efficiently and effectively. Many small businesses have a handful of employees—if any, creating an opportunity net for those who provide outsourced services. The sky can be your limit with the near endless customer base. While the business service franchise market had an output of billions in 2021, there is certainly still room to grow.
Business Services Franchise Opportunities
Business services franchises can provide a variety of services to customers. Because this category is vast, we sell business services franchises in more than 20 categories. Whether it’s human resource services or sign and printing services that speak to you, there are franchise options. The most important factor is the willingness to learn and grow as a franchise owner. Your franchise fee covers training and ongoing support, a proven business model, and a full team behind you.