The Batteries Plus franchise model is built on multi-billion-dollar markets. Collectively, batteries, lighting, phone and tablet repair, key cutting and programming and smart home technology provide Batteries Plus franchisees access to industries valued annually at nearly $60 billion.
Multiple, lucrative revenue streams are a fundamental advantage for Batteries Plus franchisees in a highly competitive retail landscape. By tapping into these markets, franchisees diversify their cash flow, protect against instability and can scale their business more effectively than single-market retail concepts.
Take a closer look at each of the segments that help Batteries Plus franchisees fortify their investment.
As part of the Batteries Plus namesake, this is the single largest industry that franchisees can capitalize on. From vehicles to medical devices to smartphones and computers, there is an ever-expanding list of products and services powered by batteries driving the $32 billion market. U.S. households have approximately 3.2 billion devices requiring batteries.
Batteries are an indispensable resource not only for consumers but business owners across multiple verticals as well. For example, educational institutions, local governments, non-profit organizations, healthcare facilities, manufacturers and a variety of other types of businesses depend on batteries to power essential equipment.
Through the Batteries Plus National Accounts team, franchisees are able to leverage a network of national partnerships to facilitate commercial business referrals for franchisees.
Lighting is a $22 billion industry that most people take for granted – until the lights go out. Among residential consumers, 5 percent of total electricity consumption went toward lighting their homes in 2019. That may not sound like much, but that equates to 75 billion kilowatt-hours. Meanwhile, 10 percent of the commercial sector’s electricity consumption is attributed to lighting.
With that in mind, there has been steadily increasing interest in lighting that helps consumers and business owners cut down on long-term energy costs. LED lighting has grown in popularity as an energy-efficient alternative to traditional incandescent bulbs. The LED market is expected to grow from an $8 billion valuation in 2017 to nearly $16 billion in 2023 in the U.S. alone. Franchisees can help business owners manage their lighting by retrofitting and switching to LED products.
With an enormous selection of bulbs and fixtures, Batteries Plus franchisees are in position to be the go-to retailer for all of their local residential and commercial customers’ lighting needs.
Phone and Tablet Repair
U.S. consumers are part of an always-on, digitally connected society. Among the 96 percent of Americans who own a cell phone, 81 percent own a smartphone . While this puts information at everyone’s fingertips and streamlines communication, it opens up an expanding world of essential products and services – producing a $3.9 billion segment.
Time and everyday wear-and-tear contribute to the nearly 39 percent of Americans who admit that their smartphone is currently in need of repair. Cracked screens, broken charging ports and malfunctioning batteries represent just a few of the issues that consumers regularly run into.
And these problems are hardly exclusive to individual consumers. Tablets have become standard equipment in a variety of industries ranging from warehouses to healthcare, which require their own regular repairs and maintenance.
From diagnosis to repair, Batteries Plus franchisees can help consumers and businesses alike with their Apple, Android and other smart devices.
Key Fobs and Key Cutting
Key cutting and key fobs make up a $2 billion market and represent another growth area for Batteries Plus franchisees. According to the U.S. Department of Transportation, there are more than 273 million registered vehicles on the road in the U.S. An increasing number of vehicle models provide consumers with key fobs – many in place of a standard metal key.
When the battery becomes depleted or a driver loses his or her fob, a routine trip from point A to point B can become impossible. Most customers have traditionally turned to dealerships for spare key fobs or a replacement battery, but Batteries Plus is able to offer these same services often at a fraction of what dealerships charge. Adding another layer of convenience, shoppers can use our Key Fob Replacement Service Finder to identify the exact fob they need, check the price, buy it online and pick it up in store.
Additionally, Batteries Plus franchisees provide key cutting services, turning what could have been an extended, multi-store trip into a quick, one-stop shopping excursion. This level of convenience, expertise and service converts consumers into loyal customers.
Smart home innovation represents enormous potential for Batteries Plus franchisees. As of 2020, there are more than 47 million households equipped with smart home technology in the U.S. – producing a market value of over $25 million.
Smart home technology – also referred to as home automation – connects homeowners’ devices to each other through the internet or Bluetooth with the ultimate goal of making life more convenient. Amazon Alexa, Google Nest and Apple HomeKit are among the most prominent players in the smart home technology sector, allowing consumers to use their smartphones and tablets to control their connected thermostats, TVs, refrigerators, security systems, ceiling fans and even lighting systems.
Batteries Plus franchisees are not only able to supply the technology that powers smart homes but also provide guidance for installing and setting up the connected environment. And should these systems or individual components require replacement or repair somewhere down the road, customers can return to Batteries Plus for their every need.
A Reliable, Diversified Retail Franchise Opportunity
Whether it’s replacing a depleted vehicle battery or repairing a broken smartphone screen, Batteries Plus franchisees allow consumers to power their lives with ease, convenience and expert, friendly service. These needs in turn spur the industries that power Batteries Plus owners.
Learn more about franchising with Batteries Plus by downloading our Digital Investment Guide. Once you do, we’ll be in touch to help answer any of your questions and determine the best path forward.