There are dozens of ways to start a business, and capitalizing on franchise opportunities might be the perfect way to get started. Here’s how to find the best franchise opportunities to suit your budget and vision.
What is franchising?
Franchising is when a brand distributes its goods and services through another party (a franchisee). The franchisee pays a start-up fee and continuing royalties to the brand. In short, as a franchisee you can pay to be part of a pre-existing brand, letting you benefit from an already established reputation, as well the parent business’s experience and insights, while also running your own business and being your own boss.
Franchising is generally easier than running your own business, as you’re purchasing a ready-made business with all the branding, customer marketing, and so on already taken care of by HQ. The downside is that there can be strict rules about how you can run your franchise. For particularly creative entrepreneurs, it may be a stifling environment.
What are the top franchise opportunities?
While new franchise opportunities crop up all the time, some names dominate the market as the best franchise opportunities around. Some of these big names – which continue to be top franchise business opportunities in 2021 – include:
One of the world’s best-known brands, McDonald’s has an unrivalled reputation in the fast-food world. Would-be franchisees can enjoy the knowledge that if they build a new branch, customers will almost certainly come. Given everything the golden arches represent, it’s definitely not one for investors seeking cheap franchise opportunities. You’ll need a six-figure initial investment to get started.
No neighborhood is complete without a 7-Eleven, making them a tempting franchise opportunity for anyone who wants a read-made brand and customer base. Initial investment costs vary, but start at around $40,000. Depending on location, as well as other factors, the franchise fee per year can also be hefty.
What are the best low cost franchise opportunities?
Big brand names are a no-brainer if you have the funds to support your franchising dreams, but don’t worry if your initial investment is much smaller. There are plenty of low cost franchise opportunities available in 2021, so you can get a piece of the pie for a more manageable price.
Given everything that’s happened in 2020, Jan-Pro offers a seriously in-demand service – cleaning – making it one of the most promising franchise opportunities. Jan-Pro has a range of cheap franchise opportunities starting from as little as $1,250, plus $900 for the starter kit and a recommended $1,000 to cover emergencies.
Another franchise opportunity bolstered by the events of 2020 is Cruise Planners. As international travel returns to normal, Cruise Planners might be the ideal low cost franchise opportunity. You can start with an initial investment of less than $500 and – as all agents work from home – you won’t need to worry about finding an office location.
As everyone looks forward to getting back out there and being more active, Little Kickers could be a great option. The brand provides pre-school soccer training and initial investments start from $20,000. Founded in the UK, the brand now operates in 32 countries.
How to find franchise opportunities
The internet will be key to most of your research, but remember to look around your local area. If you know of a local business that’s rapidly growing, see if they have any plans to offer franchise options. For some business owners, this may work better than tapping into a global giant like McDonald’s. Similarly, check if there are any franchise fairs or expos coming to your area.
You should also take a good look at your own skills and interests. While it’s not imperative that your interests align exactly with your franchise opportunities, it can help you understand your customers better. For example, you’re probably more likely to find success when franchising a gym if you’re a fitness fanatic yourself.
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