When you’re considering buying and operating a franchise, there are several things to consider. You’ll want to think about your abilities and interests and other aspects like cost to open the franchise, franchise reputation and limitations that might be placed on you like what items you can sell. Opening a franchise normally comes with a contract.
According to tips given by the FTC,you’ll want to look at the initial cost to open your franchise, ongoing costs like royalty payments, advertising costs and influence the franchisor has over each location. Franchisor influence can include factors like:
– The franchisor approving your business site
– Business design and uniformity in appearance to keep the brand uniform
– Restrictions the franchisor puts on what can be sold or what services are offered
Four Unique Opportunities To Know About
Some of the best franchise opportunities are in fields like food sales and restaurants, fitness centers, learning centers that offer tutoring services and other services like in-home care and companionship for seniors and the disabled.
According to Entrepreneur, good opportunities in a median price range include Jimmy John’s, Subway, McDonald’s and Dunkin’ Donuts for food, Anytime Fitness, and GNC for nutrition and fitness, and general business opportunities like Servpro for disaster restoration, UPS Store and Aaron’s.
Other Good Opportunities
When you look for opportunities covered by Forbes, you’ll find that they’ve listed business in the less than 150k investment range like:
– Brightway (insurance)
– Maid Pro (house cleaning)
– Right at Home (companionship and in-home care)
– Mathnasium – (math tutoring)
– Weed Man – (Lawn services)
– Bright Star Care (home care for all ages)
– Pop-A-Lock (locksmith services)
For those who are able to invest between 150k and 500k, other franchise opportunities include:
– Jimmy John’s, Jet’s pizza, Marco’s pizza and Wingstop (food services)
– Sports Clips (barber services)
– Batteries Plus Bulbs (batteries and bulbs for computer and home use)
– Anytime Fitness
Forbes has used certain factors to decide what franchises to include on their lists. They include things like the ability of the franchisor to give you a long-term commitment, franchise reputation, quality of the franchise and how likely they feel the franchise is to succeed long-term.
Making A Good Choice For You
Important things to consider when you’re thinking about investing in franchises are how much cash you have to invest, your interests and passions and the reputation your franchisor has for helping and supporting their franchisees. It’s also critically important to do research into the franchise. This might include talking to current and former franchise owners and taking advice from professionals like a CPA and franchise attorney. Owning and operating a franchise can ultimately be rewarding.