What are the best franchise business opportunities and ideas? Are you thinking of buying and operating a franchise? If so, then you need to think and plan before you leap.
Buying a franchise is one of the best ways to jumpstart a business and become an entrepreneur or investor. However, there is a down side to running a franchise and one of such is the constraint arising from the contractual arrangements with franchising organization or franchisor.
If you are not prepared for the challenges associated with running a franchise, you will eventually fail and lose your initial startup capital or investment. The upside is that there is already an established system that the franchise business operator can use. Moreover, most franchises already have brand recognition. Opting for one of the top 10 franchise business opportunities may be a good move, but it is no guarantee for success.
Some successful franchise operators may have a common denominator. In most cases, they all have a passion for what they do. Now if you take a critical look at the franchise industry, you will observe that majority are food kiosks, health & beauty or fitness franchises, business services like courier, pet franchise, cleaning services, coffee shop, senior care, personalized gifts, lodging and hotel, and convenience store. Take a look at established brands like MacDonald’s and 7-11 to note that notwithstanding economic downswings, well-run franchises remain strong.
If you have the funds and skills to venture into franchising, then go for it. Whether you choose a food franchise or a service franchise, keep in mind that you need to have certain skills for keep your business afloat. You will need leadership traits, plus accounting skills (which can be delegated to a manager or partner), time management, sales and people skills as you venture into this industry. So whether you are looking for a franchise in USA, Canada, U.K, Nigeria, Ghana, etc; this article will help out. Without wasting your time, below are the top ten best franchise business opportunities.
How to Choose the Best Franchise Business Opportunities to Buy
- Buy a franchise in an industry you understand
Never buy a franchise simply because you want to buy one. Never buy a franchise because it is always in the media and seem popular. Buy a franchise in an industry you understand. The principle of business remains the same regardless of country, industry, economic situation, etc. What differs is the industry challenges and technical aspects of a particular business. So it is advisable you purchase a franchise in an industry you understand its modus operandi.
- Buy a business franchise you are passionate about
Passion is very important to the process of starting a business. In fact, I believe that nothing beats passion. So go for a franchise in a business that you are passionate about. With passion, you will have the boldness to be creative, innovative and face your business problems squarely.
- Buy a franchise whose products have huge market demand
The fact that a franchise is popular in another state or country does not guarantee that it will be successful in your own region. Also, the fact that a franchise is very affordable does not make it a good one. So a good rule of thumb is: Do your own local market research? Don’t rely on the research analysis or feasibility report of the franchisor or selling company.
Before purchasing a franchise, it is important you invest time to do your own research. You must look beyond the popular mass appeal franchises because they are quite expensive, saturated and the competition is stiff. Examples of this big saturated franchise industry are fast foods, restaurants, coffee shops, etc. Instead, look for niche appeal franchises like car wash, laundry, taxi service, food cart business, etc.
Top 10 Best Franchise Business Opportunities and Ideas to Buy
- Food Franchises
Hungry consumers always on the lookout for quick meal options ensure brisk sales of a food franchise. You can choose to buy a franchise for an ice cream truck business, food truck business, etc. Examples of popular food franchises include Mac Donald’s, Wendy’s, Kentucky Fried Chicken, Tantalizer, Mr Biggs, Crunchies, etc.
Health / Fitness
Health products or fitness-related services attract health buffs. People want to keep trying to look good and embrace wellness, so start-up entrepreneurs who invest on a health/fitness/personal care franchise can get excellent payoff.
- Business services
Copy services, courier & related services bearing a recognized brand, in a high-traffic place, can attract many customers. Consider DHL, FEDEX, UPS, PrintPlace, VistaPrint, etc.
- Pet care – Quality brands of pet food and accessories are sought by the pet-loving population.
- Cleaning services
Busy people will want avail of reliable cleaning services that may include general home cleaning, stain removal, carpet cleaning, and allergy treatment. Hence, cleaning services can be a lucrative service franchise.
- Coffee shop
Successful coffee restaurant chains illustrate that a coffee franchise may turn out to be a lucrative venture. Consider StarBucks, etc.
- Senior care – Demand for professional senior are services is expected to be on the rise.
- Personalized gifts – In the digital era, unique personalized gifts including gift baskets can be a profitable franchise business.
- Lodging/hotel – There will always be travelers requiring nice & clean accommodations backed by good customer service, making the lodging/hotel franchise a good franchise business option.
Convenience store – People flock to time saving one-stop stores so it emerges as one of the recession-resistant businesses.
In conclusion, it is important you bear in mind that hard work and a hands-on approach are two important things most successful franchise operators demonstrate. Just as I said earlier, buying a franchise does not guarantee success, treating your franchise like a business will.
To eliminate guesswork, some start-up franchise operators enlist the services of a franchise consultant or coach. A franchise consultant will most likely help you navigate though the rough waters of business, especially if you are a first-time entrepreneur.