Hot Franchise Business Opportunities
If you’re looking for a new business opportunity in the current economy, franchising may still be the way to go. Investors frequently see franchising as a done deal: it’s a known brand, with a proven business model, and the backing of a major corporation. There’s a lot of money to be made in a franchised business, but there are still a few risk factors. Local demand and existing competition both play their parts, for example. How might you go about picking the best franchise opportunity for your new venture?
Do Your Homework
There’s lots of existing market research online; you don’t need to conduct surveys and opinion polls to figure out what might have a chance at taking hold in your area. What you do need to do is take into account relevant information. Consider what industries are under-represented in your area; most people have a sense of what they’d like to be able to shop for closer to home, and it’s a frequent subject of conversation. Once you’ve narrowed down a likely niche or industry, start researching lists of the top franchise opportunities within that industry.
Don’t stop at the first one you see. Look for authoritative sources, such as Entrepreneur or Forbes, and take into account the information provided by at least three different sources. Take note of what each source bases its criteria on: a “top franchise” in one person’s esteem may still involve a niche business, requiring the perfect location in order to be successful.
One such franchise opportunity, Visiting Angels, may or may not be available depending upon which state you live in. It is encouraged for people who are passionate about health-care, elder care, and helping others. They provide non-medical senior care in the form of companionship and help around the house; there is a low initial investment (under $100,000 dollars) with returns of $1M per year on average.
Consider the Leading Opportunities
This may sound as if it runs contradictory to the previous advice, but what we’re concerned with now is that which floats to the top: the absolute, undisputed kings of franchising. If you’re indifferent as to the type of business you’re getting involved in, and you’re simply looking to make an investment and diversify your assets, the top-performing franchises in the United States are a good bet — one that isn’t so location-dependent. This allows you to reduce your initial costs, as you can be a little less picky about where you establish your business.
Subway and Dunkin’ Donuts remain two of the leading franchises in the country after many years at the top of the list. Commercial cleaning services are a rising star however, and Jan-Pro Franchising International leads the way, with an initial investment of as low as $5,000 and virtually no location dependency.