Franchising saves you the hustle of having to develop a business idea from scratch. They not only offer the much-needed support, but also the freedom to work for yourself. Deciding on the best franchise to buy involves extensive research and a proven record of profitability from the potential franchise.
We asked entrepreneurs and business owners about the top franchises and here are the responses;
#1- Fitness franchise
My recommendation for entrepreneurs looking to invest in a franchise is to consider fitness franchises. There are many options available to choose from, depending on your level of expertise, but I recommend Pure Barre due to its affordability and brand recognition nationwide. The company is also constantly innovating and updating its studio experience. This means you become more than just a franchise owner. You're making a purchase that can lead to a purposeful and fulfilling career!
Thanks to Deborah Sweeney, MyCorporation!
#2- Low-investment, high margin businesses
There are more than 4,000 franchised concepts in America spanning almost 90 different industries. There is no one franchise that is the best for everyone. Every day people ask me what’s the best franchise. It’s subjective. It’s like asking who is the best-looking person in Hollywood. It depends on what someone holds as important criteria. I advise my candidates to look for low investment, high margin businesses that have low staff requirements and are recession resistant AND Amazon resistant. Concepts that make sense may not be sexy but they make money all day long. Think about sewer repair or haircutting. Pipes get clogged and peoples hair grows. It doesn’t matter who’s in the White House or what’s happening on Wall Street. Please need these services. Once you find an industry that you like as a potential franchise owner, you then need to figure out which is the best in the category. How is the support? What kind of marketing do they have? Who is leading the company and do they have franchise experience? Is the franchise agreement fair or is it better for the franchise company? Don’t get distracted my looking for franchises that have low fees. Low fees could mean subpar support.
Thanks to Tom Scarda
One of the best franchises to buy into this year is Planet Fitness. It has a five-year growth rate of over 20% and currently has around 1500 locations. Another is Firehouse Subs. Its franchisees have a high level of trust in the franchisor and the company spends a great deal of resources on marketing and advertising. Sport Clips would be another good choice for potential franchisees, as it has a five-year growth rate of over 12% and 1700 overall units. Its business model of targeting males and boys partnered with a focus on sports has proven to be quite successful.
Thanks to Andrew Schrage, Money Crashers!