7 Great Franchise Opportunities
Many entrepreneurs are looking to open businesses that already has an immediate demand, rather than opening a startup and worrying about reaching niche clientele. For these business owners, opening a franchise business is as easy as recognizing a demand for a certain type of business, and then approaching a franchisor about starting up your own location. The big advantage to opening a franchise is that you will have the experience of the parent corporation behind you to draw on for guidance in order to build your business. Right now, franchises are hot entities for entrepreneurs. Here are the top successful types of franchises in demand today:
Fitness is on the rise in America. People are exercising and joining fitness clubs – not only for the heath benefits, but because gyms are great places to socialize. What makes fitness franchises so appealing to entrepreneurs is that they are subscription-based, so customers are paying you monthly and annually, in order to use your fitness center. Also, the overhead on a fitness franchise is relatively low. Training materials for staff are provided by the franchisor, and the gym equipment itself is usually acquired through a leasing company which also sees to the maintenance of the elliptical machines, treadmills, etc. Given the trend for people to be active and healthy, opening a fitness franchise is a sound business decision.
There are a wide variety of automotive franchises to appeal to entrepreneurs of all levels. Some specialize in tires, oil changes, and basic maintenance. Others are based around full automotive repairs and parts. Most people in America drive, and the truth of the matter is that the small mom & pop autobody shops are far and few between. By opening an automotive franchise, you will not only have a constant stream of customers, but you will be able to charge them for parts and labor. Opening an automotive franchise can be a very lucrative venture for any entrepreneur.
It is safe to say that opening franchises that appeal to people’s basic needs is a great plan for success. In an economy where people are short on time and looking for great deals, a food franchise is king. Opening a pizza franchise appeals to a large customer base and has a relatively low overhead. Franchisors have made a very efficient science for hiring and training staff, as well as daily operations within a food franchise. Also, ice cream and frozen yogurt franchises are on the rise, and there are many franchisors that are looking to establish themselves all over the country.
Hotel and motel franchises are great ideas for entrepreneurs looking to open a business in a major economic or tourism hub, or in a location between major cities. Hotel and Motel franchisors will provide training for your employees and marketing, and your revenue will come from people paying money to occupy space. With more people traveling for business and pleasure, hotel and motel franchises are in demand, and that trend will only go up in the following years.
Financial & Tax Franchises
Taxes affect everyone, and every year, people would rather have someone else prepare their taxes (or tax returns) rather than sift through forms and reference tables themselves. When opening a tax franchise, you and your staff will receive training from the franchisor in order to help customer get the most from their tax returns, or to help them save the most when filing to pay taxes. But tax and financial franchises are not just in business during tax season. In fact, many tax and financial franchises offer consulting services throughout the year, helping people make the most of their finances. Everyone uses money, and they are always looking for inside knowledge to gain an upper edge. This is what makes opening financial and tax franchises a great idea.
Most retail franchisors are looking for a presence in any and every geographic location. Be it a kiosk in a mall or a standalone brick and mortar store, opening a retail franchise in a high traffic area practically guarantees steady business. The franchisor will give you training and lines to merchandise suppliers, and all you have to concern yourself with is hiring staff, daily operations, and making sales. Physical retail franchises are very hands-on operations, but have the potential for steady profits.
Talk To Franchisors
If any of the above franchises seem interesting, you should consult with both financial experts and the franchisors to see what you need to get started, and where they are looking to have a presence in your area. In many cases, there is an initial investment required to open a franchise of any kind, but with the guidance of the franchisor, you will stay on the path to success.