So, you’ve been considering becoming an entrepreneur for a while now, but you don’t have the know-how or the resources to start a business from the ground up. Buying a franchise can be an excellent alternative to starting your own business. Franchises usually come with a proven business model and an established client base.
Knowing which franchises to buy can save you a lot of stress and a lot of money. Running a franchise is much more complicated than just buying an appealing franchise and waiting for the profits to roll in. Throughout history, some unsuccessful franchise brands have been noted for up charging franchise owners for supplies and overselling local markets. If you have intentions of becoming a business owner, knowing which franchises to buy with the coming new year significantly increases your chances of your sales success. Read on for franchises to purchase in 2017.
The first step in starting your franchise is taking an introspective look at yourself. Are you the type of person who can follow orders and operate a highly-structured business? Can you work in a highly-regulated system? Can you interact well with strangers completely out of the blue? If you answered yes, a franchise might be for you. If you prefer to do things your way which can create something out of nothing, opening your own business may be the best option for you.
If you decide a franchise is the best business for you, do plenty of advance work and study all available information on the franchise you intend to purchase. Understand how much you must invest in advertising, marketing, startup costs, etc. Also, most importantly, choose a franchise that you have a personal interest in. Ask your closest friends and family if they think you’d be good in that niche. Constructive criticism is one of the best tools an entrepreneur can use.
Next, the money. Count your money, take all your assets into account. Look far beyond the initial startup costs for a franchise. Review your franchisor’s Franchise Disclosure Document, which is a comprehensive document that lists working capital under item number seven in the document. Most franchisors will give you a three-month calculation of startup costs, but the wise investor should have enough money saved for six to twelve months. History has shown it can take up to a year to become profitable with a new business, make sure you have the assets to be successful and not be stuck with a flop. Next up on our list, the best franchises to purchase in 2017.
The fitness industry is becoming one of the fastest growing franchises to purchase in 2017. Most fitness companies have an established international presence and offer access to gyms worldwide. With more people becoming aware of the importance of physical fitness and the rise of the self-aware millennial generation, more people are taking care of themselves. Individual fitness franchises have certain perks or services that a competing gym doesn’t offer. If you’re considering purchasing a fitness franchise, choose the gym that would be useful for your targeted demographic, like a gym that would best meet the needs of a college town. With some strategic thinking and analysis, a fitness franchise is a very smart investment with high chances of success.
Home Health Care Franchises
Home Health Care Industry is one of the fastest growing. Starting in January of 2011, the Baby Boomer population started turning 65 at a rate of 10,000 people a day. It is estimated that over the next several decades the number of people 65 years and older are expected to double. According to the US Census Bureau, as of 2010, there were 40.2 million people over the age of 65. That number is expected to grow to over 80 million people by 2050. And someone turning 65 has a 70% chance of needinglong-term care and support. Personal care worker (PCW) jobs will have the fastest growth among all occupations. Over the next 10 years, the number of PCW jobs will grow by over 70%.
Beauty Industry Franchises
The genius behind operating a beauty industry franchise is purchasing multiple locations in one demographic area. Having multiple locations generating profit in strategically placed locations is a solid business plan to consider when investing in beauty industry franchises. Many of these franchises even have programs for franchisees to invest in franchises without having to make it a full-time job. Beauty industry franchises projected to be one of the most promising franchises to purchase in the coming year.
Professional Cleaning Service Franchises
Professional cleaning services have continued to grow well into the end of 2016. Think about this from a business or home owner’s standpoint, If you require cleaning services to suit your needs, who are you going to trust, a stranger, or a trusted professional cleaning service? With the Baby Boomer generation retiring and busy millennials starting their own business, things are going to need to be cleaned. Most professional cleaning franchises have small initial investments and offer some incentives for potential franchisees.
If you’re the type who loves to get their hands dirty and have an inkling for perfection, Professional Cleaning Service Franchises are one of the smartest franchises to purchase in the coming year.
Food Service Franchises
According to Entrepreneur.com, Jimmy Johns Gourmet Sandwiches was the number one franchise to buy in 2016. Popular chains such as Subway, McDonald’s, Dunkin’ Donuts, and Denny’s are all within the top 10 Fortune 500 franchises to buy. These are well established, national chains that millions of people love. Some of these food service franchises can be purchased at very low initial startup fees considering what they are worth once they’ve matured. A Jimmy Johns franchise can be purchased for as low as $350,000 in some areas, even in areas with a huge targeted demographic, they will only run around $500,000; when most bigger chains require at least a million-dollar initial startup fee. There is a Food Service franchise for every franchisee’s budget.
It will require some work but Food Service Chains are a sagacious investment and can generate a lot of income when placed in a target demographic area, plus most of your marketing is taken care of with an international chain. Everyone will already have an idea of what your products are and already have an idea of what your prices are. Killing two birds with one stone. Food Service Franchises can be a very successful business with established policies set and standard prices for your inventory and proven disclosure agreements so that you won’t face any unexpected costs and will start generating profits well within your first year.
The bottom line is franchising is a great opportunity but selecting the right industry and franchise can be stressful. Enlisting the support of a franchise professional can give you the assistance you need to make an informed decsion for your future.