You may be interested in starting your own business but lack the knowledge or idea. Starting a new business will require lots of patience, time, and money. There must be a drive to want success in your new venture since the chance of failure is high. Instead of launching a business from scratch, you can consider being part of a franchise. You have options like a semi-absentee franchises for individuals wishing to work fewer hours due to family or other work obligations.
Or maybe you’re a handyman and want to help people create the home of their dreams with a home improvement franchise. You can benefit from a time-proven business model, supplier network, vendor name recognition, and more. It also eliminates the need to work hard to earn market recognition. Moreover, it is known to be a safe bet, especially for aspiring entrepreneurs.
Best Franchises to Own
1. Dunkin’:
Its franchisees enjoy brand recognition along with a robust support system. However, you need to invest a good amount of money in liquid assets of approximately $250,000 and a minimum of $500,000 net worth/unit. This again depends on your selected location to open the franchisee. Fees may vary based on your state. Certain areas come with lower entry barriers. Certain investors are offered discounts on the initial franchise fee. It includes qualified veterans, entrepreneurs eager to open at multi-locations and developing areas.
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- Estimated initial investment – $95,000 – $1.5 million.
- Initial franchisee fee – $40,000 – $90,000
2. McDonald’s:
This chain is globally recognized and the best franchises to own. You are sure to get an assured loyal customer base, essential to make profits. However, it requires a hefty initial investment to get a franchisee of this brand. For your application to be accepted, you will require liquid assets of about $500,000. To secure franchisee location, you will have to provide a 25% minimum down payment in cash.
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- Estimated initial investment – $1 million – $2.2 million
- Initial franchisee fee – $45,000
3. Dream Vacations:
This travel agency is among the popular franchises to own. Its low-cost investment offers opportunities to make high profits. The initial franchise fee can be even $495 based on your experience. No other franchise offers a franchisee at this low rate, especially those belonging to this particular segment. It also offers financial incentives to first responders, military spouses, veterans, community heroes like DiversityFran members, teachers and medical professionals. You also have the opportunity to work from home as a brick-and-mortar location is not necessary.
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- Estimated initial investment – $1,795 – $20,300
- Initial franchise fee – $495 – $9,800 based on experience level.
4. The UPS Store:
Franchisee 500 List of Entrepreneur Magazine has ranked this franchise among the top five in the last few years. This is because of the company’s top-class support and training system. Less upfront investment is required to open a franchise. Also are offered incentives and programs. Guidant Financial, a lending institution has partnered with this franchise. They offer veterans and those eager to open up small store-in-stores or UPS stores especially in rural areas with financial incentives. You will require liquid assets of about $60,000.
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- Estimated initial investment – $138,433 – $470,031
- Initial franchisee fee – $9,950 – $29,950
5. Anytime Fitness:
It enjoys a unique business proposition, where its facilities remain open 24/7 and throughout the week and year. Since its services are easily available, each franchise location enjoys a greater opportunity to make more revenue. The company claims that every minute, they add a new member, thus proving their growing market. There are no monthly fees collected by the company on sales total. A flat fee of $699 is charged every month.
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- Estimated initial investment – $58,870 – $521,437
- Initial franchisee fee – $3,150 – $42,500
Getting to know the best franchises to own in detail will allow you to make a profitable choice.
