5 Business Franchise Opportunities to Consider
Are you interested in starting your own business, but you aren't quite sure what business franchise opportunities are currently available? Do you recognize that you have a head for business, but you don't feel comfortable creating your own business model? If so, there are many business franchise opportunities to consider. People choose franchises because of their proven track records for financial and operating success.
1. Subway Franchises
Subway is an eatery that does well no matter where it is located; in a bustling strip mall or on Main Street. It has a highly recognizable brand name.
Surprisingly, even during recessions when other restaurants lower their prices and suffer because of reduced consumer spending, Subway prices stand firm. Why? The franchise offers healthy selections and many menu items are offered for $5 or less. There are also customer loyalty incentives; e.g. the Subway card which allows customers to accumulate points to be cashed in for Subway food items at a later date.
2. Ace Hardware
Increasingly people are doing their own home improvements to save money. Ace distinguishes itself by offering a friendly neighborhood store atmosphere to its customers; this type of branding is important in tough economic times.
3. Super 8 Motel
These motels offer clean, affordable accommodations for people who are on a tight budget (yet feel more comfortable with a "brand name"). Super 8s are particularly profitable when located close to a busy road, such as a highway or interstate, however such a location will increase initial development costs.
This is a commercial cleaning business with a very low start-up cost; less than $15,000 in most cases. This entry price is inviting and since many large businesses hire outside cleaners to come in every evening and clean--it will quickly pay for itself.
5. Liberty Tax Service
Eating and taxes are two undeniable facts of life. And so, a tax service is a viable business to start in any size town. There are over 2500 of these in the United States and the start-up cost is around $50,000; considerably less than the costs involved with a fast food restaurant, such as McDonalds (which can run in the millions).
When you are considering business franchise opportunities, be sure to thoroughly research the company, the existing market and the projected market for the goods or services that will be provided. You will want to know what the start-up costs are, what legal responsibilities you will have, and what the expected revenue might be. You must consider the size of the royalty fees that the parent company will require each month (i.e. the ongoing cost for buying a "ready-made" system). In addition, you need to consider the relevance of your intended location to the business you intend to start.
Take a survey around town and determine what needs are not being met in a given neighborhood. Also, pay attention to areas that might be over saturated with similar businesses.