Franchises are more accessible and affordable now more than ever. As more startups spring left and right, franchise ownership becomes a more attractive option for entrepreneurs who don’t want to go through the process of building their business themselves. This brings about a new perspective to the adage, “if you can’t beat them, join them.”
However, bear in mind that running a franchise is more than just pitching your initial investment. An expert franchise consulting company will tell you that a lot of training goes into being a professional franchisee and franchisor.
With that said, have a franchise consultant ready to know which of these industries can kick off your franchise ownership venture.
Popular fast food outlets are generally a good investment but can ask for a steep initial investment.
As the second most popular menu type, Mexican food franchises are also a gold mine. Novelty food concepts or hyped food items – hard seltzers, plant-based foods, mainstream CBDs, and the like – can be good investments. Food kiosks and cafés are also ideal for entrepreneurs looking for low initial investments.
Health and fitness
Just as often as people want to eat, they’d want to burn off the calories inside gyms and fitness centers, possibly one that you own.
It doesn’t have to be gyms too; yoga or dance studios, athletic clubs, spin classes, personal training, and dietetics are some of the most sought-after services today, especially when more and more people become more conscious about their lifestyles.
The beauty and wellness industry is so abundant – from massage parlors to aesthetic centers, the industry responds to a seemingly endless amount of demand.
As the male demographic enters the fray, the industry looks to earn from a broader target market. The services of your future grooming franchise can range from manicure and pedicures, lash and brow care services, hair care or haberdashery, spa or sauna, cosmetics, aesthetic services, and alternative wellness.
As long as babies are being born, childcare will always be a thriving industry, and thus, a worthwhile resource for your future franchise.
Youth leisure is one aspect of the industry that you can tap. You can invest in a daycare, a play studio, or a private kindergarten.
A retail heavily invested in child needs is also set for success. Formulations, youth and infant wear, and other nursery products rarely show signs of decline in demand.
Staffing and outsourcing
Because there are a lot of jobs in demand all over the world, business process outsourcing is one path you can take that almost always ascertains growth.
You can buy a franchise that provides back-office solutions such as IT support, accounting, marketing or sales funnel optimization, and post-sales customer service. Your franchise can also be a talent agency that provides staffing for purposes of entertainment, security, administrative assistance, and blue-collar functions.
Entertainment, recreation, and travel
Recreation is a broad, and thus profitable, industry to invest in. You can delve into the hospitality industry and buy a rental or small hotel franchise. You can also invest in your own travel agency business.
There are also novelty concepts in the entertainment business that you can take part in. Virtual reality or VR arcades, indoor family playgrounds, function space rentals, specialty cinemas, paint-and-sip studios, and workshop centers are just a few suggestions.
Almost any industry can be profitable if you’re prepared to build your franchise from the ground up, and not just buy it and let it grow by itself. Back your decision with in-depth research, and you’re set for success.