If you are a budding entrepreneur that is hell-bent on achieving success at a young age and do not want to start your own business from scratch, franchising opportunities are a great option.
If you are already here, then chances are that you have already considered investing in a franchise. This also means that you have looked into the basic considerations or pillars that you need to ensure that you invest in the right franchise. They include:
- The fees and other costs of running the franchise, including loyalty fees to the franchise owner.
- The size and potential growth rate of the parent company
- The type of support that you should expect from the parent company.
- The strength of the brand.
- The stability and financial muscle of the brand.
Using the above key pillars will help you narrow down the franchises that are best suited to help you achieve success. However, you do not need to go through that process because we have already narrowed them down for you. Here are the top five franchises to consider.
This is one of the best franchises to invest in, especially if you are on a budget. It will likely cost you anywhere between $10,000 and $1 million in franchise fees, but you should probably expect the fees not to be the lowest. Nevertheless, it has a high potential for growth, especially if your strategic positioning and management are top-notch. Another major advantage is that you can have it set up quite fast. You can have the franchise ready within six months, and the parent company may even provide a team to help with the setup.
If you are on a tight budget, then this might be the right franchise for you. Cruise Planner is one of the most budget-friendly brands out there. It is so budget-friendly that franchise fees might be as low as $495 and around $10,000 on the upper side, depending on your specifications. You will also not have to invest much in the business. You can have something going for as low as $2,000. The size of the investment will depend on your financial limits.
This is one of the fastest-growing food brands in the U.S market, and as such, it provides lucrative opportunities for anyone aspiring to invest in a franchise business. Owning a Dunkin’ franchise will cost you between $40,000 and $90,000 in franchise fees, so it is not exactly the cheapest option. You will also require upwards of $1.5 million as your initial investment to start. The great thing about this brand is that the parent company offers a lot of support to its franchisees in terms of management, marketing, training, and legal support.
If you are in the market for a franchise that requires low-cost investment, this is one of the best bets available to you. Franchise fees are incredibly low at around $1,250, and costs of your initial investments should be between $3,530 and $12,900. This is a good bet because it is one of the fastest-growing brands, and it is also a low-risk venture. The type of returns will largely depend on how you structure your investment, and thus the need to structure it in a manner that will allow you to maximize your returns.
Freddy’s Frozen Custard and Steakburgers
If you are in the market for a franchise that will likely generate strong returns right off the bat, then this is a good option. You need a minimum of $250,000 to cover the initial costs of setting up this franchise unit. The franchise fees are also moderate at around $25,000. It can also be set up quite fast, and it is a great option for anyone planning to venture into the fast-food segment.