You know you want to start a business but are clueless about where to begin. Your finances are overflowing, and you don’t even know what to do with the extra cash. There are many options out there, but in your search for the right one, you may find nothing but confusion, overblown hype, and pieces of advice that sound suspiciously similar to highway robbery.
Franchises are more about opportunities such as Jack in the Box Franchising opportunities. There are franchises for everything – pizza delivery services, car dealerships, and laundromats, to name a few. Granted, each of these businesses will have its issues and red tape. Looking to invest in a profitable franchise? Here are a few you can bank on.
Fast-casual Food Service
The fast-food industry has seen significant growth in the past few years, transforming how people eat, get their food, and their spending habits. Quick-serve restaurants—fast-casual food service establishments that provide limited table service and serve prepared foods—are popular within this industry.
According to Allied Market research, fast-casual restaurant sales will reach $209.1 billion by 2027, compared to 2019, when it was valued at $125.6 billion. Due to its potential for continued growth and ease of entry into the market as either an employee or business owner, fast-casual food service is considered to be a solid investment for franchisees.
Home Care Service
Home care services assist people who cannot perform daily tasks like bathing, eating, and dressing due to an illness or disability. These services can be provided by individuals who work independently or by professional agencies.
The growing elderly population in the United States has increased the demand for home care services. The Census Bureau estimated that in 2018, there were 52 million people over 65 years old in the U.S. This indicates that many new clients need help with daily grooming, taking medication and more.
The demand has increased, resulting in more business opportunities for entrepreneurs looking to enter this industry and established companies expanding their operations into new areas. Established companies expand their market coverage area through franchising agreements with investors within different locations across America where elderly citizens reside.
As indicated by the fluctuating values of companies across the stock market, business consulting is a huge industry with plenty of opportunities. Consulting firms advise their clients on strategic operations and are often brought in to assess problems within an organization and then find ways to solve them.
Consultants can be hired by a single company looking for advice on improving internal operations. They can work with several different companies at once, providing them with individualized guidance and support as they look to expand their businesses. In either case, there will always be demand for these services, so investing in a business consulting franchise might very well pay off.
Commercial Cleaning Franchises
Typically, an entrepreneur only needs around $5,000 to buy into a commercial cleaning franchise. You don’t need much in terms of buildings or lots of equipment; most cleaning tools can be rented if necessary. Cleaners earn the national average yearly revenue of about $36K before taxes. A cleaning business can operate for as little as 3-4 hours per day during weekdays and less than 10 hours during weekends.
While many cleaners may think of it as just another job with long hours, there’s also room for vacation and leisure during slow seasons like winter months when most customers go on vacation or summer months when school gets out for the summer break.
Health and Fitness
According to IHRSA, health and fitness is a viable investment option; the industry generates over $94 billion a year. You can make a lot of cash in this business!
Fitness franchises are also increasing as people become more health-conscious than ever before. According to Entrepreneur Magazine, the industry expects to grow by 8.7% every year over the next five years.
You can sell workout plans and diet programs online for people who are looking to lose weight or gain muscle mass. You can open an actual gym or studio where people come together for group workouts like spinning classes or yoga sessions.
While many factors are involved in determining which franchises are the most profitable, a good place to start is to look at brand reputation. Brands with a good reputation for quality are more likely to draw repeat customers who will stay with them for the long haul. Word-of-mouth advertising is the best type of advertising; consumers want to trust that they’re buying something of quality. And at the end of the day, nothing’s more important than ascertaining that you are investing in an industry that will give you a good return on your investment and opportunities to grow even further.