Why owning a franchise is a great opportunity
Owning a franchise comes with great opportunities. Here’s a look at some of the advantages of becoming a franchise owner.
• Franchises Are a Smart Way to Open a New Business
When you start a franchise, you will receive all the tools and guidelines for success as well as unwavering support and resources from the franchisor. Franchisors have a team of professionals who will teach the franchisee all aspects of running a business. For instance, McDonald’s is well known for its golden arches and Hamburger University, a training program designed to teach people the McDonald’s way and uphold the business’s operating procedures.
• Franchises Offer Marketing Support
Franchisees receive support from parent corporations in terms of marketing plans, best practices and creative resources. Running a business, and having the added support of a seasoned marketing team can be highly advantageous in the age of social media, SEO, and everything in between. Franchisees typically contribute a monthly fee to the parent company’s advertising budget, which is managed by a group of professionals.
• Franchise Financing is Easier Than Individual Financing
Lenders are more at ease when lending money to a franchise because of their proven track record, established playbook and success within their industry.
• Franchises Have Stronger Purchasing Power
Franchises often have business arrangements in place that offer discounts, promotions, and bulk pricing, whereas if you were to start a business on your own, you may not be privy to the best prices and deals.
• Franchises Provide a Quicker Return on Investment
Return on investment (ROI) is an important factor in determining a business’s success and growth. Franchise operators frequently have a built-in consumer base, brand equity and the ability to open their doors more swiftly. By following the procedures and opening guidlines provided by the franchisor vanitygen, as well as implementing a strategic local marketing plan, your target market will have the awareness of your goods and services and will be more inclined to support your business, which will result in a faster return on investment.
• Franchises Have Legal Supportuicker Return on Investment
Parent businesses assist franchises in complying with local, state, and federal legislation as well as handling legal matters.
Franchises Have Legal Supportuicker Return on Investment
- Initial investment: $1,263,000 to $2,235,000
- Liquid cash requirement: $500,000
- Total locations: 40,000+
You surely recognize this name. Despite being one of the priciest franchises available, McDonald’s has arguably the best brand recognition. You might be able to quickly recoup your original investment if you can launch a McDonald’s franchise in a busy location with little competition.
- Liquid cash requirement: $200,000
- Networth: $500,000
- Total locations: 185+ in 22 states & international
Workout Anytime is one of the fastest-growing gym franchises in the industry, with 185+ locations open and many more under development across 22 states and internationally. Franchise Owners love having a business with multiple revenue streams and the recurring revenue that comes with owning a Workout Anytime gym. Unlike many franchises, owners don’t have to be on-site daily to run a successful business. Pair this with the thriving health and wellness industry and it becomes a no-brainer to invest in this fast-growing gym franchise.
- Initial investment: $70,000-$1,200,000
- Liquid cash requirement: $50,000-$250,000
- Total locations: 77,000+
7-11 is a multinational chain of retail stores, headquartered in Dallas, Texas. The chain was founded in 1927 as a storefront ice house in Dallas. 7-Eleven operates, franchises, and licenses 78,029 stores in 19 countries.
- Initial investment: $575,600-$3,370,000
- Net worth requirement: $1,500,000
- Liquid cash requirement: $750,000
- Total U.S. locations: 7,500+
The best franchise to purchase in 2022, according to Entrepreneur’s Franchise 500 ranking list, is the fast food Mexican Restaurant.
- Initial investment: $395,500 to $1,597,200
- Net worth requirement: $250,000 to $500,000
- Liquid cash requirement: $125,000 to $250,000
Initial franchise fee: $40,000 to $90,000
Formerly known as Dunkin’ Donuts, Dunkin’ is undoubtedly less expensive than a McDonald’s, yet still has the brand-recognition across the globe. Customers lined up at 5 a.m. in new California Dunkin locations so they could be the first to experience what the rest of the country loves.
- Initial investment: $1,236,800 to $3,536,300
- Net-worth requirement: $1 million to $2 million
- Liquid cash requirement: $500,000 to $1 million
- Initial franchise fee: $45,000
- Total locations: 46 states
Sonic is a recognizable brand of American fast food that thrives on its drive-in service and distinctive soft drinks. Sonic presents a compelling business opportunity with a cult following for its recognizable menu.
- Initial investment: $402,000 to $5,967,000
- Net-worth requirement: $750,000
- Liquid cash requirement: $250,000
- Initial franchise fee: $120,000 (until September 30, 2021)
A compelling potential in the early childhood education industry is provided by Kiddie Academy, which offers a blend of child care and educational development to keep kids entertained and learning at the same time.
- Initial investment: $89,619 to $125,023
- Net-worth requirement: $90,000
- Liquid cash requirement: $35,000
- Initial franchise fee: $37,500 to $51,500
This franchise, one of the biggest house cleaning businesses in the country, is simple to set up and doesn’t need a ton of initial money to get things going.
- Initial investment: $172,207 to $375,265
- Net-worth requirement: $37,999 to $55,377
- Liquid cash requirement: $37,999 to $55,377
- Initial franchise fee: $8,000 to $16,000
Snap-On is a promising alternative for potential owners who lack the kind of capital required to join on with other franchise firms because of the minimal investment requirement and net worth criterion.
Earning a franchise gives individuals the freedom to live away from the 9-5 grind and have exponential earning potential. With gym franchises being a hot market leader, now is the time to take your passion and make it your profession. If you would like to learn more about becoming a Workout Anytime Franchise Owner call 770-809-1425 or visit our website.