If you’ve ever considered buying a franchise, you may already have a business in mind. However, if the prospect of buying your own franchise has intrigued you because you know you want to work for yourself and don’t want to take the risk of starting your own business from scratch, take a look at these industries that thrive on franchise opportunities.
> Hotels –
Though purchasing hotel franchises is one of the most expensive franchises to get into, it’s also one of the most lucrative. Hotels are also great when it comes to marketing assistance and brand recognition.
> Fast Food –
Fast food franchises are also fairly expensive, depending on the brand you’re hoping to invest in. The location you choose for your fast food restaurant will also have a big impact on how successful your franchise is.
> Hair Salons –
Big and small name salon franchising has fallen in recent years, possibly because of the ease of starting your own business in the industry. However, name recognition can go a long ways and the start-up time is minimal when purchasing a franchise.
Fitness franchises are tricky, although so are independent fitness centers. The major benefit to buying into a fitness franchise is that customers already know what to expect so memberships are much easier.
> Restaurant –
Receiving financial support through loans is easier when considering a franchise. If other restaurants with the same name are already doing well, this suggests that yours will do well too. Franchises also have pre-existing customers, which will make your life a lot easier.
> Convenience Stores –
Convenience stores are great for franchising – if you can get a good location. Your location will pretty much determine whether you succeed or fail, regardless of the name on your building.
> Taxes –
Tax preparation franchises are a growing market. Because tax law has become increasingly difficult for the average person to understand, tax services are a great business to get into. Many programs have been developed to help graduated students and current law firm employees to earn a Master degree of Law in Taxation and learn the valuable skills they need to succeed. The online programs are easy to take and really adaptable to your daily activities. You will be able to catch up on the latest federal and international law, learn about taxation of corporations and shareholders, as well as Tax practice, procedure and standards. Plus, salaries for employees are fairly high unlike with other franchise opportunities.
> Education –
Tutoring and educational franchises are great options for someone who is looking to get involved in the community. While you can open your own tutoring center, franchised businesses have pricing schedules already included, making your job much easier.
> Auto Repair –
Car parts are expensive; but franchise opportunities make it easy for you to buy parts in bulk and save large amounts of money. While you can start your own auto repair shop, having access to the newest tools and brand recognition is extremely helpful.
> Specialty Stores –
Specialty stores like card shops, pet stores, or sports stores offer a wide variety of interests for you to easily hop into. Many stores also require special licensing to handle food or sell animals so franchising makes it easy for you to get all the necessary paperwork.
Think long and hard before purchasing your own franchise or beginning your own business as they are both huge steps to take in life. But if you’re looking to be your own boss and would like to start something that’s more all-inclusive, consider these top 10 franchise opportunities.
Igor Tulchinsky is 43 years old and owns WorldQuant LLC. His company is one of biggest highfrequency algorithmic trading firms in Greenwich, Conn.