What is the Best Franchise to Own: Tips for Making the Right Choice
What is the Best Franchise to Own?
Tips for Making the Right Choice
Are you thinking about buying a franchise? Are you wondering what is the best franchise to own? Keep reading to find out.
What is the best franchise to own?
Think about how many times per week you frequent a business that is a franchise. Do you stop for coffee at a Starbucks? Get gas and a drink for your commute at 7-ELeven? Get your haircut at a chain like SportClips? Grab lunch at Jersey Mike's or Chipotle?
If you're already frequenting franchised businesses, why not think about purchasing your own? If you've been contemplating investing in a business but you're not sure what is the best franchise to own, you're in the right place.
Here are the top 4 hottest franchises for 2020.
1. 7-Eleven
7-Eleven is the number one convenience store and 7-Elevens are going up everywhere! There are over 68,000 7-Elevens around the world, making it popular not only in the US, but in Japan, Thailand, and South Korea as well.
If you're interested in franchising your own store, you'll have to go through 240 hours of on-the-job training and 24 hours of classroom training. Franchise owners get marketing support with ad templates, regional advertising, social media, SEO and web development, email marketing, and loyalty programs.
The initial investment varies, based on location, and can range from less than $50,000 to more than $1 million.
2. Jersey Mike's Subs
Did you know that Jersey Mike's is the fastest-growing sandwich chain in the country? Their plan is to have over 2,000 locations by 2020 and it has recently been named to Entrepreneur's Franchise 500 top 10 lists.
The initial investment ranges from $237,000 and some change to $760,000+, but these numbers include pretty much everything that you need to get your franchise up and running.
3. Dunkin'
Even though they dropped "Donuts" from their name, Dunkin' is still one of the best franchises to own. In the 4th quarter of 2018 alone, over 100 new Dunkin' locations were opened around the world, and you can find them in 32 different countries.
The initial investment ranged considerably, from a low of less than $230,000 to upwards of $1.6 million. Franchisees do receive a lot of support, however, including training, help with site selection and construction, managing and operating the store, and marketing.
4. The UPS Store
More than 84% of the country lives within 10 miles of a UPS store, making it a franchise easily accessible by nearly everyone. It's also the top franchise in the business services industry and has a 35-year history of franchising.
If you haven't visited a UPS Store recently, it's more than just shipping packages! They sell packing supplies, have mailbox services, have copying and printing services, and will even take your Amazon return and package them up for return for you.
The initial investment ranges from a low of around $178,000 to a high of $402,000.
Want more Franchising 101 Research and Information?
Do your research and get proactive with current franchise owners, ask questions, go out and see possible site locations, and so on. These links will guide your way. Good Luck!
The International Franchise Association: www.franchise.org
The Business Resale Network: www.br-network.com
The Census Bureau: www.census.gov
The Service Corps of Retired Executives (SCORE): www.score.org
Franchise Update Publications: www.Franchise-Update.com
Entrepreneur: www.entrepreneur.com
Franchise Times: www.franchisetimes.com
What Is the Best Franchise to Own? 4 To Consider
Now that you have an idea of what is the best franchise to own, you can start seriously thinking about investing in your future. If you're still unsure, use our franchise matching tool to see what might fit your budget, your location, and your needs.
When you're ready to buy, get in touch with us. We can help you with the purchasing process.
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