The most difficult time for any business is usually the time of its establishment on the market and standing on its feet. One of the craziest pieces of advice from a business coach may seem to be spending about 70% of the whole time on sales. Sure, it’s crazy, as […]
Buying a franchise is one of the most popular ways to start a business in many parts of the world. They have a proven plan for success, plenty of support for new business owners, and brand recognition, all of which is vital for a new business. Of course, not all franchises are created equal. There are successful franchises in almost every industry, but some produce many more success stories than others.
The ubiquitous convenience store is the most profitable type of franchise in most environments. 7-11 is the most famous franchise of this type, but there are plenty of others to choose from.
These franchises are successful because they can provide a large variety of products that people use on a regular basis. Even if demand for one of their products falls, they can make up for it with the steady demand for other products. Many of the larger franchises are spread all over the world and offer similar products in every location, so they also appeal to travelers who want to buy familiar products as quickly as possible. This type of franchise will remain successful for as long as people crave convenience and access to familiar products, so it’s safe to say that they’ll be a good choice for a very long time to come.
Fast food franchises are the most famous in the industry, and they are the ones that inspire many people to invest in a franchise of their own. The fast food industry pioneered many aspects of the modern franchise system, and has boiled it down to a precise science. With that in mind, it should come as no surprise that they are also among the most profitable franchises.
These franchises live or die based on their location. A fast food franchise that has access to a lot of foot traffic and people who need to eat quickly, such as on a college campus, is virtually assured of success. They can still prosper in more secluded areas, especially if there is little to no competition, but it will take much more work to get one going under those conditions.
Personal care franchises don’t get as much press as the others, but they are growing very quickly. This includes businesses such as hair salons, gyms, massage centers, and anything else that provides a personal service to the client.
These often require workers with special skills, such as cutting hair or performing massage, which is both a blessing and a curse. On one hand, it can be slightly challenging to find appropriate workers. On the other hand, that means there is much less competition, and people are often willing to pay a premium for those skills. If you can overcome the hurdle of finding qualified staff, these are among the most profitable businesses out there.