When deciding to buy a franchise, it’s easy to get overwhelmed by the number of options and the allure of possible riches. While making the right choice can be challenging, narrowing down your options can help you decide on the right business to buy, whether it’s a franchise or something else entirely. Here are three of the best types of franchises to buy if you’re looking to invest in a new business venture.
Why people buy franchises
Your odds of success will be higher if you buy a franchise. According to research compiled by Franchise Times, an industry publication, only one in four small businesses survive after five years—and fewer than half survive after 10 years. If you’re considering buying a franchise, don’t worry about your own entrepreneurial abilities (or lack thereof). You’ll have support from both corporate and local owners. Franchises have higher success rates for several reasons: more consistent processes across all locations, marketing and brand recognition, access to better suppliers/vendors, and support from corporate management team on operational issues. All of these things add up to significant advantages over other types of business startups.
Online Franchises
If you’re looking to buy a franchise, one of your best bets is online-based franchises. Franchising has taken off in recent years because buying into an online franchise allows individuals to get a potentially high-paying job without leaving their home office. On top of that, franchises allow you to purchase a brand name that’s been tried and tested; with an online business, you get all of those benefits with less risk and expense. If your interest is piqued by starting your own online business but fear giving up control, franchising might be for you. Online businesses that do well often expand their reach rapidly via franchising.
- Tutoring Franchises
You’re not going to make a million dollars owning your own tutoring franchise, but you can still earn a solid income with very little effort. All you need is patience and a little bit of know-how. Tutoring franchises will always be in demand because there are so many people who want help to better their grades and get into college, according to Bright Hub Education Editor Laura Newcombe. And there are so many schools that provide tutoring programs for students who need it.
- Home-based Franchises
If you’re looking for a business that can be run from home, start with home-based franchises. Because these are small businesses and not restaurants or retail stores, there’s no need to lease a commercial space. Some industries—such as personal training, tutoring, and childcare—are natural fits for home-based franchises because they can be performed without a lot of overhead cost (space and equipment). If you prefer working in an office instead of your living room or basement, look into franchises that don’t require you to operate out of your home. You’ll save on rent but still benefit from lower startup costs.
- Plumbing Franchises
Owning plumbing franchises is a great way to break into business ownership. Not only does it provide you with a steady source of income, but as an independent contractor, you’ll have more control over your schedule and financial situation. You also get to leverage some of your most important assets — namely, your experience and contacts. For many people, getting started in business can be intimidating; operating under someone else’s name comes with less risk than trying to create something new out of thin air. For example, if you’re looking for ways to stay at home while still making money or if you already own a successful local business and want to expand by starting another one nearby, then going into business as an independent plumber can be appealing.
Are you interested in buying a franchise?
If you’re interested in buying a franchise, chances are you’ve been doing some research. You may have noticed that there are several types of franchises out there—and each one comes with different advantages and disadvantages. Understanding your options will help ensure that your business idea gets off on the right foot. If you have decided you want to buy a franchise right away that’s great your first step would be browsing an online list of franchises and making an enquiry to a few franchises you think would be best for you from there you will receive free information on the franchise and have the option to book free events to find out more.
I have come very close to purchasing a franchise in the past. One of them was a tutoring franchise, Mathnasium, have you heard about that one? I also considered a Liberty Tax franchise, since my background is in Finance.