Where do you start? You’re ready to embrace the freedom and excitement of owning a franchise, but how do you know which one is for you?
There are many franchise opportunities available but not all of them are created equal. The best franchises to own are those that:
- Show a solid growth pattern year over year;
- Have a small percentage of terminations or non-renewals.
Finding the right company can feel daunting. Before you make such a big decision, choose your industry first. Here are six of the top franchise industries right now.
#1. Health & Wellness
Fitness never goes out of style. As more people learn about the benefits of regular exercise, gym owners are seeing a spike in memberships.
Related Article: Franchise Success Requires Differentiation
When choosing a fitness franchise, opt for one with low overhead and labor costs. 24-hour gyms are ideal for this. You give your members a card and full access to your gym without having to hire a large staff or expensive personal trainers. It’s a win-win.
Men, women and children have one thing in common—they all need haircuts. Perhaps it’s this constant demand that makes owning a hair care franchise so appealing.
Hair care franchises have a proven business model that’s easily replicated. Several hair care franchises have seen tremendous growth over the past few years including SportClips (which caters to men and boys), Great Clips and SuperCuts.
#3. In-Home Care
As the population ages, so does the need for more in-home care services. Starting a franchise that offers in-home medical care opens you up to liability. Instead, opt for one that helps with daily chores and everyday tasks, such as Visiting Angels.
#4. Cleaning Services
No one likes to clean. Many homeowners reach out for help from an outside cleaning company to finish up the regular chores and give them a sparkling clean home. This high demand makes the cleaning services industry a strong one to enter.
You can even go a little bit bigger by starting a restoration industry, targeting more robust jobs, such as fire or flood cleanup.
#5. Fast Food
People love to eat. In today’s instant gratification society, fast food is sought out frequently. There is never a shortage of fast food restaurants.
Opening up a fast food chain of your own can be lucrative, especially in an area without these styles of shops. Sandwich shops and pizza chains are among some of the fastest growing because they are time tested and proven to work as a profitable business model.
Parents will go to great lengths to ensure their children receive the education they need. If their child isn’t performing as well as they’d like in school, parents will seek outside help for tutoring and alternative learning styles.
There are several chains that are performing exceptionally well in this field, including Kumon and Bricks 4 Kidz. If you’ve ever wanted to go into the field of education, this is one opportunity you won’t want to miss.
When choosing the right industry, focus on what you’re most passionate about. Then, use your interests to guide you in the right direction.