The 3 best franchise business to own in 2024
Do you want to quit your job and start your own business? Or invest in a proven business that generates a good amount of side income? If you ever feel that way, a franchise business is quite possible to fit what you need.
What is Franchise Business?
It is a type of business whereby the franchisor (owner of the business) offers you access to their business’s proprietary knowledge, trademarks, and processes, in return for a combination of a flat fee, plus monthly fees based on sales or profits.
If you ever wonder why buying a franchise, here are some reasons to convince yourself:
- Greater chance to succeed
When you are investing in a franchise business, you are guided and trained along with the defined framework. It is crafted by the franchisor with many years of experience and learning in the particular business. And you will learn all of it in a matter of weeks, without spending too many resources to learn yourself.
- A cheaper way to grow
The franchise business model provides the franchisee to share the benefits enjoyed as a result of a large franchisee’s network and the ability to grow under the same brand. Advertising can be cheaper because of the cost being shared among the franchisee, which is not available to independent and small business owners.
- Part of a bigger brand
Franchisees can benefit from a strategic brand identity that has a greater market impact. Especially with an established brand, normal customers can expect a consistent experience and services in different locations because of the reputation and recognition of a brand. When the franchise network grows, so is the brand, which will then help the business of each franchisee.
Now, you might already have decided to buy and own a franchise yourself. The question is what kind of businesses are best suited for you? We’ve listed a few best franchise opportunities that are worth considering.
Laundry & Dry Cleaning
The laundry industry is growing around the world. Wherever you go, you are very likely to find a coin laundromat nearby to mainly serve a low-income class or household without a washing machine.
How about people who value convenience or require dry cleaning service? This is a forgotten market that is full of potential. Instead of self-service, people are increasingly willing to pay extra for laundry specialists to wash, dry, and fold their laundry before delivering it back.
Also, white-collar workers are increasing and so are the suits they wear that require dry cleaning. How about curtains? Winter jackets? Branded shirts?
Find out the laundry franchise opportunity here.
Food & Beverage
Food is a human everyday need. And the best is food can get people excited. Imagine yourself, scrolling your Facebook during the weekday and seeing the food photos that you love, it will sure get you excited for the weekend.
Also, food delivery is getting more and more popular. People are spending more money on having food delivered to their doorstep, instead of cooking it themselves. Therefore, having a food business and partnering with food delivery companies can increase your revenue stream.
Instead of inventing your recipe, which can be a success or complete failure, investing in a food franchise might be a better option. You can start with your favorite restaurant, and enquire about franchise opportunities.
Education
A good education is important to all people. If you want to enroll in a good school or find a good job, academic excellence is still the prerequisite. Whether you like it or not, this is how the world operates at least for now.
To guarantee a bright future for their kids, parents are willing to put a lot of money into education like tuition and extracurricular activities. Some good education centers even require the parent to enter the lottery for a spot in the center.
As awareness of good education grows, the education business is going to grow in parallel. This is why investing in an education franchise is becoming more and more popular.
If it’s not now, when?
The list above is some of the ideas for you to start. Of course, there are more different types of franchise opportunities out there. The key is to find a supportive franchisor, a business with good potential and you have the passion to run a franchise business.
“The only impossible journey is the one you never begin.” (Tony Robbins)
If you keep thinking of starting your own business, it’s never enough just to think but to take solid actions to achieve what you want. Make a plan, do your research, and work towards your goal. You will be amazed at how far you can reach when you are making all these little steps day by day.