For most people, the idea of starting a franchise is both exciting and intimidating. A new business venture can be risky with many unknown factors that you need to take into account. However, franchises offer a proven model that has been shown to succeed in the past and will likely succeed in the future.
Franchises offer an opportunity for someone who does not have experience running a company but wants to start one anyway. Learn some of the reasons franchises are good business opportunities, including examples from different industries, so there is something for everyone regardless of their interests or skills.
The mattress industry is worth $14 billion and continues to grow, despite stagnant growth in other retail sectors. Lowe’s sells about 2 million mattresses every year, which is over 10% of the market share. Home furnishings are also popular, with some people preferring to decorate their house first before moving on to more expensive items like cars or furniture, so it’s a good idea to get in early before the market becomes saturated.
Mattress franchises offer both short-term and long-term financial security. With over 20 thousand franchised retail locations, mattress stores are the most widely-accessible type of franchise opportunity since they do not require any specific skill set or prior experience.
The notion of “dollar stores” is not new. Thrifty shoppers have been visiting them for years to get household essentials and other products at cutthroat prices. Still, these discount retailers are increasingly becoming more well-known and sought-after. Dollar Shops has over 13,000 locations all around the United States, and they account for 5% of the market share.
There are companies that franchise dollar stores like Dollar General, which is one of the biggest dollar-store chains in America. Although they operate on a smaller scale than major retailers like Walmart and Target, Dollar General reported over $20 billion in revenue in 2018 alone.
Produce stores are increasing in popularity because people are becoming more conscious of the health benefits of fruits and vegetables. Lee’s produce, for example, was founded in 1986 by two brothers, and now they own over 100 supermarkets across the country with franchises all over the world. They are expanding their presence with plans to open new stores in Canada and Asia.
Besides Lee’s produce, there are other options like City Produce, which was founded by a former grocery store owner. It has grown from one location in Fairfax, Virginia, to over 45 franchised stores located across the country.
Construction and Building Equipment
Construction is a relatively stable industry because there will always be people who need new buildings and other infrastructure built for them. This makes it a good business opportunity, especially if the economy is doing well. In fact, construction equipment has been increasing in demand despite overall economic conditions worsening. Equipment and tools, including hydraulic hoses, are still considered good business because there is a demand and need.
Building equipment provides jobs for both blue-collar and white-collar workers. Engineers, architects, truck drivers, mechanics, and operators — many jobs are available in the construction industry needing different skill sets.
Cars are expensive, and it can be a hassle to purchase one since there’s a lot of paperwork involved. Millennials don’t want to spend too much on purchasing their own vehicles, and that’s why car sales continue to decline, but people still need cars for work and leisure purposes.
Car dealerships offer the opportunity for people to work in an industry they like while earning high commissions. You don’t necessarily need to know about cars or anything related to the automotive industry. You need to be willing and able to help people find the vehicle that best suits their needs.
Fast Food Restaurants
Fast food is well-known as one of the most popular and successful franchises in America. Seeing as how people are becoming more conscious about what they eat, fast food restaurants like McDonald’s and Burger King have struggled to keep up with the demand for healthier alternatives.
Many young adults today work a nine-to-five job, and they don’t have a lot of time to cook their own food. This is why fast-food restaurants are slowly becoming more popular despite the fact that millennials are spending less on consumer goods.
Salons and Spas
Many people are stressed out these days, which is why spas and salons are becoming more popular. People feel the need to relax and relieve themselves from all that stress they’re experiencing daily. Spa franchising has been increasing in popularity. The spa industry is worth about $27 billion in the United States alone, and it’s growing each year.
There are many lucrative business opportunities if people are willing to do the research and find something they like. When it comes to franchising, you should make sure you understand the industry, including the pros and cons of starting a specific franchise. You also want to look at how much it costs to create your own franchise and what kind of revenue you can expect. Franchising isn’t the only way to start your own business, but it could be one of the best options if done correctly.