The best franchise opportunities can be found in the fields of career development, education, fast food, automotive, and delivery service sectors. Most of the settled franchises have a developed formula for success. They have established themselves with a unique concept. They promise a better future with various formats and high-end training.
Which franchise to buy? People are always addled by the thought of what are the franchises to buy. To overcome this confusion, taking advice from a franchise consultancy is always a good idea. The buyable franchises are judged on some basic factors. They are listed further:
- The costs and tariffs: This factor defines the dependency of the right choice on the budget of the buyer. This includes the franchise cost, development expenses, and royalty tariffs.
- Popularity and growth: This factor defines the success probability of the franchise. It depends on how settled and popular is the brand in the market. It accounts for the open and operating units, growth stats and rates, and closures.
- Underpin: This factor tells how much support is available from the mother organization. This considers the training durations, marketing support, operational assistance, infrastructure of the franchisor, availability of finance, and litigation.
- Strength of the brand: This factor depends on how deep-seated are the roots of the brand in the market. It depends on the social popularity of the brand. It also considers the probability of the brand to stay in business in the future.
Best franchises to buy in 2020: Some of the best franchises to buy and open in 2020 are listed further:
- Dunkin’: Also known as Dunkin’ Donuts, a well known fast-food brand, catering to a huge number of customers since 1950.
- Taco Bell: Another American fast-food giant. Started in California as a subsidiary of Yum! Brands, Inc. in 1962.
- McDonald’s: One of the largest fast-food brands worldwide. It started in California, U.S.A in 1940.
- Sonic Drive-in: Mostly known as Sonic, is another fast-food drive-in company. The chain restaurant company is owned by Inspire Brands.
- The UPS Store: This network is one of the largest franchisors in the world. This works in the field of retail shipping, postal, printing, and business service centers. Today, there are more than 5000 independent outlets under this network.
- Ace Hardware: This is an American hardware retailers’ cooperative network. It is the world’s largest hardware retail cooperative franchisor. It started in Oak Brook, Illinois, in the United States.
- Planet Fitness: It is one of the largest fitness franchisors in the world. The company has 2,039 fitness clubs, with its headquarters located in Hampton, New Hampshire, United States.
- Jersey Mike’s Subs: With 1,592 locations open and about 124 more in development in the United States, it is one of the largest submarine sandwich chain. It is a privately held company with its headquarters located in Manasquan, New Jersey.
If you are still confused, contact a franchise consultancy. They will give you an idea about which franchises to buy.