If you’re an entrepreneur considering getting into your own business, you might not know what exactly you want to get into selling. The market in your area may be crowded, and you’re looking for a sure-thing investment that will return your money consistently. In this case, you should consider buying a franchise.
Franchises give you the benefit of an existing brand you can market, a supply chain you can take advantage of and a legal overhead you can rely on for staying within local and state laws. Of course, when you get into a franchise, you’ve got some up-front costs to consider. Let’s look at some popular franchises that are considered some of the best to own right now.
Considerations
Before you get into a franchise, know that you’re signing up for some up-front expenses. These include franchise fees, which you pay to become a franchisee, up-front inventory stocking costs, royalties and real estate fees. As such, you could be looking at a rather heft up-front investment out of your own pocket. While you may be able to get a business loan for the expenses, this is a lot of money to owe.
As such, make sure you do your research on any franchise you’re considering buying. Make sure they have good brand recognition, a strong financial standing and a good presence to help back up your investment. Otherwise you might be throwing a lot of money away.
Seven-Eleven
This highly popular convenience store is one of the best franchises to own at the moment, thanks in part to its recognizable name and potentially low franchise fee. The franchise fee could be as low as $10,000, but could be as a bit higher for certain regions.
The strengths of Seven-Eleven include its name-recognition and its position as a convenience store with gas pumps. Everyone needs to stop in and get gas from time to time, so you’re guaranteed to make snack and beverage sales when people drop by. This is a surefire way to get some revenue coming in.
McDonald’s
Everyone knows the name McDonald’s, and everyone has been into one to grab some food. While McDonald’s might have a very high franchise fee, it’s for good reason. You’d be hard-pressed to find a more recognizable name, or a product that is easier to sell, than McDonald’s burgers. If you can get together the $45,000 franchise fee, you’re likely to have a great investment on your hands.
Every town in America has a McDonald’s. This gives you a huge edge: everyone already loves the products you’ll be selling. You’ll find it easy to market yourself to people, and you’ll likely find customers just coming to you. It’s every franchisee’s dream.
Dunkin Donuts
Okay, they’re just called “Dunkin” now, but they still sell doughnuts, so let’s not mince words. This popular donut shop sells a ton of coffee and a ton of pastries, and is a regional favorite in areas like New England and parts of the Southeast. It’s also got locations all over the world, in 32 countries, and has a very recognizable name.
As a franchisee, you only need an up-front fee of $40,000 to $90,000 in order to get started. From there, you’re in business selling coffee and donuts to people who have been fans of the long-running brand for years. The company also supports franchisees with help marketing, managing and even selecting and constructing sites! There’s a lot to love about Dunkin, and they make sure to take care of their franchisees. After all, the better the franchise does, the better they do!