For those looking to invest in and own a franchise, it can an arduous process to sort through the options available and identify the one that can provide maximum profits and satisfaction. When the goal is to maximize family time as well, it becomes even more difficult to identify the best possible franchise to open. For franchise owners looking to make the most of both family time and profits, the International Franchise Professionals Group (IFPG) provides a membership-based franchise consulting network. Boasting over 1,300 franchisors, franchise consultants, and vendor members, the IFPG is the go-to source for those looking to identify and invest in a quality franchise.
The purpose-driven mission of the IFPG is rooted in integrity, ethics, and collaboration. The idea is that aspiring business owners can reach out to our members and leverage their extensive knowledge and industry experience to determine which type of franchise will provide the right blend of profits and family time that they require. To better serve entrepreneurs, the IFPG has compiled the information in this article to answer some of the most frequently asked questions about the best franchises to open for maximizing family time.
What are the first steps to Start a Franchise Business?
Prior to researching the various franchise options and making an informed decision, there are some initial steps that must be undertaken in order to prepare to become a franchise owner. First and foremost, research should be conducted in order to gain an understanding of the regulations and other legal requirements associated with opening a franchise. It is also important to assess both short-term and long-term financial goals, Identify what type of franchise would be most ideal, and fully evaluate the risks associated with investing in a franchise. Finally, develop a comprehensive business plan that clearly outlines how the franchise will operate and ensure that there are enough resources (personnel and financial) in place to be successful.
What Types of Franchises are the Best for Families?
When selecting a franchise, it important to consider the type of franchise that is going to best meet the needs of both the family and the business. For family members looking to spend more time with one another, service related franchises offer a great opportunity to have everyone involved in the business in different capacities. For example, pest control franchises, landscaping franchises, and cleaning franchises can easily be expanded by adding family members to the team. In addition to providing the opportunity for family members to work together, these types of franchise tend to be immensely rewarding, as service related franchises build relationships with customers and create invaluable experiences for families.
Which Franchises are Low Investment and High Return?
When selecting a franchise, many entrepreneurs prefer to minimize their initial investments and maximize their returns on investment (ROI). Fortunately, there are a number of franchise options that provide a low initial investment and yet still offer a high ROI. Subway, for example, requires a franchise fee of only $15,000 with total startup costs ranging from $130,000 to $325,000. Yet, Many Subway franchises have been known to generate an annual net income of $175,000 — $225,000. Similarly, Supercuts franchise requires an initial franchise fee of only $25,000 with total startup costs ranging from $99,950 to $245,000, and yet they have annual net incomes ranging from $82,076 to $234,898.
What Type of Franchise Opportunities are Most Profitable?
When researching franchise opportunities, most entrepreneurs focus on the potential return-on-investment (ROI). For those looking to maximize profitability, franchises in the food industry tend to outperform those from other industries. Dunkin Donuts, for example, requires a franchise fee of $40,000 with total startup costs ranging from $228,620 to $1.6 million, yet they have annual net incomes ranging from $279,000 to $737,000. Similarly, Auntie Anne’s Pretzels requires an initial franchise fee of only $30,000 with total startup costs ranging from $219,525 to $567,050, yet they have known to generate an annual net income of $295,000 to $511,000.
Are Franchises Easier to Run?
Generally speaking, yes, franchises can be easier to run than independent businesses. Part of the appeal of franchises is that they provide entrepreneurs with the support and resources they need to get their businesses up and running more smoothly. Most franchises feature well established business models, comprehensive operations manuals, and structured training programs which enable those looking to invest in a franchise to quickly learn the in and out’s of the franchise they have chosen. In addition, many franchises also provide support services and resources to guide the franchisees through their ownership of the franchise.
How to Find the Right Franchise for You?
The process of identifying and investing in the right franchise can be intimidating and overwhelming. As alluded to earlier, the IFPG is a one-stop solution for prospective franchisees as its franchise broker group members provide aspiring business owners with the guidance they need to make a well informed and confident decision. In addition, prospective franchisees should leverage their networks and their broader research to find franchises that best meets their needs. As a rule of thumb, prospective franchisees should conduct plenty of research, visit franchisors, and network with other franchise owners in order to gain insight and acquire suitable information to make an informed decision.
Topics:
