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Franchise Guide

Best Franchise to Buy in Maryland after Corporate Layoffs?

For those made redundant due to corporate layoffs, franchising is a promising opportunity to enter the small business world as its own boss. Not only does it open up the road to become the master of one’s own destiny, being a franchisee also allows individuals to go into business with the support of a team of experts. Furthermore, the cost of entry into franchising is usually lower than starting a business from scratch. Considering all of these advantages, Maryland is a great place to invest in a franchise business.

But with so many options available in the franchising world, choosing the perfect fit can be a daunting task. What is the best franchise opportunity for those looking to invest in Maryland following corporate layoffs? We answer this answering this question and more below.

What Is Franchising?

Franchising is a business model that allows an individual—known as the franchisee—to operate a business under the name, brand, and trademarks of another business—known as the franchisor. The franchisor provides the franchisee with a range of business-support systems, operations procedures, products, and services. all of which makes it much easier for the franchisee to get up and running than if they were to start a business from scratch.

There are two main types of franchising models:

  • Business Format Franchises: These are the most common models. In this model, the franchisor provides the franchisee with a turnkey business system which is established and ready for business. The franchisor will also provide ongoing support regarding the operations and marketing of the business. This model is ideal for those interested in being an owner-operator of a business.
  • Product Distribution Franchises: This model involves the distribution of a product or service from the franchisor to the franchisees. The franchisee is responsible for marketing and selling the product or service. This model is ideal for those who would like to focus solely on sales and marketing, and are not interested in operating the business.

What Are the Benefits of Investing in a Franchise?

There are many benefits to investing in a franchise in the state of Maryland. These include:

  • Lower Cost of Entry: The cost of starting a franchise can be significantly lower than starting a business from scratch. The franchisor will typically provide the franchisee with a variety of services, such as training and support, which can save money for the franchisee.
  • Support: The franchisor will provide the franchisee with ongoing support, which can be invaluable for those new to the business world. This support can include access to the franchisor’s marketing and communications materials, advice on operations and finances, as well as access to the franchisor’s network of suppliers.
  • Brand Recognition: Investing in a franchise allows for immediate access to the brand’s goodwill and positive reputation. This can be invaluable in a competitive market, as the consumer is already familiar with the brand and trust its products and services.

What Are the Best Franchises to Invest In in Maryland?

When looking to invest in a franchise in the state of Maryland, there are a variety of factors to consider. Aside from the expected costs of setting up the business and the upfront franchise fees, potential franchisees should be researching the business model, the franchise’s history of profitability and their franchisor’s customer service.

For those looking to invest in a franchise in Maryland, some of the top franchises to consider are:

  • Ace Hardware: This American hardware chain has been providing their customer base with great service and quality products for over 90 years, and has become synonymous with convenience and dependability. With a low cost of entry and comprehensive business model, Ace Hardware is an excellent choice for those interested in the retail industry.
  • Dunkin’ Donuts: This established American coffee and pastry chain has been a fan favorite since the 1950s. Dunkin’ Donuts offers its franchisees comprehensive business support and expansive training in the form of their Business Development Program, as well as access to their existing customer base. This makes it a great option for those looking to enter the foodservice industry.
  • Ben & Jerry’s: This beloved ice cream brand has been in operation since 1978, and has since become an American icon. Ben & Jerry’s offers premium ice cream and frozen yogurt, as well as comprehensive business development and training for all of their franchisees. This makes it a great choice for those looking to enter the foodservice industry and aspiring entrepreneurs looking to join a well-established brand.

There are many wonderful franchise opportunities for those looking to invest in Maryland following corporate layoffs. By researching the business model, the franchise’s history of profitability, and their franchisor’s customer service, potential franchisees can be sure to select the franchise that is the best fit for them and their business goals.

Topics:

Corporate Layoffs,

Franchising,

Maryland

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