Franchises are designed to provide entrepreneurs and investors with a proven business plan and, ideally, a recognizable brand.
Starting a business on your own – without an existing brand or business model – can be very difficult. It can take years, and sometimes decades, to make a name for yourself in the marketplace. For most entry-level entrepreneurs, that is far too long to remain a viable option. That is why a large majority of startups fail within the first couple years.
Franchises, on the other hand, allow you to start an established business, following a model that has already been used and perfected by other successful business owners. This gives you a significant advantage that ensures faster success and profitability.
Franchise businesses are available in many different industries, offering several types of products and services. Let’s take a look at some of the more common options on the market today.
➜ Fast food chains
These are perhaps the most well-known franchises, simply because of their market saturation. The most recognizable fast food chains have hundreds of locations across the country. However, it’s also one of the most costly types of franchises, often requiring an investment of several thousands of dollars just to get one location started.
➜ Convenience Stores
Convenience stores are another popular franchise due to their strong demand in a variety of markets. However, like fast food, these franchises can also be very expense to start, and competition is fierce in populated areas.
➜ Health, Fitness & Gyms
Traditional gyms and specialized studios for pilates, yoga and other fitness programs are increasingly popular these days among both consumers and franchisees. Keep in mind, however, that a traditional gym will easily require hundreds of thousands of dollars in equipment, real estate and operating costs. Other fitness centers will also require hiring certified, highly trained staff.
➜ Retail Stores
There are countless retail franchises available, selling everything from clothing to car parts. To be successful in retail, you must do extensive research on local competition to determine which products would have the most demand in your desired location. Expect to pay thousands per month in real estate costs, regardless of whether you build new or lease space in a shopping center.
Vending opportunities are popular alternatives to traditional franchises because of their low start-up costs and quick cash flow. The scalability of the business and the small space needed for each machine makes vending a smart solution for those who want a profitable business without all the extra legwork of traditional franchises.
HUMAN Healthy Vending has dramatically changed the vending industry – not just for consumers, but also for vending operators. By offering unique, healthy products for nutrition-conscious consumers, our vending machines deliver 2x the profits per sale of traditional vending. Attractive features like LCD screens and innovative technology like remote inventory monitoring make this business opportunity extremely lucrative.