With COVID19 affecting our lives, we need to find other ways to earn passive income. We need to stop this notion that investing now would be a bad idea since sales will not be high right now. Investing has always been a long-term approach. You might want to consider investing in the best franchise opportunities to own in 2021 in the long run.
There are barely any scenarios in which you purchase a franchise, and you make up your money in months. Instead, it takes a period of time to generate a huge profit, which is why patience is the most important thing. Below are the best franchise opportunities to own in 2021 to get you started.
Why Own Franchise Business?
Here are the following reasons why you should own a franchise business instead of starting an independent company:
It is the key to your dream lifestyle.
If you want to work for yourself, franchising is the key. Instead of wasting your talent and potential into prospering another man’s business, why not build an empire for yourself? Franchising allows you to do what you love and receive guidance from the original owners in running the business. You can pursue your dream lifestyle and work for yourself with advice from your franchisor.
It offers increased chances of success.
Numerous government studies have shown that franchise businesses have a higher success rate than starting a non-franchise small business. If you want to see your hard-earned money grow, franchising is the best choice. Franchise businesses contribute to a significant part of the national economy, securing your success even before you have started.
You can benefit from a turnkey business model.
If you have little to no business experience, franchising is the best way to get into the industry. Many entrepreneurs are gifted in running an existing successful business but struggle to get it up and run. When you purchase a franchise, you don’t need to worry about choosing the territory, finding the best location, building good relationships with vendors, negotiating a lease, working with qualified contractors, budgeting, and more. Some franchise businesses are complete with well-trained staff. All you need to do is keep the business operating using the turnkey business model your franchisor provides.
How does a Business Franchise Work?
Franchising is one way of expanding a business by allowing franchisees to operate using the brand’s name, logo, system, product, and services. The franchise fee varies depending on the company. As a franchisee, you will own and operate a local business and pay the royalties back to your franchisor. Most franchisors help and support new franchisees in finding the right location, marketing the products, training, and many more.
Before investing
Franchising offers many advantages. However, there are several factors that you should consider first before investing your hard-earned money. One of the most significant factors to consider is the cost. Remember, startup fees for franchise businesses tend to be higher than starting your own.
Besides that, you need to understand and accept that even if you are running your own business, the final decision will always end with the franchisor. You cannot run it the way you want to unless approved by the management. These brands are very keen on maintaining a consistent brand image, so you must follow the rules and regulations.
Do your research
If you want to find the best franchise opportunity for you, take your time in doing your research. Investigating the business you are interested in investing in will help you better understand the company’s nature. Besides that, review the Franchise Disclosure Document, your obligations as the franchisee, your rights, and the rules and regulations set by the franchisor. As much as possible, work with a brand that matches along with your ethics and culture. Finally, before signing a contract, make sure that an industry expert such as accounts and lawyers have reviewed it for you.
Top 10 Best Franchise Opportunities To Own In 2021 In The USA
Dunkin’ Donuts
Dunkin’ Donuts is already a household name on the market with a big following all over the world; buying a franchise here is almost a guaranteed profit. It is convenient and cheap which is why people love it so much, it’s like fast food, but it’s donuts and coffee. They are also usually 24/7, so this is great for those working the graveyard shifts. Police officers are known to love them.
Statistics show that a Dunkin’ Donuts franchise generates about 8-12% of net profits. That number can only go up since they are diverse in branching out; the only possible flaw is it is quite expensive to even think about opening one. Yet, it is still one of the best franchise opportunities to own in 2021.
The UPS Store
Entrepreneur Magazine listed UPS as the #1 franchise for 19 consecutive years, while they are also at #17 in the ranking of Top 500 Franchises. This is all for a good reason. This does not happen by accident. They use state of the art technology, which makes it a simple process for them. They have branched out all across the world, and by estimate, they try to deliver 13 million documents and packages everyday.
With the times right now, this has become even more of a revelation for many people, and investing here may garner one of the biggest profits you’ll ever have.
Planet Fitness
Whether we like it or not, fitness has taken over our lives. The idea of a perfect body is being seen in social media, movies, etc. which leads to teenagers getting gym memberships caused by societal standards. Many investors think that planet fitness rocks as one of the best franchise opportunities to own in 2021.
Psychological studies have proven that exercising will lessen a person’s stress and anxiety while also helping them live a healthier life. Planet Fitness is a great option as its monthly package comes at a reasonable price, and with the number of Planet Fitness branches in America, you’ll find one near your house, your office, or wherever you may be. It is a convenient option, with most of them operating on 24-hour shifts.
Dream Vacations
If you want to find out the top franchises to own, then Dream Vacations should be on that list.
Dream Vacations is one of the largest sellers of cruise vacations in the United States. Here are some of the achievements that Dream Vacations have recently added to their profile:
- Ranked Number One in Entrepreneur Magazine’s 2017 Top Franchises for Veterans
- Certified 5-Star Franchise by International Franchise Association from 2018 until now
- Listed among the Franchise 500 list that was released by Entrepreneur, which is one of the biggest magazines that covers topics on American businesses
Convinced that Dream Vacations is one of the best franchises to own in USA? If so, then you would be thrilled to know that, for at least $3,500 you will own a franchise of Dream Vacations, one of the biggest agencies for cruise vacations worldwide.
With Dream Vacations, you will also get access to exclusive marketing and sales training programs so that you will be guided on how to generate leads and how to create customer loyalty. You can also ask for help from an IT support team that is available 24/7. The best thing about owning a Dream Vacations franchise is, you can do all the work in the comfort of your home!
Club Pilates
Nowadays, people are fixated on the “fitness” hype. Almost everyone now treats exercise as part of their daily routine, and they just do not want the aesthetic benefit of it. They want the health benefits that exercise gives to them.
Gyms and fitness facilities have been sprawling on every block in any city in the United States. If you want to own a promising fitness facility yourself, then a Club Pilates franchise is the way to go.
Club Pilates has been listed among the top 10 most profitable franchises in the United States, and IT has over 600 studios worldwide. It has been consistently included in the list of top growing franchises in the United States by Franchise Times, Entrepreneur, and many other business magazines.
You would only need to buy a franchise of at least worth $200,000 to own a franchise. This price is relatively cheaper than to other gym franchises. You will also be able to quickly get a return on your investment. Pilates is among the most popular low-impact exercises, which means that you will have customers occupying your branch.
Mac Tools
Aside from the world of fitness, the automobile industry is also booming in the United States. Within this industry, Automotive Tool Shops have been the biggest players. If you want to start a franchise in the automobile industry, you should start buying a Mac Tools franchise!
If you are confusing Mac Tools with the famous computer brand, then you are wrong. Mac Tools is one of the strongest brands in the automobile industry. In 2018, it has been ranked as the No.8 Fastest-Growing Franchise in the United States, and Mac Tools has also been included in the prestigious list of Entrepreneur’s Franchise 500. With Mac Tools, you would be able to build your own automotive tools business and you can connect with other automotive professionals.
Most successful Mac Tools Franchise owners started out with a mobile tool store on a truck parked along a well-known route. Aside from selling to any passersby who would need a quick set of tools, they also sell their products to Auto Repair Shops and other mechanics who are starting their own shops. Of course, if you can afford it, you can also set up your own physical store, and you no longer have to set up a mobile tool store.
Stratus Building Solutions
Maybe you are more leaning towards franchises that focus on providing cleaning services to businesses and corporate centers? Try checking out Stratus Building Solutions’ franchises. It is one of the strongest names in the commercial cleaning industry.
Commercial cleaning is often stereotyped as “boring”, but Stratus Building Solutions has shown to its franchise owners that this industry can be flexible, lucrative, and even hassle-free. With at least $5,000, you can start with your own Stratus Building Solutions franchise.
Special Strong Gym Franchise
Special Strong is a company that focuses on adaptive training for children, adolescents, and adults suffering from mental and physical disabilities. It is a great investment solely by the fact that it’s for a greater cause, putting money down to help people in need. Some do not even see it as an investment because it’s for the greater good.
What’s also good about going through with this gym franchise is it’s affordable as ever. Special Strongs franchise’s price does not reach the average fitness start-up, given that you do not have to install a brick-and-mortar gym. Another thing that will make your pocket smile is that 90% of your earnings will be directed into your bank account.
Add in the fact that Special Strong is one of the rare businesses that offer this type of service. You will be part of sparking a difference in others, which is rewarding in itself. Special Strong is definitely one of the best franchise opportunities to own in 2021. And as one of the top franchises to own in USA, it promotes many benefits fairly for everyone.
Mathnasium
At first, investing in a Math tutorial center doesn’t seem ideal. However, there is something about Mathnasium that numerous parents and educators seem to rave about. A trusted consultant develops all lessons and principles, and they actually found a way to make learning math fun.
The curriculum of the student differs for each one. This isn’t like a group class where you all learn the same thing. Rather, it is a one on one discussion because they understand each student is different and have their own strengths and weaknesses; they then make customized courses for the students based on their initial assessments. It also helps that there aren’t many tutoring services getting in the way of them when the demand is as high as ever.
McDonald’s
As of the current, McDonald’s is high in the Franchise 500 list rank, topping off the chart at 3rd place. Since 1955, this fast food giant has started its franchising and has reached over 30,000 in total units. Surprisingly, it only costs $1.3 million to $2.2 million to start operating a McDonald’s.
Even if you think there’s no space left for you, considering how abundant the number of franchises already are, remember how established McDonald’s already is.
It’s fast, and it’s food, so you will always have a steady supply of orders, especially since it’s reliable American fast food. Additionally, McDonald’s is already looking at several technological innovations that would better the company and its performance. This means that they will climb the fast food ranking even higher, as they would become more accessible and pleasing to the customers.
Its global sales have also continued to exceed expectations even in the midst of quarantine. It has continued to become a leader in the fast food market, and investing in its brand would be safer than investing in a cheaper, lesser-known brand. With a string of loyal customers on hand, you can rely on having business flow.
Additionally, McDonald’s assigns you with a franchise representative. This means you can walk through the process properly and have everything you need to know and strategize to achieve your ultimate goal.
KFC
The Colonel has also made its way to the high fast food and even franchising ranks, with its signature trademark of being “finger lickin’ good”. Currently, it serves customers locally and internationally, with 4,000 branches located in the U.S. alone.
Due to its multiple innovations in its products, food delivery, and marketing campaigns, KFC has recovered from its past failures that led to closings. Even if they still face major competition from other leading brands, their signature style chicken still puts them up to par with the others.
In terms of the franchise, KFC offers multi-unit incentives that place you at non-traditional locations such as airports and college campuses as a way of encouraging a new target market. In line with this, KFC is also concocting a menu for the millennials, including fried wings, Cheetos sandwich, and plant-based chicken nuggets.
If you’re counting on a brand that is always innovating its offerings, KFC is the best adventure for you.
Ace Hardware
Considering how Ace Hardware has been in the market since 1928, it has already been a household staple in terms of hardware and other related products.
Owning an Ace Hardware franchise is pretty much a breeze, as Ace Hardware offers you different options such as shares in stock, merchandising, and services, as well as the choice, to operate Ace Hardware within another business, such as a grocery store. Additionally, Ace Hardware also offers the option of purchasing Ace Handyman Services, which expands your franchise to handyman and in-home services.
If you are also a small business owner who wants to go big, Ace Hardware offers starting-up loans that help you start with the hardware giant.
If you’re not yet convinced, starting off an Ace Hardware franchise only costs $5,000 initially, with a high margin for profit as it is already well-known for being the one-stop-shop for hardware and home needs. This is proved by the yearly profit of over $80,000 that even reaches over $95,000. While competition is big, the hardware market enjoys a steady growth of 3% since 2014.
Sports Clips
Since the economy will always be vulnerable to recession, you have to be smart in your business investments.
One of the biggest industries that is a sure bet is the hair care industry. Estimated to be worth about $75 billion with a steady 8% growth annually, you can see a future in this industry. It also doesn’t require a 100% present managerial role as it basically does the work on its own.
Additionally, men and women would always look for haircuts and hair care. This is why you could never go wrong in franchising a hair care business like Sports Clips.
Sports Clips has been known as one of the top franchises of 2018 and has been around since the 1990s. Sports Clips established its name by going out of the conventional men’s salons and became an exciting sports environment for its patrons.
Since then, operations have been easy, and it has become an efficient investment as the costs are low. But the profits are high since the environment is really viable for men and boys alike!
Since competition is also lax in the men’s hair care industry, the growth is continuous. Especially if you’re as established as Sports Clips already.
In Conclusion
You could never go wrong in the franchising industry as long as you know all the right opportunities. Investing in food, home supplies, fitness franchise gyms, and men’s hair care are some of your best bets in the U.S. this incoming 2021, especially since the economy is rebounding from a recession due to COVID-19.
Prices are at a low in order to gain higher profits. Plus, this is also the time wherein people need reliable and easily accessible things. Considering how McDonald’s and KFC proves to be leading the ranks as fast food chains, people would really flock to you as a quick way to deal with their hunger. On the other hand, Ace Hardware and Sports Clips are two essentials in this time of need in order to maintain your home and yourself.
So, what could go wrong in something established already, right? The risks are in your favor if you go this way.