Now more than ever, successful business models that can withstand the competitive nature of today’s economy are needed. Entrepreneurs who want to set their own schedules and pursue their dreams in theory have more options than ever, but tight margins, excessive competition, and disruptive economic trends mean that many of those options are an illusion in terms of viability.
Increasingly, entrepreneurs and investors are turning to franchise opportunities as a safer bet in a rapidly changing business world. Given that franchising makes it easier to secure funding, procure advice and scale-up endeavors, many wonder how anybody could choose a different path.
With that being said, some franchise opportunities are better than others. As such, let’s take a look at the top five franchise opportunities that currently are available in the US.
Service Franchises
Given the recent and rapid closure of smaller service-based businesses across the country, the need for viable alternatives is greater than ever. In the service sector specifically, the growth has been phenomenal. Options such as Great Clips, ServiceMaster, and Massage Envy are great examples of service franchises that are exploding in growth.
While there are many opportunities in this form of franchising, be aware: Larkin Hoffman Franchisor Attorney notes that several states have moved to institute new and extensive relationship laws between franchisors and franchisees, with these laws being inspired predominantly by service sector franchises.
Restaurant Franchises
Restaurants are a common business venture but given the tight margins and minimal room for error, the vast majority fail within a few years. However, franchised restaurants generally have a much different fate. Options such as Buffalo Wild Wings, Zaxby’s and Subway are thriving in today’s franchise business climate. Given that businesses carefully review franchise location and viability before approving a new restaurant, it’s not surprising that restaurant franchises are excelling.
Tax Service Franchises
It may not seem like an obvious choice, but tax service franchises are booming in the US currently. Everybody needs help with their taxes – and given the perpetual need for such assistance, companies such as H&R Block, Jackson Hewitt, and Liberty Tax Service are opening hundreds of franchised locations around the country.
Pizza Delivery Franchises
While restaurants have already been mentioned on this list, pizza delivery franchises fall into a different category. Given options like Little Caesar’s and Papa Murphy’s are thriving as franchised businesses, it’s not hard to see the appeal. Most pizza delivery franchises focus on minimal numbers of employees and retail space and use methods to optimize pizza delivery efficiency. This leads to lower startup costs and lower operating costs, making this franchise opportunity an appealing and viable one.
Shipping Franchises
The mailman may visit every house in the country, but that doesn’t mean that the need for shipping services are entirely satisfied. A variety of shipping franchises have been opening at a rapid rate across the country, including options such as the UPS Store and Mail Boxes Etc. In some areas, the postal service doesn’t provide rapid service and delivery, while in other cases, businesses themselves need a more comprehensive shipping solution.
These five types of franchises currently represent some of the hottest franchise opportunities in the country, providing entrepreneurs with exciting pathways for business growth. By striking while the iron is still hot, you may very well find one or more of these opportunities to be immensely lucrative in your local market(s)!
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