Most Profitable Franchises
How To Find The Most Profitable Franchises
It would seem to be one of the easiest things in the world to go down a list of the most profitable franchises and pick one out that sounds particularly appealing, assuming you have, and are willing to part with, the money required to purchase that particular franchise.
Lists of the most popular franchises can be found on the Internet or in many business magazines and other publications. While the lists may seem enticing on the surface, many, if not most of them, are potential minefields.
You Are Not Your Own Boss - One of the key things to remember in purchasing a franchise is, in spite of what the claims may be, you will not be your own boss, and what you do, and often how you go about doing it, will most likely be subject to the whims and dictates of the company you end up working for.
Is There A Market? - Another thing to take into account is the fact that just because a companies product or service turns a good profit year in and year out, there isn't necessarily a good market for that product or service everywhere, and you could conceivably get stuck trying to sell a product or service for which there is little demand in your area.
As The Parent Company Goes – A third thing to be taken into account is this. Even if you purchase a franchise that is very promising and begins turning a good profit immediately, there is always the chance that the parent company could be in the process of going belly up. This does happen on occasion with the result that many franchise owners are left high and dry, though some of the owners may have been able to make money before things shut down.
Obviously, there's no guarantee that a franchise is going to be a successful one, which simply means that one should not rush headlong into buying into what seems to be one of the most profitable franchises. Doing some research up front, and asking plenty of questions is really the only good approach. If the franchising company is unwilling to answer your questions, and provide you with facts and not hype, it’s best to look elsewhere.
Check Out The Mall - That said, what are some of the areas where the most profitable franchises are to be found? If there is a shopping mall in your area, particularly a newer one with plenty of small shops, run by one or two people, you might get some good ideas. One type franchise that appears to have some legs is one that sells refurbished printer cartridges at slightly more than half the cost of new cartridges. These franchises have grown up almost overnight and have proven to be very popular with PC owners.
That is just one rather specific example of a profitable franchise. As far as the general categories are concerned, some of the most profitable franchises, in addition to those in retail, in the case with the example cited above, are to be found in senior care, child care, and home services of many different kinds.
Home services for example have many franchise opportunities in cleaning and maintenance, water conditioning systems, pool maintenance, drapes and blinds, and painting.
Franchises with a good potential for turning a profit can be found in the travel industry, especially the cruise line reservation sector. Travel and leisure, normally good businesses to be in, have experienced a downturn as the economy has worsened. This hopefully is a temporary situation, but the effects of the economy on any business sector needs to be taken into account when starting up a franchise operation. Business services, including consulting and tax preparation services, are good possibilities in good times and bad.
There are many good franchise possibilities out there. Unfortunately there's no big arrow pointing to the most profitable franchises. One has to do the research and separate the hype from the facts, plunk down the necessary cash, and get to work, and probably work very hard at first, to in order to achieve success.