Are you thinking about making a business investment in the New Year? Here are the best new franchise ideas that smart entrepreneurs can’t stop talking about.
Owning your own business is one of the best paths to the American Dream.
You’re your own boss, you have an endless possibility for growth, and you have real control over your own destiny.
Starting a business from scratch though carries a lot of uncertainties. A better option in many cases is to purchase a franchise.
Follow along with the options below to find out some of the best new franchise opportunities today.
1. Restaurants
Restaurant franchises are some of the oldest and most successful franchise opportunities. There’s a good reason for that too, people love familiarity and quality in their food.
Do your research for your area and find out what works and what doesn’t. Also look at the most successful franchise chains.
Restaurants generally have among the highest startup costs of any franchise. Most chains will cost you at least $500,000 and have high net worth requirements to boot. You should consider your own skills and how you can keep costs low as well.
For your investment, you become a member of a thriving chain with a built-in customer base numbering in the millions.
2. Barbershops/Salons
If you have a cosmetology license setting up your own salon can be a great investment. Purchasing a franchise gives you the benefit of national advertising and existing brand recognition to get going.
This is a middle of the road opportunity, with a required initial investment of about $250,000 to $300,000. You’ll also need to be able to effectively manage other stylists or barbers.
3. Maid Services
If you’re good with a mop and sponge setting up your own maid franchise could be a great opportunity. This is another low initial investment franchise, averaging about $120,000 to $150,000.
You’ll need to be able to effectively manage your time and that of your employees. You’ll also need to be skilled at self-promotion and establishing lasting relationships with customers.
4. Shave Ice Stands
Shave ice is a summer favorite that provides franchisees with high margins and low startup costs. You can get started for well under $100,000.
Mobile shave ice gives you the benefit of following your customers. You can set up shop very quickly at ball games, concerts, fairs, and other events.
The downside is that shave ice franchises are very seasonal. There’s not much demand during the winter months.
5. Insect Control: Best New Franchise
If you’re a real self-starter who isn’t afraid to get your hands dirty insect control franchises could definitely be for you. The initial investment is one of the lowest around, less than $50,000 in many cases.
Narrowing your field of expertise to a single type of pest that is prevalent in your area is also a great plan. Mosquitos especially are a menace in much of the U.S. during the spring and summer months. Franchise opportunities that allow you to specialize in this kind of periodic, contracted care create a great opportunity for recurring customers.
Always Do Your Research
It’s very important to approach buying a franchise seriously. You need to carefully research all the pros and cons and discover if there is a demand in your community. You want to make sure you’re buying the best new franchise available.
If you would like to learn more about entrepreneurship, check out some of our other useful articles here.
