So you want to start a business. Maybe the idea of being your own boss sounds appealing or maybe you’re passionate about making a difference in a particular industry. Perhaps you’re looking for a side hustle to bring in additional income. No matter what your reasoning, you’ve got a lot of decisions, research, and planning ahead of you—and hopefully some excitement too!
When starting a business, one of the first things you need to decide on is the type of business you’ll run. There are more traditional options like sole proprietorships, partnerships, corporations, or limited liability companies (LLC). These kinds of businesses are ideal for entrepreneurs looking to market a unique product or service, but they can come with a lot of unknowns and risks.
Another great option for starting a business is becoming a franchise owner. As a franchise owner, you’ll buy into an established business model. Well-known franchises include McDonald’s, 7-Eleven, and Ace Hardware. But there are hundreds of franchise opportunities available—at almost every price point—to individuals who are looking to start a business with the guidance and backing of a successful franchise.
But what are the benefits of becoming a franchise owner, especially for beginners? How do you decide what industry is the right fit? What options are available, including large and ? Keep reading to find out.
What Business Is Good for Beginners?
We might be biased, but we think franchise opportunities are the best businesses for beginners! Becoming a franchise owner provides you with the experience of running your own business, with a successful and proven business model backing it. Franchise owners, especially beginners, benefit from many different perks.
Guided independence: With most franchises, you’re handling all the day-to-day operations of your business. There’s a lot of freedom and independence that comes with that. However, for beginners, having a successful business model guiding you along the way removes some of the uncertainty and stress.
Training and support: Many franchises offer ongoing training and support to new franchise owners about the industry and general business practices. Some franchises even provide assistance in securing a location, building out marketing, finding the right employees, and more.
Less risk: Every business comes with an inherent amount of risk. For example, an estimated 20% of all new businesses fail in the first two years according to data from the Bureau of Labor Statistics. However, that risk is significantly reduced with franchises. Businesses operate on a franchise system because they have a business model that works and they understand how to increase their chances of success.
How Do I Know What Business Is Right for Me?
Whether you decide to become a franchise owner or start your own business from scratch, one of the first things you need to identify is what your business will be. What kinds of products or services will you offer? What industry will you operate in? Think about your interests, passions, goals, and more. And while this list is catered to potential franchise owners, entrepreneurs can certainly benefit from asking themselves similar questions.
What are your strengths and weaknesses? It’s great to go outside your comfort zone, but identifying a business that matches your strengths is a must. For example, If your people skills are second to none, a customer-facing business could be a great fit.
What are you interested in? As with any fulfilling career, having a genuine interest in the industry you’re working in can go a long way in ensuring you enjoy your job. Maybe you already have a passion that you can turn a profit from. Maybe there’s an area you find yourself reading articles about. From automotive to travel—and everything in between, FranchiseGator.com provides franchise opportunities in almost every industry you could think of.
Is there a need for this business in your area? Especially for brick and mortar businesses, you need to ensure there’s a need for the product or service in your community and that the market isn’t already oversaturated. Some franchises have limitations on the number of locations that can open in a geographic region, which can help. With online businesses there’s certainly more flexibility—but there may be more competition.
What is your budget? When you start looking for the right franchise, it’s important to have an understanding of what your budget is. How much can you realistically spend? Can you, or do you need to, look into financing options? The great news is, there are a lot of great, low-cost franchise options that require $10,000 or less to get started.
What are your personal and financial goals? Are you looking to start a franchise as a part-time side hustle? Are you looking for a full-time career? How many hours are you willing to put in? Be realistic, and choose a franchise that fits your goals.
What are your values? Core workplace values and culture are important, especially in the case of a franchise where you’ll be fitting into an existing business that has an established culture. As a future franchisee, ensure that the franchise business you choose matches your style.
What Business Is…
Once you’ve narrowed down your options based on the questions in the previous section, it’s time to start the research process. FranchiseGator.com makes it easy to begin your research with our Franchises by Industry & Category tool. But before you start digging in there, we’ve highlighted some options you may be interested in based on frequently asked questions we receive about the different franchises available.
What Are the Top 5 Most Successful Businesses to Start?
The top business ideas in 2022 operate in a wide range of industries, so you’re sure to find something that’s a great fit. Here are five of our top franchises for the year.
Time to Eat Delivery: Who doesn’t love getting groceries or dinner from their favorite restaurant delivered right to their door? Start your own corporate grocery and restaurant delivery business. With Time to Eat Delivery, franchisees gain access to a proven business model, advanced delivery software, flexible hours, the ability to work from home, and more.
Healthy YOU Vending: Join the wellness revolution with Healthy YOU Vending! While traditional vending machines offer snacks and junk food, Healthy YOU Vending provides access to healthy food and wellness products that are great for on the go. With your investment, Healthy YOU Vending provides backing and assistance in finding and securing the right locations for your machines.
The Lending Network: For the financially minded potential franchisee, The Lending Network provides the opportunity to break into the online loan marketplace with one of the biggest lender networks in the country. Their turnkey platform provides you with lifetime training and support, leads, marketing, and more.
Wings Etc.: Who doesn’t love grabbing some wings and watching the game? Wings Etc. is a unique sports bar that provides high-quality food in a fun environment. As a company committed to helping franchisees succeed, Wings Etc. provides you the opportunity to run your own business, make a profit, and find your passion in the food industry.
What Business Can I Start from Home?
As more and more individuals enjoy working from the comfort of their home, the market for business ideas from home is growing to match! Some at-home franchises allow you to work entirely from home while others allow you to spend some of your time at a client’s house or place of business. Here are a few great options for profitable home business ideas.
Home Helpers Home Care: For mission-driven individuals, Home Helpers Home Care allows you to run a profitable business while also helping members of your community remain independent in their own homes. Home Helpers Home Care provides 24 months of onboarding support and coaching for new franchisees.
Pool Scouts Pool Cleaning: If you live in a place where pools are common, Pool Scouts Pool Cleaning might be the right choice for you. Pool Scouts Pool Cleaning is on a mission to professionalize the maintenance and service of residential pools.
ClaimTek Systems: Medical and dental coding is a booming business, and ClaimTek Systems is leading the charge. Join this fast-paced field with ClaimTek and receive one-on-one training and business development assistance, based on your needs.
What Businesses Can I Do in a Student Area?
Do you live near a college or university? There are several franchises that cater to younger customers! Here are a few excellent and unique business ideas to consider.
Primo Hoagies: Who loves a good sandwich? College students, for starters! Primo Hoagie has roots in southern Philadelphia, but customers everywhere love their hoagies. As a smaller franchise business, investors have a lot more flexibility in terms of a protected development area, which means more opportunities for growth.
D1 Training: D1 training goes beyond what typical gyms offer by providing clients with cardio workouts and strength training at the level Division 1 athletes receive. D1 clients might include high school or college athletes—or anyone who is serious about their fitness journey.
The Tutoring Center: No matter where you’re located, there are probably students in need of high-quality tutoring. The Tutoring Center offers the finest tutors and instructors in the business. All of our instructors hold degrees, and assistant instructor positions are often filled by local education majors.
What Business Can I Start as a Woman?
The truth is, women operate franchises in every industry men do! In fact, women are surpassing men in the total number of franchise prospects. Here are some great business ideas for women in 2022 and beyond.
FASTSIGNS: Are you interested in the fast-paced world of signs and graphics? FASTSIGNS is an industry leader, ranked as number one based on the number of units sold in North America. With FASTSIGNS, you’ll gain access to training, mentorship, pre-opening marketing, and more.
Apricot Lane: Join the number one women’s fashion franchise and own a one-of-a-kind boutique! With Apricot Lane Boutique, your retail store can become the destination for fashion-forward ladies in your market. Build a store with unique clothing items where it’s fun to shop with Apricot Lane.
CMIT Solutions: Do you love technology? CMIT Solutions is the biggest network of independently owned and operated managed service providers (MSPS) in the United States. Help business owners grow their company by providing the right tech solutions they need.
What Are the Best Businesses to Start with Little Money?
Are you wondering “How can I start my own business with no money?” While every franchise opportunity requires some amount of money, there are a number of great options that require $10,000 or less in liquid capital. Here are just a few low-cost franchise options.
Buildingstars: Buildingstars is a commercial cleaning franchise that focuses specifically on office cleaning. Our services include nightly cleaning, carpet care, floor care, and window cleaning to keep professional spaces looking and feeling clean. Only $995 in liquid capital is required to get started.
CruiseOne / Dream Vacations: If you love travel and helping others book the vacation of their dreams, consider starting a travel business with CruiseOne / Dream Vacations! Earn great commissions, access exclusive promotions, create customized websites, and gain support through a network of peers. $9,800 in liquid capital is required to get started.
Standard Paints Inc. - Wood Defender: Fences and decks require consistent upkeep and maintenance, and Standard Paints Inc. - Wood Defender is a great way to break into this industry. The Wood Defender Training class teaches franchisees how to properly stain 200 feet of fence in under an hour and profit approximately $700! $10,000 in liquid capital is required to get started.
Which Business Is Best in 2022?
So after all that, what is the best franchise business? Simply put, it’s the one that meets your needs and checks off all your boxes. You should be excited about the franchise opportunity you choose! You can check out our list of top 100 franchises for the year, or explore our full directory of franchises to see all of your options.
FranchiseGator.com: Find Franchise Opportunities You Can Trust
Deciding to become your own boss as a franchise owner is an exciting time! There’s also a lot that goes into it. As a potential franchise owner you’ll need to choose a franchise, request more information, apply, secure funding, do your due diligence… the list goes on and on.
At FranchiseGator.com, we’re here to support you as you search for the perfect franchise business. We partner with top-tier franchises to deliver exciting, exceptional, and trustworthy franchises. Ready to get started? Great! Explore all our franchise listings today.
Most Popular Industries & Categories
As of January 25, 2021:
- Food, Dining, & Restaurants
- Home-Based Businesses
- Low Cost Franchises
- Covid-Resistant Franchises
- Gas Stations
- Self Storage Franchises
- Vending Machine Distributors
- Automotive Shops
- Retail Stores
- Business & Commercial Services