The path to financial freedom can often start with a simple search: “Franchise opportunities near me.” After all, owning a franchise gives you the opportunity to remove limits on your income, set your own schedule, and earn a living doing what you’re passionate about. Being a franchisee is like starting a business from scratch, but with a significant head start. Instead of needing to develop a product, establish a value chain, or build a presence for your brand, that’s all done for you already.
With all of their added convenience, franchises do still require hard work, and it’s important to invest in the best fit for your goals, interests, and budget. In this guide, we answer questions like “What type of franchise is the most profitable?” and “How much can franchise owners make?” so you can find up and coming franchises.
Which Is the Best Franchise To Buy?
The best franchise to buy is different for each franchisee, but it typically comes down to a combination of the following factors:
- How profitable is the franchise?
- How much money does it cost to buy into the franchise?
- What kind of work life balance does the franchise make possible?
Can Owning a Franchise Make You Rich?
The number one reason why people want to own their own business is because of the freedom they can gain over both their time and finances. Becoming a franchisee can help you accomplish both measures of freedom. Here’s how:
- Take charge of your finances: When you own a business, its successes are your own, including the financial ones. Your income is only limited by how much business you can bring in. Franchises can be a fast track to profitability—and financial freedom—because they come with a proven business model. As a franchisee, you get a significant head start with workflows, brand recognition, and product design.
- Pursue your passion: Are you passionate about a specific product or service? Do you feel that your community would benefit from having access to those offerings? Chances are, there’s a franchise that can allow you to make a living from your passion and benefit your community. To see just how many options there are, browse our directory at Franchise Opportunities for franchises in your area that fit your interests.
- Control your schedule: One of the perks of owning a business is that you are your own boss. You make the rules, you set your pay, and you have control over which hours you work and which hours you spend with family, friends, and on your personal interests. As a franchisee, you’ll be able to experience this freedom sooner than if you were to build your own business because so much of the business model is already established for you.
So, can owning a franchise make you rich? Yes—if your definition of rich includes earning financial freedom while pursuing something you're passionate about.
Which Franchises Make the Most Profit?
According to Forbes, the most profitable franchises are in the following industries:
- Real estate with a profit margin of 21.2%.
- Hospitality with a profit margin of 10.5%.
- Full-service restaurants with a profit margin of 5.8%.
The ability to achieve your desired profit margin is essential when considering which type of business to own. Consider the following franchise examples as you begin your search into these profitable industries:
- HomeVestors of America: This opportunity provides franchisees with the resources and know-how to earn a profit purchasing and flipping undervalued homes. As part of an established real estate brand, you’ll have an easier time finding and closing competitive deals. You’ll also have access to marketing strategies and qualified leads that solo investors don’t. If you have a vision for improvement and the ability to spot good deals, this could be the franchise for you.
- Expedia Cruises: Connected to the profitable hospitality industry, Expedia Cruises offers their franchisees the opportunity to combine profitability with excitement. As the owner of a full-service travel agency, you’ll help customers plan unforgettable land, air, and sea experiences. Alongside some of the highest commissions in the industry, franchisees will also be able to leverage a robust marketing program and lead generation process that directs inquiries through Expedia.com to the nearest brick-and-mortar location.
- Shuckin’ Shack: Bring the “shuckin’ awesome” memories of coastal vacations to local diners by becoming a Shuckin’ Shack franchisee. With the best shuckin’ oysters in the USA, the coldest beers around, and a relaxed, coastal feel, you’ll be able to serve up seaside goodness even thousands of miles away from the nearest coast. With the top franchisee earning a net profit and salary of $499,042 at a single location, the only thing you’ll have to do without is a soul-crushing cubicle.
What Is the Most Affordable Franchise To Own?
All franchises require some amount of cash to get started, with the most affordable needing less than $50,000 to begin. Most franchises will also have additional costs as you ramp up business—like construction or purchasing equipment—so it’s important to take all of your expenses into account when deciding which franchise to buy into.
Let’s take a look at some of the cheapest food franchises to open to get an idea of what it may cost to own a franchise.
- CRAVE Hot Dogs and Barbecue: If you’re passionate about finger-lickin’ BBQ (who isn’t?), then the winner of the best southern BBQ franchise could be your ticket to financial freedom. On top of the delicious food, there’s also a self-pour beer wall to attract customers. To become a franchisee, you must have a minimum of $50,000 cash available and total costs can range from $190,800 to $512,5000. For a more affordable option, you could also open a food truck for $190,800 to $270,300 in total costs.
- The Donut Experiment: This franchise puts the wonderful craft of donut creation—and all the excitement that comes with it—in your customers’ hands. The heart of this business is happiness and providing customers with the opportunity to customize delicious treats. Affordable is important, too. You can become an owner of The Donut Experiment with $50,000 and a total investment of $279,000 to $333,500. Once the business is running, you’ll also benefit from low food costs and excellent profit margins.
What Is the Easiest Franchise To Run?
One of the key benefits of franchises are that they’re easier to run than starting a business from scratch, and some franchises are easier to run than others because they either: provide the most flexibility, such as work from home franchises, or come with exceptional and ongoing support from the franchisor.
Work From Home Franchises
Work from home franchises are often easier to run because they require fewer resources, like equipment and inventory, and they offer greater scheduling flexibility.
- Healthy YOU Vending: Healthy YOU Vending is not technically a franchise, yet it offers many of the same benefits like support and brand recognition. The main difference is that Healthy YOU Vending doesn’t come with franchising fees, which saves you even more money. Primarily a work from home business model, this opportunity allows you to set up vending machines to sell healthy food options in a variety of locations. You can monitor sales from your home, and you only need to visit locations to restock inventory.
- Ecom Abundance: This franchise puts you in charge of a Shopify ecommerce store. Essentially, you would partner with Ecom Abundance to build an online storefront that sells physical products, digital products, or virtual workspaces. By leveraging the convenience of the internet and emerging metaverse technology, you can take advantage of this opportunity from the comfort of your own home. Ecom Abundance also provides comprehensive and ongoing support, including website construction, marketing, live traffic streams, product research and purchasing, and shipping and fulfillment.
Franchises With Abundant Support
Just because you’ll be in charge of an on-the-go or physical location doesn’t mean that you’ll be left to struggle. The following franchise opportunities offer extensive support for franchisees.
- Snaggle Foot: If you have a soft spot for fuzzy buddies and business development, then Snaggle Foot could be the perfect pet sitting franchise for you. Snaggle Foot trains you on how to recruit pet walkers and sitters in your territory, so you can grow quickly. One of the unique advantages to becoming a Snaggle Foot franchisee is that they don’t only support you at your current location; they also prepare you to become a multi-location owner if that’s a path that suits you.
- StarCycle: StarCycle combines the health industry with the health of your business by offering comprehensive support that continues long after your location is up and running. As a cycling studio owner, StarCycle will assist you through instructor training, real-estate support for design and construction, marketing, merchandising, and much more. Do you have a passion for helping people improve their lifestyle through fitness? Then “Turn I Wish” into “I Will” with StarCycle.
Is a Franchise Easy To Start?
Becoming the owner of a franchise is easier than starting a business from scratch because: you’re selling under an established brand; the product, service, and business model are already tested and proven; and you have access to training from experts in the industry.
Choosing the right franchise for you gets easier with Franchise Opportunities. You can narrow your search for the best franchises to own in 2022 with our up-to-date franchise directory. You can also filter your search by location, investment level and industry. Whether you’re in the market for the best low cost franchises in 2022 or pet care franchises near you, our database presents you with exciting opportunities in just a few clicks. Start your search today, and request more information on any franchises that spark your interest.