Opening a franchise is a great way to begin your own business without having to do planning from scratch. Anyone can find success with a franchise if you put in some effort, even if they don’t become part of the biggest franchise in the world. Many potential franchisees wonder, though, whether there are franchises that run themselves out there. While no such thing exists, there are some key factors to look for that make running your own much easier. So, if you’ve been considering a franchise or searching Google for “franchise opportunities near me,” then keep reading to find out what some of these key factors are.
What Is the #1 Franchise According to the Franchise 500 Rankings?
According to Entrepreneur’s Franchise 500 Rankings of 2022, Taco Bell is the number one franchise. While you may not want or be able to open your own Taco Bell, knowing why they ranked as highly as they did can help you make a decision concerning which franchise to open. Some factors that pushed Taco Bell to the top spot this year include:
- Costs and fees for the franchisee compared to expected profit margin
- Size and growth
- Support available to the franchisee
- Brand strength and recognition
- Financial strength and stability
When looking for a franchise that is easy to run, take these factors into account. Each can contribute to quicker and easier success in the long run.
What Makes a Franchise Easy to Open?
Additionally, the easiest franchises to open and run will probably have one or more of these characteristics:
- They are low-cost franchise opportunities.
- They allow for flexibility in when and where you work.
- They don’t require much time to run it effectively.
- They don’t need much space or many employees to open.
- They relate to something you care about, so your work adds purpose to your life.
- The area has a need for the products or services you offer.
If you find a franchise with any of these characteristics, you can expect to put in a bit less time, money, or effort than if you choose to start one without any of them.
How Much Money Do You Need to Start a Franchise?
The cost to start a franchise will vary depending on the franchise you choose. Many small franchises will cost less than $50,000, while the bigger, more recognizable ones may cost over $500,000. For example, you might have wondered, “What does a Taco Bell franchise cost?” since it was named as the top franchise of 2022. They typically cost anywhere between $576,000-$3.4 million to start. When trying to find the franchise that will be the easiest for you to run, take price into account.
If you try to start a franchise that you can barely afford, you will put more pressure on yourself to earn enough money to make up for that cost. On the other hand, if you decide to go with one because it’s the cheapest one you can find, you may have less support from the franchisor or less brand recognition from customers. You should find a balance between these two ends of the spectrum that work the best for you.
Some costs associated with opening a franchise include:
- Minimum Cash Required: This is the amount of liquid capital you need to open your franchise.
- Total Investment: This is how much you can expect to spend to get your franchise up and running. This may include prices associated with rent for the building, inventory, payroll, etc. Depending on which franchise you choose, the franchisor may help you out with some of these costs.
- Franchise Fee: This is what you pay to the franchisor each year to cover the cost of using their name and receiving ongoing training and support from them.
- Net Worth Required: Some franchises will require that you have a certain net worth to open. It measures how much money you have left over after subtracting the amount of debt you have from the value of your assets. If you need help calculating your net worth, use this net worth calculator.
Can Owning a Franchise Make You Rich?
Technically yes, a franchise can make you rich. However, how much money your franchise makes will depend on the demand for the type of business you open, how much work you put into your franchise, and the amount of business experience you have. It is also affected by the economy and the work ethic of your staff. Ultimately, there is no guarantee that opening a franchise will make you rich, even if it is one of the most profitable franchises out there. However, if you want to own a business that already comes with a plan and brand recognition, franchising is the way to go. They will be easier to start up and run long-term than creating your own small business.
Which Businesses Are Most Likely to Franchise?
According to Forbes, fast food, transportation, fitness, services, DIY experiences, and personal wellness are some of the top franchising industries. Beginning a franchise in one of these categories will make running it easier since there is such high demand for them.
Fast Food Restaurants
Fast food is one of the most common industries that comes to mind when thinking of franchises. After all, they’re almost everywhere. A couple fast food franchises that you might decide to start are:
- Wayback Burgers: This franchisor aims to unite people through a love of comfort food. They combine old-fashioned values, like hard work, with technological advances to make them a top competitor in the industry. The franchisor provides you with an operational playbook and continuous support to help you down the road to success. This franchise requires $200,000 in minimum cash and a net worth of $350,000.
- Scooter’s Coffee: This franchise specializes in espresso-based specialty coffee drinks, fruit smoothies, and baked-from-scratch pastries. It has a low failure rate, and the coffee industry itself is recession-resistant. You will need $200,000 minimum in cash to purchase this franchise and have a net worth of $500,000.
The transportation industry centers on moving both people and goods. Franchise opportunities in this industry include:
- Rubbish Works: This franchise removes junk and trash from homes, whether a homeowner is preparing to sell or doing home renovations. They also offer homeowners the option to transport items to a donation or a recycling facility. If you become a franchisee, you can work from home and have flexible hours. You will need $100,000 in cash to start it.
- College Hunks Hauling Junk & Moving: This franchise will remove junk, provide full-service local moving, and pick up donations on top of real estate and property management assistance and labor services. You will need $75,000 in cash and a net worth of $150,000 to open this franchise.
The fitness industry in the U.S. has grown by at least 3-4% each year for over a decade now, making a fitness franchise a good option. Here are some different franchise examples to choose from:
- 9Round Kickboxing Circuit Fitness: This franchise is all about creating unique, fun, and proven workouts for clients with guaranteed results. Clients go through 9 workout stations developed by a professional fighter in 30 minutes. No prior boxing or kickboxing experience is required. You must have $50,000 in cash to start this franchise.
- Workout Anytime: This franchise allows access into its facilities 24/7 and offers a welcoming environment with a sense of community. They are committed to the success of their members and partners. If you decide to start this franchise, you won’t have to be on-site daily. You will need $200,000 in cash and a net worth of $500,000.
This industry includes businesses such as hair salons, lawn care companies, and house cleaning services. Some of the franchises that you might consider should you choose to open one in this industry are:
- Deka Lash: This franchise offers lash extension and brow services to women to boost their confidence. They are leading the eyelash extension industry. You do not need any eyelash extension experience to open this franchise. You just need the desire to make women feel beautiful and confident, $50,000 in cash, and a net worth of $400,000.
- Patchmaster - The Drywall Repair Specialists: This franchise focuses on small drywall repair. They repair holes that trade professionals like plumbers leave behind, that homeowners can’t fix on their own, and that most drywall companies don’t want to do. You will need $100,000 in cash to start this franchise.
Forbes describes this industry as anything where people can do something together as a group. Examples include paint and sip and kids’ activities. Some examples of franchises in this area include:
- The Foam Garage: This franchise gives customers a place to dance, play, and jump in a room full of non-messy, bubbly foam. They also sell foam products for customers to take home and have their own foam experience. To start this franchise, you will need $50,000 in cash and a net worth of $100,000.
- Zoom Room: This franchise not only teaches dog owners how to train their dogs, but it also gives owners and their dogs a place for their dogs to socialize through doggy discos, playgroups, dog parties, and more. You only need 3,000 square feet and two employees working at a time to run a successful Zoom Room. To start one of your own, you will need $100,000 in cash and a net worth of $300,000.
This industry differs from fitness in that instead of focusing strictly on physical health as it relates to being able to do a physical task, it also focuses on mental and emotional well-being as well as healthy eating. Some franchises in this industry include:
- THE DRIPBaR: This franchise uses intravenous therapies to give customers vitamins that support a healthy lifestyle, prevention of illness, and reversal of hard to treat conditions. In 2020, it received the Award Eagle from The Franchise Consulting Company for its accomplishments on a national level. If you are interested in starting this franchise, you should have $50,000 in cash and a net worth of $300,000.
- medspa810: This franchise offers laser hair removal, clinical skincare, body contouring, cool sculpting, and injectables in a soothing spa atmosphere to help clients look and feel their best. You only need 6-8 employees to open this franchise and will receive help from the franchisor with getting real estate, training, support in business coaching, and marketing. You will need $75,000 in cash and a net worth of $850,000 to start this franchise.
What Are the Top 5 Home Based Franchises?
Working from home can make running a franchise feel much easier. After all, you won’t have to worry about commute time, dressing in work-appropriate attire, or finding a physical location. Franchise Opportunities has several home-based franchises that we consider hot concept, meaning they are some of the most popular, trendy franchises of the year. Here are five of them (in no particular order):
- Home Helpers Home Care: This franchise provides assistance to seniors and anyone else who wants to remain independent in their own homes. It has been ranked as a Top Low-Cost Business Opportunity and a Top Franchise Opportunity for Women by the Franchise Business Review. This franchise costs $48,900 in cash to start.
- Expedia Cruises: This franchise is a travel agency that books travel, places to stay, insurance, and activities for their customers. If you want to be part of a franchise focused on equity, lifestyle, and fun, this could be the right one for you. You will need $100,000 in cash and a net worth of $300,000 to start this franchise.
- 911 Restoration: This franchise works to restore buildings and homes after being damaged in a disaster, especially those caused by fire or water. If you want to make lives better through your franchise, this is a good option. You will need $60,000 in cash to open this franchise.
- Tutor Doctor: This franchise offers tutoring for children, professionals, and senior citizens in all subjects. And the tutors come to the individuals’ home on their schedule. Not only can you work from home if you start this franchise, but you can also create your own schedule. If interested, you’ll need $60,000 in cash and a net worth of $150,000.
- Fresh Coat: This franchise is North America’s leading high-volume interior painting company. They will paint both interiors and exteriors as well as residential and commercial properties. And you don’t need to paint or have any painting experience to start this franchise. You will need $50,000 in cash and $50,000 in net worth.
Find Some of the Best Franchises for You With Franchise Opportunities
At the end of the day, you shouldn’t start a franchise based on what is easiest. Rather, finding the right fit for you will make running a franchise much easier. With Franchise Opportunities, you can find that right fit. We provide lists of potential franchises you could open in your area. You can sort by industry, investment level, and location to find the one that fits with your vision for yourself. Start searching today to become the business owner you’ve dreamt of being.