Profitable Franchises Which Could Make You Rich
Thereís an incredible number of franchises to research before you make your final investment decision. For most franchisees, the ultimate aim is to make money. This means picking a profitable franchise and making sure that youíll be able to work well within the existing organisation. One way of narrowing down the available options is by researching which are the most profitable sectors and industries you can operate in.
Five different sectors, five different options
Rather than looking at individual franchises that are recognised as highly profitable, weíve decided to look at five different sectors and explain why each one is home to some of the most appealing investment opportunities around. This gives you the opportunity to do your own research into franchises and find one that best suits your aims, goals, and managerial style.
The Originators. The franchising model originally hit it big by facilitating the rapid expansion of some of the most successful fast food franchises on the planet. Think McDonalds, Subway, and Dominos. Obviously, these franchises are still incredibly popular and are likely to prove a profitable investment for any franchisee with sufficient capital to sign up with one of the big name brands.
However, there are also a number of smaller food franchises that are emerging in response to consumersí greater interest in healthy eating and international cuisines. Rather than traditional fast foods, these franchises often focus on Southeast Asian cuisines, street foods, and meeting specific dietary requirements. Fast food giants like McDonalds, KFC, and Pizza Hut have cornered the burger, chicken, and pizza markets, so new franchises have had to look elsewhere for inspiration.
This new generation of fast food franchises may not offer as secure an investment as the fast food giants, but buying one of their franchise units is a lot less expensive. This means you can get into the industry on the ground floor, paying lower franchise fees and start-up costs, yet still reaping the rewards Ė particularly if your franchise turns into the next big thing.
Pet franchises are experiencing unprecedented growth in the UK. This is largely due to the fact that more households are pet owners than ever before. Couple this with the fact that we have less free time, more disposable income, and often lead lifestyles that aren't particularly compatible with pet ownership Ė and you have the market conditions required to launch a whole host of successful pet-based franchises.
With an estimated 57 million pets in the country, there's an enormous market to take advantage of. There's also an incredible range of services and products to provide. Franchises can offer pet-sitting, walking, grooming, or training services. They can sell food, toys, clothing, care equipment, and accessories. Itís also an industry that doesnít necessarily require a huge amount of investment. While a dog training school may require quite a large initial investment, dog-sitting services only require you to establish a network of enthusiastic, experienced, and trained sitters.
Some of the most profitable franchises in the UK are those in the home care sector. This can be explained by a number of factors. First and foremost, the UK is home to an ageing population. This means that a larger number of individuals require care. Not only is there a greater number of people requiring care, but there are also more looking to receive this care in the comfort of their own homes.
Second, the NHS is struggling to provide a number of services due to budget cuts and financial pressures. So far, home care franchises have done well to meet the needs of those who canít be cared for by the NHS. If the current trend continues, home care franchise brands will be responsible for the provision of more and more services, picking up the slack when the NHS is unable to deliver.
The UK is in the middle of a health and fitness epidemic. Gyms and fitness classes are popping up left, right, and centre. Most recently, boutique gyms have become the latest craze, while the health foods sector continues to grow year on year. It is estimated that the UK health and fitness sector generated £3.1bn of revenue in 2017, with that set to increase in 2018.
The fitness industry is home to some of the best franchises to buy because it is repeatedly innovating and re-inventing itself. Though gyms and fitness clubs have to work hard to retain members, they can also get ahead of the competition through the introduction and integration of new technologies, new styles of workout, and unique workout experiences. For those entrepreneurs that consider themselves innovators and able to spot the next big fad, the fitness sector is for you.
The cleaning industry is often described as recession-proof. While this isnít entirely correct and cleaning businesses can and do suffer during recessions, thereís an element of truth to the idea. It doesnít matter what happens to the wider economy, businesses and individuals still need clean offices, workplaces, and homes. Thatís where cleaning franchises step in.
Cleaning franchises also benefit from being reasonably cheap to set up. Generally, they can be run from home, don't require expensive equipment, and benefit from an ample supply of employees. This makes them an attractive prospect to those prospective franchisees who don't have an enormous amount to invest but still harbour big ambitions.
As you can see, there are a number of UK industries proving fertile ground for franchise growth. The vast majority of these sectors are in rude health because of the specific market conditions that exist at this moment. Future franchisees need to ensure that theyíre investing in a business thatís situated in a profitable market, with a growing demand, and a large number of potential consumers. All five of the sectors above benefit from either a growing market or the ability to survive or thrive in tough economic conditions. Itís what makes them profitable at a time when businesses are struggling. If you look for a franchise in one of these five sectors, youíve got a much better chance of making a good investment.
The Editorial Team, Point Franchise ©
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