Profitable franchises that could make you rich
There’s 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 you’ll be able to work well within the existing organisation.
One way of narrowing down the available options is by researching the most profitable sectors and industries you can operate in. That way, you can make sure that you’re making a sound investment that has the potential to yield lucrative results.
What are the best franchise industries to invest in?
Rather than looking at individual franchises that are recognised as highly profitable, it can be helpful to look at sectors in general to explain why they boast good investment opportunities. This gives you the chance to do your own research into franchises and find one that best suits your aims, goals and managerial style.
The franchising model originally hit it big in this industry by creating some of the most successful fast food franchises on the planet. Dunkin’ Donuts, Subway and Auntie Anne’s have all made their mark in the fast food business by franchisee-fuelled expansion. 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 brands.
A changing market
However, there are also a number of smaller food franchises that are emerging in response to consumers’ 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 McDonald’s, KFC and Pizza Hut have cornered the burger, chicken and pizza markets, so new franchises have had to look elsewhere for inspiration. Let’s have a look at some of the franchises on our network that are riding the wave of the clean eating movement.
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Wok to Walk
Wok to Walk is serving up fresh noodles to an international audience that just can’t get enough of their signature taste. The franchise was recently named the number one wok kitchen chain in Europe, and has aspirations to become the biggest name in the worldwide noodle business.
In its healthy approach to fast food, Wok to Walk offers a range of noodle and stir-fry vegetable options to its customers. It’s totally up to them to customise their noodle box in any way they want, whether that’s by packing it with pak-choi or topping it off with some Tokyo teriyaki sauce.
The Avocado Show
The Avocado Show is trail-blazing food start-up that is gaining a cult following across Europe and the world. Before starting its franchise journey in the trendy city of Amsterdam, The Avocado Show had created a fan-base of 100,000 hungry fans. They were all eager to savour the great taste of the restaurant franchise’s beautifully presented dishes.
If you’re looking to join a brand that is serving up a menu with a strong health-kick, the minimum investment required to open your own franchise with The Avocado Show starts at £200,000. In particular, the brand is looking for franchisees that have an entrepreneurial mindset and an awareness of local real estate law.
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 – 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 – 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 also sell food, toys, clothing, care equipment and accessories.
The pet industry doesn’t 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.
Home care franchises
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. Let’s have a look at them:
- An aging population. First and foremost, the UK is home to an ageing population. Quite simply, more people are requiring care. Not only is there a greater number of people needing medical assistance, but there are also more looking to receive this care in the comfort of their own homes.
- NHS waiting lines. 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 can’t 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.
- Everyone’s leading busier working lives. With everybody cramming more working hours into their weeks than ever before, and the average retirement age being ever on the rise, people are struggling to find the time to care for their parents in old age. As a result, we are more willing to hire the services of a home care franchise to do the job for us.
The UK is in the middle of a health and fitness craze. Gyms and fitness classes are popping up left, right and centre. Most recently, boutique gyms have become the latest trend, while the health foods sector continues to grow year on year. It is estimated that the UK health and fitness sector generated £3.1 billion 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 in a number of ways:
- The introduction and integration of new technologies
- The emergence of new ways of working out
- Unique workout experiences
- By marketing a certain kind of lifestyle
For those entrepreneurs that consider themselves innovators and able to spot the next big fad, the fitness sector is the one for you.
Cleaning services franchises
The cleaning industry is often described as recession-proof. While this isn’t entirely correct and cleaning businesses can and do suffer during recessions, there’s an element of truth to the idea. It doesn’t matter what happens to the wider economy, businesses and individuals still need clean offices, workplaces and homes. That’s where cleaning franchises step in.
Cleaning franchises also benefit from being reasonably cheap to set up. Here are some of the reasons why:
- They can be run from home. With companies like Jani-King offering opportunities for entrepreneurs to get a business going from their own garage, cleaning franchises present some of the most cost-effective routes to becoming your own boss. Not only that, but being able to work from home is a game-changing opportunity for people with busy family lives.
- They don't require expensive equipment. Unlike other franchises, a cleaning franchise isn’t going to cost you the earth. It doesn’t require buying any machinery or industrial equipment; all you need is a set of cleaning agents and some easily affordable tools.
- There are plenty of people on hand to help. With a lot of people having the skills required to give a kitchen or bedroom a squeaky clean, you’re not going to have a problem with recruiting employees for your business. Having a good team of hard workers is essential if you want to grow your cleaning franchise in your local area.
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 that are proving to be fertile ground for franchise growth. Future franchisees need to ensure that they’re investing in a business that’s situated in a profitable market, with increasing 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. That’s what makes them profitable at a time when businesses are struggling. If you aim to start a franchise in one of these five sectors, you’re making solid steps towards taking home a healthy profit.
James Muddimer , Point Franchise ©
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