Which franchise business should you buy?
Franchises have a 90%+ success rate compared to 86% failure rate for typical startups. So, if you wish to own your own business, the odds are in your favour if you buy a franchise. Which franchise business should you buy ?
However, there are some alternatives to franchises that also have a 90%+ success rate. Should you be looking at alternatives right away?
The Visa Franchise website asks these questions:
- Are the individual franchise business units increasing their sales?
- Is the total number of franchise units expanding or contracting?
- Is the overall industry experiencing growth?
- These are all key questions to consider before investing in and owning and operating a franchise business... . Read more.
Best franchises to buy
The Franchise Business Review website says
In addition to the minimum investment ..., franchisors often require a specific minimum net worth and liquidity ... to make sure you have enough capital to ramp up and sustain your business as it grows.
Fortunately, there are great franchise opportunities for just about any budget. The list below includes a wide variety of brands we've researched and found to have high franchisee satisfaction, a measure that includes financial criteria such as the financial picture of the business and its long-term financial outlook. Read more.
Alternative to a franchise
Let's talk about a business model that is an alternative to a franchise. It has features that include the profitability of a successful franchise without the huge initial investment.
The business model features:
- Reduced risk over-all
- A small fraction of the cost of a franchise
- Established, reputable brand/image to leverage
- Profitable business niche already identified
- Be profitable in weeks/months instead of years
- Little or no prior experience required
- Ability to replace current income quickly
- Ability to work from anywhere in the world
- No worrying about employees, inventory, sales, support
- Not having to worry about innovating and staying on the "cutting edge"
One example of this is Six Figure Mentors. Click here for free information about their list building model.