Top Franchises

Most of us associate franchising with America’s biggest brands, but in truth, the franchising industry is constantly refreshing itself with new players. In the recent history of franchising, 2020 was one of the most interesting years. Thanks to market deregulations, recent tax reforms, and burgeoning consumer confidence, most franchise industries bounced back or experienced significant growth in 2021. In fact, the sector as a whole pumped more than $451 billion into the US economy, a remarkable 6 percent of the country’s GDP. Given that the growth in franchising is expected to outdo the growth of other sectors of the economy, now is the best time to invest in a franchise business. The more important question, however, is: which industries are worth buying into in the next 12 months or so? Health and Fitness franchises, Salon and Beauty services as well as Fast Food Franchises are high-growth industries that are doing an amazing job, and therefore worthy of a look for investing in 2021. The five pillars to consider when researching top franchises to open are: 1. Franchise Cost and Fees - Check out the franchise fees, the total investment required and the royalty fees. Some franchises also have some advertising fees as well. 2. Size and growth - It is good to look at how many units are open and operating, what the growth rate is and were there any closures in recent years? 3. Support - Look at the kinds of training provided and length of time needed for training. What is the marketing and operational support? It is also good to consider the franchise infrastructure, financing availability, and litigation. 4. Brand strength - What is their social media presence? Years in business and or franchising? 5. Financial strength and stability - Ask for the Franchisor's audited financial statements as this will give you a good idea of income, expenses and profitability. While its important to keep in mind that starting any business comes with its own inherent risks, each top franchise opportunity can help you with training, marketing and more to give you the best shot at making your investment a successful one. Start your research here on Franchise Clique today!