If you feel that 2018 is going to be the year to become your own boss, there are 3 sectors in franchising you need to consider.
But, before you get too excited about the ideas I have, it’s crucial for you to do a couple of things.
First off, you need to determine if you’re a good match for these, or any other franchise opportunities you decide to spend time learning about.
One way to do that is to find out exactly what role the typical franchisee has in whatever franchise opportunity you’re interested in.
For example, is the role of the franchisee a hands-on one, or is it more of a managerial one? Find out before you spend too much time exploring the opportunity.
Secondly, make sure you have the support of your family. You’re going to need it, especially during the first year of being in business-because that’s usually the toughest.
Finally, put together a budget for purchasing a franchise.
The reason you need to do that first, is to make sure you’re only looking at franchises you can afford.
Now, let’s take a look at 3 franchise sectors worth pursuing.
QSR Franchise Sector
Food franchises, especially quick-serve ones (QSR), have always been popular. And they’ll continue to be in 2018.
One reason that food franchises will be popular this year has to do with low unemployment numbers and a strong economy.
In other words, as long as the U.S. economy stays on its current track, busy consumers will have no hesitation spending their money at franchise establishments that can serve high-quality food in a short amount of time.
Check out this list of food franchises, and then make sure to request information from the ones that interest you.
Fitness FranchisesDid you know that there are over 100 different fitness-related franchises available today?
These franchise businesses run the gamut from franchises that focus on high-intensity workouts to the much mellower yoga franchises that focus on breathing and stretching.
According to arecent report on the fitness franchise industry, the U.S. is the largest fitness market in the world. Annual revenue for health & fitness clubs is forecasted to surpass $29 billion domestically by 2020. As of 2016,industry annual revenue stood at $25.8 billion.
FYI: If you’re thinking of keeping your job until your new franchise business really gets rolling, there are several franchise opportunities in the fitness space that will allow you to do just that.
If you think a franchise opportunity in the fitness industry could be a match for you, as you’ll see, there are certainly lots of choices available.
Home Services
A growing economy, especially one in which interest rates remain low, could help home sales.
And when people buy homes, especially homes that are 20 or more years old, they always spend money on improvements.
That’s why franchise businesses in the home services sector is worth a look in 2018.
If you play your cards right, maybe you can be the local franchisee that offers services like:
- Bathroom/kitchen remodeling
- Interior and exterior painting
- Heating and air conditioning repair/replacement
- Handyman services
- Window treatments
In addition, once people have moved into to their new homes, they need ongoing services like:
- Window cleaning
- Weekly house cleaning
- Pest control
- Lawn care
- Pet-sitting
...And more.
Tip: It’s important for you to know that owning a home-services franchise doesn’t necessarily mean that you’re going to be the one performing the service.
For example, if you buy a handyman-type of franchise, in most cases, you’re not going to be the one performing the actual services. Your team will. Your job will actually consist of things like business development, scheduling, customer service and hiring.
So, could one of the 3 franchise sectors above be right for you?
There’s only one way to find out; request information from the franchise opportunities that interest you.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.