For business enthusiasts, who are slightly lack of new business ideas or have trouble raising huge capital investments required to set up a business, Franchise is the best option to fulfill the business dream. A franchise is nothing but a branch set-up by the company, whose operation, proprietor and profit rights are given to the franchise owner, in return of the mutually discussed commission. Before we list out Best Franchises to Own/Buy 2020, we think there few points to be considered when you evaluate the franchise opportunity:
- Initial Investment Cost and Franchise Fees: The total investment costs and fees should be checked completely. There are incidents that hidden costs and fees hamper the financial calculations.
- Existing Set-up of Organization: You should be aware of the current size and expansion of the company. A number of a total franchise expected profit is some points to be considered.
- Brand Value: If you are planning to spend the money, always look for the brand value and image of the intended franchise.
- Franchise Support: Always check if you are going to receive end-to-end support from the franchise team. Remember, you are going to come across a lot of difficulties.
- Expected Business and Profit: Money always matters. So, keep an eye on profits and financial factors while finalizing the franchise.
The franchise model is expanding globally. There are a lot of companies that are accepting this model to expand their base geographically.
According to us, below is the list of best 10 franchises you can own/buy in 2020:
1. Sonic Drive-In:
Sonic Drive-In is a drive-in fast-food chain franchise. Established in 1956, Sonic Drive-In currently has more than 3400 franchise branches. The initial investment for this franchise ranges from $1200000 to $3500000 along with a franchise fee of $45,000.
2. 7- Eleven:
7- Eleven is an American Chain Franchise Convenience Store which has around 70,000 location operations across the globe. It was started back in 1927 by Joe. C. Thompson. You can buy this franchise with an initial investment of approx. $37,000 to $111000 while the franchise fee ranges from $10000 to $100000.
3. Taco Bell :
Taco Bell is a fast-food chain providing Mexican food since 1962. It was founded in California by Glen Bell. In 60+ years, Taco Bell has gained an excellent brand image in fast food chains. It requires a slightly higher initial investment ranging around $525000 to $2622000. The franchise fee for Taco Bell is around $40000.
Dunkin’ which was previously known as Dunkin’ Donuts changed the name in 2019. Founded in 1950 Dunkin’ is an international Donuts and Coffee company. It is ranked as the topmost food chain in customer loyalty. The franchise fee of Dunkin’ is around $40,000 to $90000.
5. The UPS Store:
The UPS Store is one of the finest brands in retail and customer service franchise. Their service revolves around Retail Shipping, Postal, Printing, and miscellaneous business services. The franchise fee for this business started in 1980 is around $25000. The brand provides set-up, support, and maintenance assistance and has good brand recognition in the franchise industry.
6. Sport Clips:
Sport Clips is a franchise chain covering Men’s and Boys’ haircut market. It is growing with more than 1800 franchises, with its unique sport surrounded environment. The retention rate of continuity of this franchise is relatively higher in the market. This franchise requires an initial investment of around $220,000 from $370,000.
7. Planet Fitness:
Started in 1992 Planet Fitness has grown its franchise base to more than 2000 clubs internationally. The average income of this franchise goes around $500,000, while the initial investments and franchise fees are about $2,250,000. Having more than 14 Million members, Planet Fitness is one of the finest franchises having a five-year growth rate of around 20%.
8. Jan Pro:
JAN-PRO claims to be the world’s number one commercial cleaning brand with its 10,000 units in more than eight countries. It requires relatively fewer investments and franchise fees. (Around $6000 to $100,000)
9. Ace Hardware:
With more than 5000 units of a franchise, Ace Hardware is hardware retailers co-operative. The company claims to have 75% of US houses are within 15-20 minutes range of their units. It is the largest non-grocery chain in the US market. Its initial franchise cost ranges from $280,000 to $2 Million.
Real Estate Maximums aka RE/Max is an international real estate consulting agency working with the franchise model. Spread across 100 countries, 100,000 agents are registered with the company. The franchise fee of RE/MAX is around $15,000 to $32,000 and the initial investment goes around $37,000 to $200,000.