In a time of economic instability (COVID-19, anyone?), you’ll want to start a business that’s already proven to be viable and its customers exist right now.
In addition to its affordability in comparison to opening a brand-new ‘brand’ and business, starting a franchise won’t limit you to a specific industry. As a matter of fact, you can open a franchise of a business that spans sports, auto care, food, and even tax services.
If you have no clue which franchise might be the best option for you, no worries. We’ve got you covered.
Keep on reading to learn all about the top four franchises that you can start with a small budget, low risk, and high returns.
1. Starting a Franchise 101: Taco Bell Mania
Alright, starting a Taco Bell franchise wouldn’t be what we’d call a small investment. However, if you’re looking for the highest returns on investment possible, Taco Bell won’t steer you wrong.
With a franchise fee that costs from $25,000 to $45,000, it’s a steep starting investment. Yet, if you’re interested in breaking into the restaurant industry, you can look forward to an average of $1.5 million in per-restaurant sales annually.
2. UPS Store: Mail, Anyone?
Sometimes, you want to pick a franchise with a wide footprint. After all, these types of businesses come with a big range of costs depending on your location.
When it comes to opening a USP store, you can open one for $10,000, or $5 million. If the fluctuation in the market is driving you crazy, there’s nothing more secure than opening something that’s directly tied to shipping.
3. McDonald’s: The King With the Golden Arches
You can’t put a list of the most profitable franchises without McDonald’s taking its rightful space.
Yet, it’s another one of those franchises that can have a bulky initial investment. Therefore, you’ll want the help of professionals, like this company, which specializes in franchise analytics.
Once they crunch the numbers for you, you’ll be able to nail down the best location for your new franchise for the highest profitability possible.
4. One Around Every Corner: 7-11
A staple of late-night munchies relief-providers on a global scale would be 7-11.
Moreover, it’s one of the most forgiving companies when it comes to offering resources, as well as stocking the stores for its franchises. If you’re wary of the more hands-off franchises, then 7-11 can be a great choice for you.
Ready to Give Your Finances a Boost?
In the midst of an economic recession, starting a new business can be a rather risky proposition.
However, when it comes to starting a franchise, you get the best of both worlds. You can enjoy the high degrees of certainty for your business success, as well as a sharp decrease in business risk, and the inability to properly brand your company.
We hope that our little list of the top four franchises has given you a solid idea about what’s available on the market. Yet, needless to say, that’s just the tip of the iceberg when it comes to the business resources you should be checking out.
That’s why you should take a look at our ‘business resources’ section for all the business tips and strategies that you could need.