Seven Franchises Worth Your Attention

Starting a new business involves risks, but doing some research can help you make the best investment decisions. One way to do this is by exploring various affordable franchise opportunities. Franchises are popular because they require relatively low investment and come with less hassle. Plus, you won’t need to build a customer base from scratch.

If you are a prospective business owner looking to invest modestly and avoid maintaining lots of inventory, consider starting a service-oriented franchise. Just choose a specialized service that people frequently need, get a company vehicle, and hire the right team.

For instance, a lawn care business fits this category. People always need their lawns mowed and trimmed, which is why the landscaping industry was valued at $105.1 billion in the U.S. in 2021. All you need to start are a couple of riding mowers and a few employees.

The senior home care industry is also booming, with the number of locations increasing by 10% every year. This growth is fueled by an aging population and a preference for assisted home living over traditional nursing homes or retirement communities.

In this type of franchise, you could offer a comfortable place for seniors to age in place. Decide on the specific services you’ll provide and obtain the necessary licenses. For example, a senior living center offering nursing care will have different regulatory requirements compared to one focusing on non-medical companion care. Medical background or not, this franchise can be a good fit, but consider taking training sessions to boost your confidence before you start.

Many people own cars, but few are skilled in car repairs. Most rely on repair shops for services like oil changes, tire rotations, and brake pad replacements. Investing in an auto repair franchise is relatively safe financially, especially if you choose a location where people depend on their cars more than public transport.

If you’re considering a restaurant franchise, it’s natural to worry about its viability. Even though everyone needs to eat, dining habits may have shifted due to the pandemic. However, the restaurant franchise industry is expected to generate $826.6 billion in 2022, up 4.9% from 2021. Make sure to research the popular cuisine in the area where you plan to open to choose the right type of restaurant. For example, opening a new hibachi restaurant in a small town might be more lucrative than opening another pizza shop.

Hotel franchises offer numerous benefits and can be a great opportunity. Travelers always need accommodations, especially in areas with many tourist attractions. Besides accommodating travelers, a high-end hotel can attract locals with amenities like restaurants and spas, providing a steady revenue stream even during off-peak tourist seasons.

Hotels can also host business conferences, training sessions, or board meetings, especially in places with numerous company headquarters. Just invest in a marketing team to promote your hotel’s amenities to the local community.

Community gyms are another solid investment. Fitness enthusiasts will regularly use the facilities to train for events or personal health goals. Gyms also serve as social hubs where people can meet friends for classes like yoga. Additionally, they can be valuable for rehabilitation, especially in retirement communities, providing a place for post-injury therapy.

Finally, if you’re up for a bit more work, a conversion franchise could be ideal. This involves converting independent businesses into franchise locations. Many investors find success in converting home cleaning services or florist shops. These businesses benefit from an established brand’s support, while you gain a guaranteed return on investment due to their existing customer loyalty.