Investing money in your own business is a risky move, especially if you are new on the market and don’t have previous experience. Even with years of experience and knowledge there are many potential problems you can’t predict and which are inevitable. They will start happening once you set your teeth in the job, and that’s not the end. There’s a quote that the biggest risk in business is not taking any risks, however, some of us feel safer knowing that we did our best to minimize it.
One of the safest ways to invest your money is to buy a franchise for a business which is already tested and proven to work. The only risk is to choose the right one in the sea of unique ideas that would be perfect for your region.
What is a franchise?
Franchise involves delegating specific license or right to use the name of the already tried business model. When signing a franchise contract agreement, you will commit yourself to regularly pay a franchise fee to the franchise holder. This means you will have an authorization to legally run a business under franchiser’s name and in return, you could expect some help in setting the business up. People will help you choose the right location for your store or restaurant, set up appropriate equipment (some franchisers are very strict with equipment brands and quality), connect with trustworthy suppliers, and even help you select and train your staff.
Interesting franchise ideas
Wendy’s
Fast food restaurants are always a good idea, because a lot of people find it easy and convenient to eat at such places. Knowing that McDonald’s, KFC, Pizza Hut, Subway, and Burger King already have good coverage all around the globe, Wendy’s sounds like a good option for people who see themselves running a food restaurant chain, especially in Europe. Besides, it seems that introducing people to Grilled chicken sandwich or wrap, Jr. Cheeseburger, or Chili with Mr. Pepper could become an interesting alternative to Big Mac and Coke.
Caring Transitions
Another field that will keep growing is elderly care as well as relocation. Caring Transitions understands this and they are a franchise that offers a wide range of services to help families during transitions. They are able to provide reliable consultations, and openly discuss tricky topics such as downsizing, real estate sales, total household liquidations, and senior relocating. They also deal with online auctions and paperwork organization, which many families find helpful. Seeing as the majority of your clients will be seniors with their families, the company should employ compassionate people because the future clients will contact you in times that are grave for them.
Rosevine Vinery
If you want to bring a wine store to another level, Rosevine Vinery is the right choice for you. They target wine lovers, food enthusiasts, hedonists, and gourmets, but they also take it one step further because they offer premium services to those who are willing to pay a bit more for custom wines. You will be giving them an extraordinary chance to select grape sorts, custom bottles, and a wine name they desire. Your wine experts will be accompanying your clients and helping them with expert advice.
Freedom boat club
This is an excellent business idea for those who have a privilege of living by the coast no matter if it’s a popular tourist destination or a small exotic village. Business involves owning a fleet of different boats: flat-bottomed boats, fishermen’s boats, bowrider boats, deck boats, and even small cruisers. Your customers are obligated to pay a monthly fee to gain access to your fleet, and they will get safety training as well.
ChaTime
If you like ice tea, ChaTime is one of the fastest growing companies in the business. Your clients can choose between over a hundred cold drinks, each having a unique aroma. When buying a bubble tea franchise, you’ll invest your money in a franchise that has won important awards, and have been named a top franchise Overall winner for the 2018 top franchise Awards. Your clients will also have privileges such as a loyal tea app or a special card for club users, depending on their personal preferences.
School of Rock
Being one of the largest music educational franchises in USA, School of Rock is counting more than 29,000 potential future rock stars at the moment. The school started their business in 2007, probably inspired by a successful movie from 2003 which had the same name. If you are into rock and roll, you will actually enjoy your job and be able to help young musicians grow and develop their talents.
TermiCam
TermiCam is all about high-tech pest detection and inspections, and they are using eco-friendly thermal cameras. In other words, you will become an authorized training center, thus providing full course and equipment for technicians who will fight common household problems – termites, ants, cockroaches and other annoying insects.
Common preconceptions
Just because you are investing your money into a franchise, it doesn’t mean you will not be involved in the business. A franchise isn’t just a passive investment; in the beginning you will be learning so many new details about the job that your working hours will easily go above 70 per week. You can expect to settle down after a few months if you hire a manager, but even then you will have to be there on a daily basis to ensure that everything works according to protocols. If there are irregularities, you are risking losing your work permit, and franchiser has every right to take back his assets.
There are many good reasons why well-known franchises are very expensive, and that’s because there is a high possibility that your business will be up and running in record time. In addition, you could expect a successful business career in the long run – along with being very strict, reliable franchisors wouldn’t sell you the franchise without previous market research, because they care for their reputation and want to justify their investment. So if you have the means, don’t hesitate to invest in one such business, because there’s a high possibility that it will be a success.