Are you thinking big? Like what are the top 10 franchises in the world or what is the best know brand out there? No harm in that! First of course to come to mind is the big one, everybody knows the big burger and they pop up everywhere.
Well someone has to run them don’t they? Of course it is a giant entry level fee. So if money is no object, and you have a million or two to outlay and you find a great location then that is an option.
Of course not everyone has that sort of money to outlay for their new business so it is unlikely to even be on your list of top 5 or top 10 opportunities. Looking at the list of 2016 Franchise 500, it is surprising to see how many food outlets are big sellers when it comes to the top earning ones.
It’s not just fast food
Having said this, it is not all about fast food. There are sports franchises too which come up in the top 10 best ones. High on the list also are vitamin and nutrition products and men’s and ladies hair salons, after all we still all want to look good.
Of course sales of electronics and computers are a must aren’t they for all these new businesses to succeed. Don’t forget all these new establishments need cleaning too so you won’t be surprised to see cleaning coming up in some 10 top searches.
The top 10 best ones that matter most though are the 10 best for you. Make a list of 10 that interest you. Do you want to stay in the same industry where your experience lies?
Are you looking for a whole new change of industry or are you only looking for a change of lifestyle and working hours. If you want a franchise based from home then obviously these fast food outlets in town or big well-known names in the city are not going to work for you however successful they may be, or where they come on a list of top earning niches.
Once you have your list of top ten considering all the details that will make it the right franchise business for you, then start your search with your entry level fee in mind.
Perhaps write your business plan first and see just how much you can afford to outlay, and how much you will need to have put by in your bank account to live on whilst you get your new business up and running.
Fitting the budget
OK, so the business plan is a sensible thing to do and you will need to get it done before you have any interviews with franchisors or go to the bank looking for a loan for example.
But that is not the exciting part; just have a quick look now so at least you know what is available to you and if any of them meet the criteria you have for your top 10 franchises.
A company owner will offer full training and support to new recruits, and a franchisor will also have a proven business model that can be replicated, so why not fill in your details at the top of the page and allow us to offer their expert advice and compare a range of UK brands.