Opening a new business requires risk, but research can help you make the best investment decision possible. Reduce your options by reading about the various affordable franchise opportunities you might want to consider. Franchises are in high demand because they require low investment and less hassle. Also, you won’t have to worry about building a consumer base from the ground up.
1. Service Job Franchise
Future small business owners who want to make a small investment with limited stock should consider opening a service job franchise. You’d only need to pick a specialized service consumers require on a routine basis, invest in a company car and hire the right people.
A lawncare company would be an example of this franchise type. People always need their grass mowed and trimmed, which is why the landscaping industry was worth $105.1 billion in 2021 in the U.S. alone. You just need to invest in a couple of riding mowers and a handful of employees to get your business going.
2. Senior Living Center
The senior home care industry is growing at a steady pace, with a 10% increase in locations every year. Two factors have contributed to this trend: an aging population and a growing preference for assisted home living over nursing homes and retirement communities.
People don’t always have family members to fall back on as they age, so your future franchise could offer them a comfortable location to age in place. All you’d have to do is decide which services you’d offer to get the proper licensing. A senior living center that provides nursing care would need to pass different regulations than a center focused on non-medical companion care.
Investors with or without medical experience will feel right at home with this type of franchise, but if you don’t feel 100% confident in the decision, take as many training sessions as possible before opening for business.
3. Vehicle Repair Shop
Many people drive cars, but only a small number might know how to repair their cars at home. The average driver needs a vehicle repair shop when it’s time to change their oil, rotate their tires or replace their squeaky brake pads.
Investing in a vehicle repair franchise is a relatively safe financial move. As long as you pick a location where most people drive themselves around town instead of using public transportation, you’ll find success in offering essential repair services.
4. Restaurant Franchise
When expanding your business portfolio, you might worry about investing in a restaurant franchise. Everyone needs to eat, but have people become more used to dining at home since the pandemic?
Research shows that the restaurant franchise industry stands to make $826.6 billion in 2022, a 4.9% increase from 2021. Consider what cuisine styles are already popular where you plan to open a franchise to pick the right type of restaurant for your future consumers. Opening a small town’s fifth pizza shop may not produce the same amount of revenue as the town’s first hibachi restaurant.
5. High-End Hotel
Hotel franchises present numerous advantages for small business owners looking to open a property. They’re evergreen revenue sources because travelers always need a place to stay, especially if you open your hotel in an area with numerous tourist attractions.
A high-end hotel would also include amenities that locals would enjoy. On-site restaurants and spas would attract non-travelers looking for a new way to treat themselves. Those amenities could become the hotel’s primary revenue source when you hit a lull in tourist seasons.
Hotels are also optimal locations for business conferences. An area with numerous company headquarters could rent your hotel’s conference room for training sessions or board meetings. All you’d need to do is invest in a marketing team that could spread the word about the various amenities available to the surrounding community.
6. Gym Franchise
There will always be a need for a community gym. People who are passionate about their fitness would go there regularly to train for events, races or their personal health goals. Others would use the space as a social setting to meet their friends for events like yoga classes.
Gyms also present opportunities for rehabilitation. This could be an especially prevalent opportunity for business owners in retirement communities. After recovering from fall injuries, they could use your gym to meet their physical therapists and recover more quickly.
7. Conversion Franchise
Small business owners who don’t mind a bit more work with their next investment could open a conversion franchise. You’d have to pick a type of business for your brand and convert independent companies into franchise locations.
Many investors do this with companies like home cleaning services or florist shops. The owners would get the support of an established brand to continue their professional growth and you would receive a guaranteed return on investment because the companies already have an established consumer base with brand loyalty.
Make an Impact in Your Community
These are just a few franchises you might want to consider for your next business investment. Whether you create a living center for retirees to age in place or work with existing companies under your new conversion brand, you’ll find the best opportunity for your investments by comparing franchise types that interest you most.