Best Franchises for 2014
Franchises are a great type of small business to get into. While you are assuming some risk, as you do with all businesses, the risk is minimized because you are working with an established brand and business. You also will have to do less planning work as far as marketing and branding go if you decide to run a franchise instead of building a business from scratch. For these and other reasons, starting a franchise business in 2014 is a great idea.
However, which one should you get involved in? There are tons of different option in many different industries. Honestly, the answer really depends on your situation. What industries are you passionate about? What do you have experience in? For instance, if you’ve worked in a fast food restaurant before as a manager, then owning a fast food restaurant makes a lot of sense.
With that said, here are what we consider some of the best franchises to own in 2014.
For years Subway has been the golden goose of the franchise world, and in 2014 that will likely continue. As American culture continues to get healthier, more and more people are choosing Subway over its fried-food-serving competitors. Subway is also an amazing company to work with that has a sterling reputation.
A Subway franchise is comparatively low priced, typically requiring between about $80,000 and $250,000 to get started. There are of course many different options for financing your new operation.
On the other side of the cost/scale spectrum, Hampton Hotels is a fast growing company that you can build quite the business with. If you have experience in the hospitality industry, this is an excellent option for you. Hampton is one of the most recognizable names in the industry, starting a hotel with their brand as a franchisee is a great way to build a business from the ground up quicky and easily.
However, getting this going will take significantly more capital than any other franchise on this list. In fact, it will cost somewhere in the range of four to fifteen million dollars to finance. This is obviously a large investment that will require some type of financing for most people to get into, but it is a very good option for those who enjoy working in this industry.
While many don’t normally think of hair salons as franchise business to start, they actually can be fantastic little businesses. Super Cuts is the biggest name right now, and looks to continue to be so in the future. Providing low cost haircuts at high volume, these franchises tend to do very well for their owners if they are in a good location and are managed properly.
Starting a Super Cuts will cost somewhere in between 100k and 200k.
In the transportation industry, gas stations continue to do well, and will likely continue to do well for years to come. 7-11 is of course one of the most reputable and established brands out there, and many people strongly prefer to use only them. If you don’t already have one in your town, you may consider starting one.
Also in the transportation industry, Jiffy Lube is a quickly growing company that has a very positive outlook for the year 2014. They are a great option if you like to get your hands dirty. Look to invest somewhere in the range of two to three hundred thousand dollars in order to get one started.
In the always growing health sector, gyms are expected to do well in 2014. One brand that has been making waves lately is Anytime Fitness, and for good reason. The gym offers 24/7 access to members, something that is rarely seen in the industry. If you are passionate about fitness or have connections with good trainers to hire, consider starting an Anytime Fitness franchise in 2014. They are a great company with a great outlook.
Expect to have stiff competition in this industry, but if you are successful a gym can be extremely profitable. Gym equipment isn’t cheap, so start up cost can be relatively high.
The old standby of franchisees. McDonald’s is one of the most successful franchise companies of all time. While their products have come under scrutiny during the recent health industry boom, they have made changes and have steadily improved. McDonald’s has grown like clock work over the past few decades, and that is looking to continue in 2014. There are likely already plenty of McDonald’s franchises in your area, but if there aren’t, consider starting one. McDonald’s does have a very high cost of entry at well over a million dollars.
Those are just a few examples of franchises you can start this year. There are many companies that could potentially take the title of best franchise for 2014, and I can’t give that award to any one company. However, there are plenty of options, and if you take your skills, experiences, and passions into account you will no doubt find there are plenty of opportunities for you to pursue. Best of luck!