If you’ve decided that you want to start your own business, you may not have an idea of what type of industry you’re going to get into. Franchises are touted as some of the best out there as they give you a cookie-cutter format that you can easily follow. Here are four different types of franchises that you can consider for your first business endeavor.
Job Franchise
This is typically the most inexpensive franchise to get started in. Most are home-based and can be operated with little staff. When signing up for this type of franchise, you’ll be responsible for a franchise fee and a minimal amount of startup costs. Some common industries include residential lawn care, pool maintenance, plumbing, event planning, cleaning services, and cellphone repair.
Investment Franchise
For those who have lots of money to invest but don’t want to personally put in a lot of time, investment franchises may be the ideal route. These include things like real estate investment franchise for salon suites, large restaurants, and hotels. You’ll be a major investor who provides the funds, and in most cases, you can provide your own management team to oversee the day-to-day operations of the franchise. This is the most hands-off approach for any category of a franchise.
Business Franchise
A common type of franchise that most people think of when they hear the term is the business franchise. This is where you can get the cookie-cutter system that you simply need to employ to be successful. Apart from paying initial setup fees, you’ll owe the parent company a percentage of your revenue each month. Common business franchises are fast food companies, retail, fitness, and restaurants.
Product Franchise
Product or distribution franchises tend to be the most popular type of franchises utilized. They essentially give you permission to use their branded trademark to sell to customers. Some examples of this category include appliances, computers, car parts, vending machines, and large equipment. This type of franchise doesn’t usually come with a business strategy, rather, it’s just getting a license to sell someone else’s products and/or services.
Franchises are a great option for those looking to make their first business endeavor. They’re fairly easy to follow and there are different types that require different amounts of input from you. We’re sure that you can find one franchise category that will be sure to meet your expectations as well as your time and financial commitment.