To franchise is to distribute services or products in the name of a franchisor, the owner of the brand’s trademark. A franchisee pays a royalty to the franchisor for the right to trade in his name and system. You can start a franchise business with a major brand to take advantage of its established brand. As you do so, consider that the bigger the brand, the higher the investment and franchise fee. It is essential to establish a good business plan to benefit from this beneficial business arrangement.
Franchise benefits from the recognized brand and its success are assured since it’s an established brand.
Below are six franchising opportunities you can consider;
McDonald’s is an American fast-food corporation founded in 1940, in California, in the US. It was an idea by Richard and Maurice McDonald, who operated it as a restaurant. McDonald’s is recognized as a leading franchising company. It is a well-known brand that is bound to succeed if one can invest in it. Most of the McDonald’s restaurants are managed by franchisees. McDonald’s franchise fee is $45,000, and the initial investment ranges between $1,008,000 to $2,214,080.
2. Cornwell Quality Tools
Cornwell Quality Tools has been in existence since 1919. Eugene Cornwell founded the company, and it is the oldest mobile tool company. The guiding vision is to create quality tools to make the company the professionals’ choice. The company is sure its franchisee will be proud to sell its quality tools. As stated at franchise.com/franchise/cornwell-quality-tools, the initial investment to join Cornwell Quality Tools ranges between $114,525 to $272,825. The net worth of franchisee candidate is $40,000, and liquid assets worth $20,000.00
3. Taco Bell
Taco Bell was started in 1962 by Glen Bell. He served tacos for the first time in Downey, California. The restaurant is known for its affordable Mexican food with rich flavors. Taco Bell was the first QSR restaurant to have an American Vegetarian Association, AVA-certified menu items. It was also the first QSR restaurant to have a mobile app for dining and drive-thru orders. As one of the big brands in the fast-food industry, it is a profitable business to franchise. To be a Taco Bell franchisee, the fee ranges between $25,000 to $45,000 and an initial investment of $525,100 to $2,622,400.
7-eleven is a convenience chain store whose headquarters is in Dallas. 7-eleven was formed in 1927 when several companies that sold food preservative block ice merged to form Southland Ice Company. It was known as Tote’m Stores from 1928 to 1946. It was the first company to sell coffee in to-go-to cups. They are also the first to operate for 24 hours daily and have a self-serve soda spout. Since 7-eleven is a successful brand, you are sure of a profitable venture if you franchise with them. To franchise with 7-eleven, the fee required ranges between $10,000 to $1,000,000. The initial investment required is $37,550 to $1,149,900.
5. The UPS Store
The UPS Store is a printing and packing franchise. UPS started in 1980 as a subsidiary of the post office in the US. It is among the top-ranked franchise services business. The store gives services like printing, fax, passport photos, shredding, shipping, website mailboxes, and notary services. As a recognized brand, it is worth the cost of investing in it as a franchisee. To franchise, you require a franchise fee of $29,950 and an initial investment of $138,433 to $460,031.
6. Kumon Math & Reading Centers
Toru Kumon is the creator of Kumon Institute Education Co. Ltd. as an education network. The network used the Kumon method to teach children mathematics and reading. Kumon is an ideal franchise to purchase as it requires low fees and has high profits because of online learning. As a company that is still growing, and the entry price is low, it is an opportunity to invest in it as a franchisee. To franchise with Kumon, you need a fee of $1,000. The initial investment is $74,428 to $156,590. Kumon also covers your business costs up to $36,000.00.
Franchising is beneficial as you ride on the shoulders of a reputable brand. Rarely does franchising fail as one uses the systems and brand of the franchisor. There are many franchisors in the marketplace to choose from, different industries, and entry requirements. If you decide to franchise, do so with a company whose business is in an area of your expertise and interest. When you are in an area of your passion, you will give your best and reap the profits.