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Starting your own business: 3 franchises you should consider
Starting your own business isn't just a way to earn money at home or online. It's the dream job for many Americans who want to own something and test their mettle in the marketplace. However, it's not rare for an aspiring entrepreneur to underestimate the difficulty of starting a business from scratch.
Designing a business strategy, product, branding and more takes a lot of time. However, each step is essential to your success, which can put you under a lot of pressure.
That's why some choose to open a franchise instead. The strategy and branding is already there, meaning you can jump right into management and administration with confidence. Moreover, you can research the track record of a company beforehand to predict how much success you may have instead of taking a shot in the dark.
The only question is, what franchise should you invest in? You may be interested in a particular industry already, but if you're just starting to put in the research, check out these four successful franchise options.
1. Anytime Fitness
The idea behind Anytime Fitness is simple. For anyone who loves to exercise, these facilities are open 24 hours a day, 7 days a week, 365 days a year. The franchise achieves this by setting up a security system that allows members to access the gym at their leisure - even when there are no staff present.
Why is this the gym franchise for you? First of all, it was the No. 2 ranked company on Entrepreneur's 2015 Franchise 500 list. That's likely because the business is surprisingly cheap to start - between $75,000 and $375,000 - and absentee ownership is allowed. That means you could theoretically open a location, hire a manager and relax while the business runs itself.
2. Home health care franchises - take your pick
Businesses like BrightStar, Right at Home and Synergy HomeCare focus on providing assistance to people at their homes. They hire nurses and other professionals to visit older people or individuals with health problems to help them do daily chores, take medications and more.
Not only is the work good for a lot of people, the businesses are also require a relatively small investment, revenue is high and demand is predicted to grow, according to Forbes. While they typically cost $150,000 or less to start, some businesses have made a median of $2 million in revenue annually.
Of course, opening a fast-food franchise is one of the more common business prospects for entrepreneurs. What restaurant should you consider? Entrepreneur suggested Subway. It's not just because the option is thought to be more health-conscious. Subway franchises cost relatively little to open - between $115,000 and $265,000 - they're one of the fastest growing franchises and the company charges very modest royalty fees.
Subway has been a near-constant name on the Entrepreneur Franchise 500 top 10 for years and has been called one of America's top global franchises.
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