Finding what the “Top Franchise” actually is varies from person to person. It is important to keep an open mind and find the best franchise for yourself, not the person next to you or the person you work with right now. There are a few things that can help direct you on a path to finding the top franchise that fits your needs.
There are thousands of franchises out there to choose from, it just depends on how much money you are willing to invest and where you are looking to begin. If money is no object, then according to Entrepreneur’s Franchise 500 list of America’s top franchises Subway comes in at number one. Quiznos sub, curves, UPS, and Jackson Hewitt Tax Service round out the rest of the top 5 franchises.
Just because these are the top franchises according to “the list,” it doesn’t mean that it is the top franchise on your list. Franchises that top your list should be businesses that you have experience and interest in, businesses within your price range, and a business that is in your demographic territory. There is no point to investing into a franchise that is high on America’s top franchise list if it is something that you have no interest in.
It is important to remember that franchise contracts often run anywhere from 10 years to 25 years, so take the time to do your research. If you have the money and have the interest in one of America’s top franchises, then more power to you to succeed. Many entrepreneurial seekers, however, do not have the financial stability to be able to invest in such high price businesses.
Some other lists that may be worthy of checking out on the same website include the top low cost franchises, the fastest growing franchises, and the best of the new. Sometimes investing into a new franchise can pay off if it propels in the business industry and you invest while it’s in the developmental stages. However, it is important to consider the risk of going into new businesses as they have the chance of failing just like any other business. Going into developed businesses are a little more reassuring knowing they have success and are continuing to grow.