Franchising is big business. There are over 800,000 franchise establishments in the US with an economic output of roughly 860 billion dollars. These locations employ more than 8.5 million people.
Franchises represent an excellent opportunity to get into business for yourself.
What are some of the best franchise opportunities in 2024?
McDonalds
McDonalds continues to be the top-performing franchise. It is an international brand with a combined sales of 118.2 billion dollars.
Few brands have more name recognition than McDonalds. Owning a Mcdonald’s franchise guarantees you a loyal customer base, which is a key to generating a profit.
Average sales per franchise are about $3.65M with a cost of $1.46 – $2.50M depending on location and other factors.
The downside is the hefty initial investment. You have to have at least $500,000 in liquid assets at the time of your application. If you are selected you need to put down at least 25% in cash to secure your franchise location.
The UPS Store
The UPS Store is in the top five best franchising systems in the country according to Entrepreneur Magazine.
The UPS Store provides world-class training and support for new franchisees, strong brand recognition, and a sterling reputation.
Opening a UPS Store franchise can require considerably less upfront investment than opening a fast food franchise. It is an excellent opportunity for those looking for a franchise under $500K.
UPS Store can help provide financing for veterans and anyone interested in opening a location in a rural area.
SuperCuts
SuperCuts is another well-known service brand. With over 40 years in business and 2,600 locations, they are another good option with a modest entry price.
SuperCuts provides quick and affordable haircuts to their clientele. They also generate revenue by selling hair care products and other salon services.
Candidates don’t need experience in the salon industry, but the company prefers their candidates to have some type of management experience.
Ace Hardware
Ace Hardware offers potential partners three types of franchise opportunities. They can open a new Ace Hardware store, convert an existing location to the Ace brand, or open an Ace Hardware grocery. An Ace Hardware Grocery converts previously unused or under-utilized space in an existing grocery store into an Ace Hardware outlet.
There are hundreds if not thousands of franchise opportunities available to someone looking to open their own business.
Due your due diligence and find one that’s right for you.
