For the aspiring entrepreneur, becoming a franchisee is simply good business sense. A franchisee is essentially a business owner without having to lay all of the complicated groundwork. All you need is some working capital and an eye for the right franchise business acquisitions.
As a prospective small business owner, you’re probably wondering which franchise businesses are the real moneymakers. Depending on your preferred industry—and whether or not you find the right financing solution—here are some of the top franchise businesses in the United States.
Did you expect anything else? America loves the golden arches. In the United States, becoming a fast-food franchise owner probably sounds like a sure ticket to success. On top of that, becoming a McDonald’s franchisor helps you secure near-instantaneous brand recognition. Of course, this comes at a cost. You’ll need a solid credit score to qualify for franchise lending from your financial institution. If you’re serious about running a fast-food small business, you may want to contact an alternative lender like Franchise Lenders. It’s the smart way to secure the line of credit or business loan you need to succeed. Be ready for a solid initial investment if you want access to this U.S. food giant.
The shipping giant has been a top name in United States franchising for several years running. It’s also a winner because you won’t be running in a funding circle to get similar brand recognition to a fast-food giant. However, you’ll also have to consider some equipment financing that may require a bank loan to help you access this intellectual property. Luckily, it may only be a short-term loan. You’ll still need a good amount in liquid assets to succeed.
The United States is also a nation built on gyms. As the name states, the value proposition of Anytime Fitness is that it’s open…well…anytime. Also, instead of monthly franchise fees based on sales totals, you’ll simply need to pay a flat rate when starting a new franchise. Traditional bank loans may work for this venue as opposed to alternative financing. No matter the type of loan, you’ll need up to $40,000 for your franchise loan. Be a smart borrower and you can turn this franchise brand into a winner. It’s a great option for a new franchise owner.
As a combination of retail and medical experience, Pearle Vision is still one of the country’s top eyewear destinations. Annual revenue for locations with an optometrist can easily pass one million but you’ll likely need a commercial bank loan to get started as well as a robust business plan. The brand has long track records of success but you’ll have to work to secure a solid interest rate for your franchise owner financing option as well as the real estate costs.
Much like McDonald’s, Dunkin’ is a franchise brand that seems perfect for success. Also like McDonald’s, you’ll need a competitive term loan from an online lender, family member, or financial institution. No matter the financing option you choose, franchisor financing for Dunkin’ is critical as it’s recommended you have a high credit score and access to $250,000 in liquid assets.
Beyond navigating term loans as a borrower and reading up on franchise finance, you’ll also want to have legal help in the event of litigation. Global Legal Law Firm can help. Global Legal is perhaps the largest law firm that focuses on various franchise practice areas from the loan product to legal advice. It’s great for the prospective business owner or franchisor that isn’t sure where to start when it comes to retaining a law firm.
Becoming a franchisor presents many unique opportunities. It also takes work. From finding a lender to studying a disclaimer on franchise lawsuit practices, you’ll have your work cut out for you. If you stick with it, though, you stand a shot at success.