How to evaluate work‐at‐home franchises

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How to evaluate work‐at‐home franchises

When was the last time you made a fast food stop or purchased a cup of coffee before work? If the brand is recognizable and has multiple locations throughout your city or town, like McDonald’s or Dunkin’, it’s quite possible your favorite food joint is a franchise.

Owning a franchise has countless benefits. You can profit from the franchiser’s recognizable brand while essentially running your own operation. The most profitable franchises rarely fail, removing the risks typically associated with opening a brand new business.

Let’s take a look at the definition of a franchise, the basic criteria for evaluating an opportunity, and the best franchises to own this year.

What is a franchise?

A franchise is a business in which independent entrepreneurs use the rights to a larger company’s business name, logo, and products to operate an individual location. The franchiser is the owner of the larger company who sells the rights to license their business, and the franchisee is the third-party owner and operator of the business locations.

You’ve done business with a franchise before, even if you don’t know it. Maybe you’ve even considered purchasing and owning one yourself.

But which franchises are best suited for your budget and skill set? Let’s take a look at how you can evaluate a franchising opportunity.

How to Evaluate a Franchise Opportunity

No franchise is one-size-fits-all. Entrepreneurs who want to open a franchise must take into account their budgetary constraints and the franchiser’s support system during the evaluation phase.

Here are a few criteria that you should consider.

Franchise Fees and Set-Up Costs

Every franchiser requires an upfront fee. This can range from hundreds to hundreds of thousands of dollars.

Preferably, the franchise fee would be paid out-of-pocket (though some franchisers offer financing options). Either way, we recommend having at least $10,000 to invest up-front.

Profitability

When you’re evaluating a business investment, it’s important to know if the opportunity is worth the money. Determining the profitability of a franchise isn’t an exact science, but there are a few factors to consider:

  • Unit growth: See how many units (franchise locations) have opened in recent years.
  • New franchisee success rates: Look at the percentage of new franchises that are still operating after a year.
  • Franchiser’s financial statements: Analyze the franchise disclosure document and look at average sales per unit.

Support Systems for Franchisees

When selecting a franchiser, take a look at the support systems they’ve put in place to ensure their new location is a success.

7Eleven, for example, flies accepted franchisees to their support center in Dallas for training. They also have a resource center with seminars and events. Not all franchisers, especially small ones, will have extensive resources like 7Eleven, but make sure they offer basic training.

Time Commitment

Operating a franchise will be a decades-long commitment, ideally longer — you can’t operate a store and leave after a year. The franchise term for McDonald’s, for example, is 20 years.

Be sure that you’re prepared to stick around for a while without pursuing other time-consuming commitments (such as an additional career). If you feel that you’ll want to leave in less than ten years, be sure to choose a brand whose franchises are easier to sell.

Available Territories

Most, if not all, franchisers are looking to grow in a particular geographical area. It wouldn’t be profitable, for example, to open a new location just miles from another, or in an area where there’s no demand.

Be sure to check whether your target franchiser wants to open a location in your area. If not, decide whether you’re willing to relocate.

Brand Recognition or Growth

How recognizable is the brand that you’ll be franchising? If it’s a smaller brand, has it seen significant growth in the past year?

These two characteristics will determine whether it will be profitable to operate a franchise for a prospective brand. Sometimes, going for a big, highly recognizable brand isn’t ideal, because up-front costs are significant.

A smaller franchiser could be an easier entry point — so long as the company has been growing in revenue.

Now that you know how to evaluate an opportunity, let’s take a look at our list of the best franchise opportunities to select from. Throughout the pandemic, these franchisers have either seen growth or very little stagnation, making them the best franchises to own in 2021.

Best Franchises to Buy

  1. McDonald’s
  2. 7-Eleven
  3. Dunkin’
  4. The UPS Store
  5. Popeyes
  6. Sonic Drive-In
  7. Great Clips
  8. Taco Bell
  9. Kumon Math & Reading Centers
  10. Sport Clips

Let’s take a look at some of these franchises and see how they stack up. I’ll review what each franchise requires in terms of the franchise fee and the initial investment you’ll need to make. A franchise fee is a cost a potential franchisee pays up front to operate the franchise. And the initial investment amount includes expenses such as royalty fees, real estate, and inventory costs.

Let’s take a look at some of these franchises and see how they stack up. I’ll review what each franchise requires in terms of the franchise fee and the initial investment you’ll need to make.

A work-from-home career is attainable for most people with a computer, mobile device, and internet access. Unfortunately, work-from-home scams are becoming more prevalent as such jobs become more common—which can make it hard to separate the legitimate opportunities from the fake ones.

When starting your search for a genuine home-based job, keep in mind that any position, working from home or not, will pay better if you have experience.

Start your search for an at-home job by looking in areas where you have some experience or education, if possible.

Virtual Call Centers

As more companies transition to a remote workforce, the number of virtual call center jobs increases. Experience in an office call center or even a retail job is often enough to land a home-based call center job. If you speak more than one language, consider getting a bilingual call center job, which tends to have more perks due to the additional knowledge needed.

Freelance Writing and Editing

Work-from-home writing jobs cover a wide range of positions, including freelancing for consumer magazines, blogging, crowdsourcing, and editing jobs. Typically, writers and editors who work from home are freelancers, but if you’re already working for a company as a writer or editor, the first step may be to convince your boss to let you telecommute.

Transcription

Home transcription jobs tend to be geared toward those with a bit of experience. Typically, it takes some prior work as a transcriptionist to snag higher-paying gigs. Areas of expertise include corporate, financial, legal, and medical transcription.

There are a lot of false job listings for this industry, so be sure to look for warning signs of a scam.

Check to make sure any opportunity is safe, and get to know what a legitimate home transcription job looks like.

Online Data Entry

Data entry encompasses different job titles, but they usually include inputting data into a company's system from written or audio files. Most legitimate companies hiring for this type of work hire people as independent contractors and not full-time employees. Data entry jobs are frequently the bait in work-from-home scams, so be sure to examine opportunities carefully, and never pay for kits or software.

Insurance

Insurance is an industry that hires a lot of telecommuters, and the work-from-home jobs available are quite diverse—including underwriters, appraisers, case managers, insurance agents, as well as positions in IT and project management. While many insurance companies hire these positions directly as work-from-home jobs, others may offer flexible options for existing employees or part-time telecommuting.

Medical

Although working from home is not usually connected with the medical field, a surprising number of medical jobs can be performed from home. Occupations include medical transcription, medical coding, and virtual nursing. Even some pharmacists work from home reviewing prescriptions, overseeing transfers from one pharmacy to another, and providing counseling on the use of medications.

Many of these jobs require some form of certification, training, schooling, or previous experience.

Online Education

The available online education jobs now span a wide range of qualifications in candidates; everything from highly experienced teachers with master’s degrees and teaching certificates, to college students with a knack for tutoring. Many companies, like QKids and VIPKID, hire people to teach English to children in foreign companies.

Search Engine Evaluation

Search engine evaluators work online as independent contractors and give feedback about whether search engine results are comprehensive, accurate, relevant, and timely. Search engine evaluators are the human quality-assurance check in a system run by complicated algorithms, and they must be familiar with the language and culture of the local web search engine users. Typically, these positions are bilingual, but some openings are available for English-only search evaluators.

Working With Non-English Speakers

Being bilingual opens a lot of possibilities for legitimate work-from-home opportunities, such as jobs at bilingual call centers, translation jobs, online teaching, and more. Many translation jobs are done by freelancers, but some companies hire home-based translators as employees.

Financial, Accounting, and Bookkeeping

Legitimate work-from-home jobs for accounting and financial professionals include certified public accountants (CPA), bookkeepers, and mortgage brokers. Your pay should correlate with your experience, so if you're new to the field, be careful of any opportunity that promises big profits; it's likely a scam.

Art and Design

Many media, marketing, and advertising companies rely on freelance artists for photography, graphic design work, illustrations, and more. You'll likely need to show a portfolio of work related to your desired projects or gigs, so make sure to have one handy before applying. Platforms like Fiverr and Upwork can help connect you with these opportunities.

Social Media

With the rise of social media came a need for individuals who can effectively utilize those platforms across different industries. Work-from-home jobs in social media can include strategy development, community building, social media account management, creating and scheduling posts, and evaluating content.

How to evaluate work‐at‐home franchises

Here are 7 of the easiest work-from-home jobs for beginners in no particular order:

1. Search Engine Evaluation

Search engine evaluation jobs can be great for beginners because they don’t require a lot of qualifications.

Usually, what you’ll be doing in this line of work is make sure that search results in search engines like Google are relevant to search queries.

The only problems with this line of work are that the pay isn’t that high and usually hours are part-time.

But, as a beginner, you can’t always be picky.

For websites that have lots of search engine evaluation jobs worldwide, check out Lionbridge and Teemwork.

2. Transcription

With transcription work, all you do is listen to audio files and type out what you here as well as who is saying it into text format.

Usually, you don’t need any experience to be a transcriptionist, but you will need one skill: fast typing.

You can test your word per minute (WPM) typing speed and accuracy for free at TypingTest.com.

As far as websites that have this kind of work, try TranscribeMe or Net Transcripts.

3. Virtual Assistant

Another fairly easy type of work that you can do as a beginner is virtual assistant work.

As a virtual assistant, you’ll do different tasks that usually involve:

  • data entry
  • scheduling
  • email management
  • research
  • social media management

Some virtual assistant websites prefer more experience than others, but s a beginner, you might try looking at Profit Factory VA jobs and Time Etc.

4. Data Entry

Data entry is pretty straight forward. You usually just type information into a database, spreadsheet, or something like that.

This is another line of work that might not require you to have a lot of experience, but will probably demand a high WPM typing speed.

Check out Zeitcaster and Amazon for data entry jobs you can do online.

At Amazon, look for jobs that say something like “Alexa Data Associate.”

How to evaluate work‐at‐home franchises

I’m an entrepreneur, fitness freak, artist, car enthusiast, sports fan and self improvement addict. My goal is to help people be their best and create incredible businesses that change the world.

Amid the Covid-19 second wave fears, businesses worldwide rethink their business continuity plans, keeping remote work as the preferred mode of working until mid-2021. As a result, companies are now making considerable investments in technology to keep their businesses digitally ready for the long haul. On the other hand, if we speak about the consumers, have their demands changed over time?

The great consumer shift

How to evaluate work‐at‐home franchises

Over the last few years, consumers have been evolving at a fast pace. According to McKinsey’s latest survey, 10 years of consumer adoption of e-commerce got compressed into three months during the pandemic. Another study from digital consultancy Mobiquity shows that most of the baby boomer generation relies on technology and online purchase. There has been a 47% rise in online orders and deliveries from a restaurant through a website or app. The study also shows a 193% increase in groceries’ online orders and a 469% increase in telemedicine numbers.

Seeing such a shift in consumer behavior, businesses, too, are now looking forward to changing their strategies to meet the ever-evolving consumer demands. In doing so, their first step is to revamp its business model by evaluating their remote workforce’s productivity with the right tools.

Measuring employee productivity – The biggest challenge of WFH

Studies have shown that staff motivation is one of the critical factors that drive employee productivity and satisfaction.

Before letting staff members telecommute, consider the answers to these questions about you, your department, and your employees.

Many companies allow employees to telecommute. There are benefits for both the employee and the employer, but not all departments, managers, and employees are suited to the home-office environment. If you’re considering a work-from-home option, start with this list.

The first two questions are for you. The next four questions evaluate your department. A wrong answer to any of these questions is an indication that working from home might be difficult for your department. The final four questions will help you quickly determine which employees might not fare well working from home. After answering these questions, you should know whether your department should move from “thinking about it” to forming a real work-from-home strategy.

About you.

1: Can you be available during off-hours?

Many work-at-home employees work odd hours. Can you be available when they need you? If you’re unwilling to accept this challenge, make your availability clear from the beginning.

2: Do you trust your employees?

Some managers won’t be objective enough to evaluate this particular question honestly, but let’s try just the same. If your department is performing adequately, but you still don’t trust any of your employees to do their jobs without your constant input, maybe you have trust issues. If you think this might be the case, stop now. Why put yourselves and your employees through an experiment that’s doomed before it starts?

About your department.

3: Is upper management on board?

If you don’t have the full support of your manager, stop now. Spend more time researching and present the idea again later with new supportive facts. Don’t proceed until you’ve convinced upper management that the work-from-home venture is worth trying, unless you want to work from home yourself — job hunting is work, right?

4: Will the move require a budget squeeze?

While technology makes it easy to keep in touch with an offsite employee, the initial setup and monthly maintenance can be expensive. The company probably has most of the necessary equipment, but you’ll have to finance the physical move and installation of all that equipment. Then there’s the cost of specialized software and monthly service fees and subscriptions. If there’s no money for this, stop now.

5: Does your office suffer from a lot of drama?

If the left-behind employees are going to vent petty jealousies over the work-from-home arrangement, tread slowly. We might all agree that their attitudes shouldn’t matter. The reality is that these people can suck the life and productivity right out of your entire department. They’ll make everyone miserable, and miserable employees aren’t productive employees. This situation isn’t a show-stopper, but It’s something to face, not circumvent.

6: Can the team handle the separation?

Some teams are a cohesive group where the synergy just works. Moving even a few people out of the office might have a negative impact on the morale and spirit of the group. In a situation like this, try a part-time, temporary arrangement. As the team adjusts to the changes, you can be more liberal with the work-from-home policy.

About the employee.

7: Would you let this employee house-sit, dog-sit, or babysit?

The ideal home-office candidate is a responsible and reliable individual. If you don’t trust this employee to do his or her job with little input from you, stop now. There’s no need to evaluate any further.

8: Does the employee work closely with other employees?

It can be difficult to maintain availability to one another in home offices for those employees who interact throughout the day. It isn’t impossible, but I recommend that you put these employees into a future “maybe” group. Work out the kinks with individuals who don’t need to interact regularly with other employees. With a little experience, you’ll be better prepared to tackle this group’s complex needs.

9: Does the employee work with sensitive data?

Employees who work with confidential or sensitive data will require special attention, and working from home might be more work (risk) than it’s worth. Can your company support the necessary network security (and its cost) to protect data? If not, stop now –although you might consider letting this employee work from home part time.

10: Where does the employee live?

Make sure the employee’s home has reasonable Internet access. Cable and DSL are reliable, but satellite access is notoriously undependable. Dial-up is too slow to handle most of today’s technologies. In addition, an employee living in a van down by the river probably isn’t a good candidate. If Internet access is inadequate, or the employee lives in questionable circumstances, stop now.

Chick-fil-A is the largest chicken, and the third largest American fast food restaurant chain, whose specialty is chicken sandwiches. Chick-fil-A has more than 2,000 restaurants in 46 states. As a franchise operator, you’ll be supported by a strong brand, family-owned, privately-held company which is expanding and looking for team members to carry on the founder, S. Truett Cathy’s philosophy of serving the highest quality food and giving back to the community. You may enter the quick-service restaurant industry and operate your own Chick-fil-A franchise for an initial investment of $10,000.

How to open a Chick-fil-A franchise?

  1. Ensure you have adequate capitalization.
    In order to open a Chick-fil-A franchise, you must have a net worth of more than $350,000.
  2. Appreciate the investment required for a restaurant franchise.
    You will need to consider building and real estate costs, the cost of equipment and signs, the costs of licenses and permits, the cost of uniforms, the cost of insurance, etc.
  3. Evaluate your prior experience and strengths.
    You should thoroughly evaluate your prior business experience before applying to become a Chick-fil-A franchise owner.
  4. Assess market availability.
    You will want to look at the market availability for Chick-fil-A restaurant franchises and see if there are available markets in your location of interest before proceeding with the franchising application.
  5. Submit your application.
    Your application will be reviewed by the Chick-fil-A franchise team. You will be emailed a confirmation receipt upon reception of your online application, where we will additionally provide the contact details of the franchise owner.
  6. Receive approval & opening your Chick-fil-A franchise.
    You will receive franchise approval once your financial and background checks are completed. Approval will only be given to candidates who meet all the requirements of franchise owners.

Request Free Info

How much does Chick-fil-A franchise cost?

Chick-fil-A has the franchise total initial investment range of $342,990 to $1,982,225.

Initial Investment and Startup Costs

Estimated Initial Investment:

Name of Fee Low High
Initial Franchise Fee $10,000 $10,000
Opening Inventory $14,850 $63,715
First Month’s Rental of Equipment $750 $5,000
First Month’s Lease/Sublease of Premises $2,270 $59,600
First Month’s Insurance Expense $895 $31,900
Additional Funds $314,205 $1,812,010
ESTIMATED TOTAL $342,990 $1,982,225

The data, compiled from the Chick-fil-A Franchise Disclosure Document (FDD), represent the estimated financial range for the initial setting up and first month of operation for a new Chick-fil-A restaurant.

Type of Fee Amount
Advertising May vary (a) between 0% to 3.25%, to be determined by Chick-fil-A, as a percentage of “Gross Receipts” or (b) by vote of Operators in local or regional areas.
Additional Franchise Fee $5,000 for each additional Chick-fil-A Restaurant business.
Business Services Fee $300
Rent $2,270 to $59,600 (including where applicable, percentage rent)
Insurance $215 to $10,650
Equipment Rental $750 to $5,000
Hardware and Software Support; High-Speed Internet Access $9,500 to $20,000 (annually).
Fines – Minimum Standards and Procedures Will vary under the circumstances.
Indemnification Will vary under the circumstances.
Operating Service Charges Determined by formula.
Credit Cards Fees and Related Processing Fees Will vary.
Highway Signage Will vary under circumstances.
Interest on Late Payments The maximum rate permitted by law, or if none, 1.25% per month.
Cash Handling System Services $170 to $450 (monthly)
Reimbursement of Cost of Performance Costs and expenses of performance.
Holdover Liquidated Damages Double the base rent and percentage rent.

Are you interested in starting Chick-fil-A Franchise in the USA, Canada, the UK, or another country?

We provide estimated franchise costs for some countries:
– In the United States, the total investment to start the Chick-fil-A restaurant is around $342,990 to $1,982,225.
– In Canadian currency, the investment comes around Can$ 434,200 to Can$ 2,509,300.
– In currency of the United Kingdom, the investment comes around £247,100 to £1,428,100.

If you enjoy computers and are tech-savvy, then a computer-based home business could be ideal for you. This type of work can be done virtually from anywhere, as long as there is internet access. If you have the knowledge, skill, and equipment necessary, you can start your business fairly quickly and affordably. Here are five ideas you can start looking into now.

Computer Tutor or Trainer

How to evaluate work‐at‐home franchises

Just because we live in a digital age doesn't mean everyone is computer-savvy. That's where the computer tutor or trainer comes in. A home-based computer tutor teaches individuals and/or businesses how to best use their computer programs and the internet.

Classes can be done virtually via videoconference. In some cases, you'll visit clients in person at their home, office, or another meeting location.

Your clients can be diverse, from children to seniors, and everyone in between. You might be hired by businesses that need help learning specific programs or computer-related tasks, such as setting up a database or creating spreadsheets.

You can even work with groups, training an entire office. Or, you can run classes either through your home (if allowed by zoning) or through a local adult education resource such as the senior center.

Tutoring does require patience, especially since technology has its own set of terms that many don't know or understand. ​​

Computer Repair

How to evaluate work‐at‐home franchises

Computer repair specialists need to have a deep understanding of the mechanics and programming systems of computers in order to identify and fix problems. Individuals and small businesses that don’t have a tech team on staff hire computer repair technicians to fix, clean or replace their hardware and software on time, on a budget, with a smile.

If you're running your business from home, you'll likely go to the clients' home or office to make repairs. You'll need to have tools required to diagnose system issues as well as to open a computer to fix or replace a hard drive or other internal device.

Along with repair, you can offer computer and network setup, including security setup to help keep clients' computer virus and malware-free.

Desktop Publishing

How to evaluate work‐at‐home franchises

If your computer skills include creativity, as well as an understanding of page layout and graphics, desktop publishing is a viable home business idea to consider. While there are many DIY programs for desktop publishing, many businesses need customized creations.

The many tasks desktop publishers perform include producing books, newsletters, magazines, brochures, internet content, and graphic design for logos and signage. Many online entrepreneurs need help in creating their products, such as planners, charts and more. You might even work for private individuals creating personalized gifts (i.e. photo calendar), announcements or invitations, and other items.

Internet Marketing Services

How to evaluate work‐at‐home franchises

If you’re a savvy internet user and understand marketing, especially internet marketing, then this type of business could be for you. Many organizations of all sizes, but especially small and single-owner businesses, need help with SEO, PPC, website promotion, and social networking.

An advantage to providing online marketing services over other ideas, such as tutoring, is that you can work with clients all over the world. You’re not restricted to servicing clients only in your local neighborhood. With that said, being able to meet clients at their business, can be helpful, especially when starting out.

You can offer a full-service Internet marketing business or you can specialize, such as social media management or email marketing.

Web Design and/or Programming

How to evaluate work‐at‐home franchises

Similar to desktop publishing, many DIY tools are available to make building a website easier for the non-tech type. Nevertheless, there is still an opportunity for web designers and programmers, especially as the number of online businesses grows.

Many online entrepreneurs can set up a basic site but aren’t able to customize it to their needs. Others need bells and whistles, such as ecommerce or membership management, that can be done faster and with less potential for glitches by an experienced designer or programmer.​

You can specialize in a specific platform, such as WordPress, or a programming language. However, the more variety of skills you can offer, the more marketable you'll be.

An advantage of web design and programming is that you can work with clients locally or worldwide. Further, you can offer one-time services, such as website set up, or maintenance packages in which the client pays you monthly to monitor, update, and manage the website.

We all know intuitively that some jobs are more complex than others. However, most of us lack a universal way of measuring and, thus, articulating what makes one job more complex than another.

As it turns out, work in hierarchical organizations occurs in distinct layers of increasing complexity that can be easily distinguished from one another. The work required in each layer, which we call strata, is qualitatively different from the work in any other layer. Once we understand this, we can begin to talk about jobs (any job, from zookeeper to bank teller) in terms of these levels, called strata, and make apples-to-apples comparisons between them.

Just as H2O is always H2O, but can be present in the form of ice, water, or steam based on temperature, work is work but can be present in various states based on its complexity level.

Organizational Design

Not all organizations are equally complex. Therefore, not all companies require the same maximum number of layers. The world’s largest corporations, such as GE or GM, have a total of eight layers of complexity. Smaller organizations would have fewer. A Mom-and-Pop retail store or restaurant might have as few as three levels of work complexity necessary to carry out their business. Some organizations have more layers than necessary and some have too few. Either situation creates problems and costs you money! PeopleFit® can help you determine the appropriate number of layers for your organization.

The following chart describes the various types of work found at each stratum:

Explore this year’s top-performing franchises according to our 2021 sales index:

How to evaluate work‐at‐home franchises

Franchise.com Sales Index

FranServe, Inc.

Be the Best Franchise Consultant in the Business! Would you like to build a lucrative, home-based, consulting business? Place clients into franchises by helping them through the franchise selection, evaluation, and buying process as well as helping them access.

Cash Required: $25,000 Category: Food Franchise

Residual Empires

Our stores come with winning products and winning audiences that have already proven to buy. Working with us, your store will realistically generate between $5,000 – $8,000 net profit per month within the first year, with the plan to make all stores a.

Cash Required: $35,000 Category: Computer & Internet

FlyFoe Mosquito & Tick Control

Become Your Community’s Best Defense Against Mosquitoes and Ticks. Pests may be a problem, but you can be the solution. Help families enjoy their lives and enjoy yours even more with a FlyFoe franchise. Our turn-key solution for the mosquito and tick.

Cash Required: $50,000 Category: Home Related

Grease Monkey

There are Lots of Reasons to Invest in a Grease Monkey Franchise!With a leadership team comprised of former owner-operators with extensive experience in senior-level roles on the franchisor side, Grease Monkey® possesses the industry knowledge that positions.

Cash Required: $75,000 Category: Retail Franchises

Cash Required: $

Browse Franchises by Category

Whether you have the perfect niche in mind or simply want to explore franchise opportunities across various industries, you can quickly navigate between listings by category and industry below:

Why Buy a Franchise?
Owning your own business can allow you to build wealth independently while gaining more control over your work-life balance, schedule, and future. But starting a business from scratch can be difficult, posing many challenges. Franchises, however, allow you to start a business with the groundwork already laid out for you. Buying a franchise is a turnkey business opportunity allowing you to take advantage of a proven business model, existing client base, training, and many resources to help you start, manage and grow your business.

Choosing the Best Franchise for You
Before purchasing a franchise, it’s important to perform your due diligence. Some considerations to keep in mind when choosing the best franchise opportunities for you include:

  • Budget. What is your current budget for startup, and what projections for revenue will the franchise offer? Franchises can be bought for less than $10,000 all the way up to $1 million+, with plenty of great opportunities between.
  • Niche. When deciding on a niche, it’s important to research demand for various industries, past performance, and future outlook. You should also take into account your personal interests, knowledge and skill set if you plan to be directly involved in the management of the business.
  • Location. Depending on the industry, location can be critical for success. Visibility, parking availability, local competition and accessibility can make or break a restaurant or retail business, for instance.
  • Personal Involvement. How involved do you want to be personally with the business? If you have little experience in the industry, will the franchise provide you with training and resources to get you started?
  • Franchise Success. How successful have other franchise owners been in the past? What are projections for revenue and costs both in the short-term and long-term?

Financing Your Franchise Purchase
While some individuals purchase franchises with cash, this is not always viable. The good news is that there are several options for financing your franchise purchase, including traditional financing, SBA-backed loans, retirement account transfers, and more. Read our financing guide for more information.