When it comes to something like investing in franchises, there’s two basic ways to look at it – you can either buy your own and run it, or you can put money into someone else’s efforts to run theirs. One involves just your money and perhaps your management skills, the other involves you going full into the day-to-day operations.
But in either case, there are a few different categories of franchise business, and a few different approaches to what you have to offer within that construct in order to meet your financial goals. Consider the ideas of a sign franchise, a restaurant franchise, and education franchise, and automotive franchise, or just a general retail franchise. Each is unique in terms of investment.
A Sign Franchise
You can get hyper-specific and invest in a sign franchise as one way to approach the matter. Everyone needs signs, and the method of production is pretty simple and non-specialized. So what will make you succeed is things like competitive pricing, excellent customer service, and how quickly you can get basic tasks done. Those will be the measuring sticks of how well you do in that sub-industry.
A Restaurant Franchise
A more common route in terms of franchising would be to start a restaurant, with all of the branding in place, the entire supply chain ready to go, and the training all set to handle whatever you need to put in place. With a restaurant in particular, the smarter you are about location and local advertising, and the harder you work, the more you’re going to get out of it after the first hurdle of paying back the initial licensing fees.
An Education Franchise
One relatively new development in the franchise world is the idea of an education franchise. Basically, a company teaches you how to be tech support for a number of common IT issues, and you have a trained staff of people that are basically like mobile troubleshooters for either individuals or companies that need help fast.
Automotive franchises are a great way to go if you have lots of money, and want to make lots more! There are extra hurdles to go through because of things like maintenance checkups, insurance liability, and training staff to meet with brand expectations, but the returns are absolutely lucrative.
General Retail Franchises
When it comes to general retail, there’s a bit more leeway in the franchise department. A bit more of your own personalization can go into the equation, and you probably have a bit more freedom to organize, arrange, and adjust the business model to your own personal perspective. Again, with all of these options, it comes down to what you’re good at, and what you want to work hard at.