Are you planning to start a franchise business? And wondering if it is old-fashioned to start a franchise business and does it still make a profit? Here are the answers to your questions. Research says franchise business is growing at a very high rate, and it has a lot of opportunities for aspiring entrepreneurs.
Some of the beautiful things about Franchises is that it does not require huge investments and the returns on investments are also quick.
As we all know that restaurant business(take away) is growing exponentially. After the market got hit by the COVID-19 pandemic, the only business is growing is restaurant due to introduction of technology, which applies on the take away and free home delivery. So, it will be a wise option to go for a restaurant franchise if you do not want to take any risk.
Here are the 10 profitable franchise business ideas to start in 2021
#1. Online Education Franchise
It can become the most profitable franchise business to start as schools and colleges are closed. Online education has become a new normal in every country. The best thing about this business is, you can start it with low investment, and it has a quick return on investment.
Select the niche which can easily handle. It is important to select the subject that you are confident in. There are various subjects to teach online. Few ideas are listed below:
- Digital Marketing Courses
- Competitive Exam Coaching
- Nutrition and Diet
- Languages Training
- Career Development Coaching
After selecting the niche, do a little bit of research, and you can find the best opportunities with really low investment. With small investment and research, online education franchises can undoubtedly become a profitable business.
#2. Cloud Kitchen Franchise
Starting a food business can never be a bad idea because it always has a steady income and quick returns. Things have changed now due to the world struggling with the pandemic. People prefer the delivery of food to their doorsteps rather than dining in restaurants. That is the exact meaning of cloud kitchen. It is a delivery-based food business without a dine-in facility.
Research says the pandemic has increased the growth rate of cloud kitchen businesses. This business requires minimal setup and resources. Thus, it can be a great idea to start a cloud kitchen franchise business.
#3. E-commerce Franchise
Starting an e-commerce franchise can be the most lucrative business idea because the pandemic, and the lockdown in the countries have completely shattered the physical markets. People had only the choice to shop for groceries and other essentials online. It has made e-commerce the most profit-making sector.
Even many traditional stores also started building their virtual business. So, if anyone is considering starting an e-commerce franchise business, it is undoubtedly a profitable idea. Make sure you find the hottest business niche in this sector.
#4. Pharmacy Franchise
Medicine is one of those business segments which never fails. It can be the right time to consider medicine franchise business in both traditional and virtual modes. Due to this ongoing pandemic situation, people prefer home delivery of medicine. Make sure you get a drug license to start a medicine business. Some trusted online pharmacies will offer you medicine franchises even if you don’t have a drug license. And the best part is that you will require a less initial investment to get started.
#5. Grocery Store Franchise
Select the niche you want to start in, like fruits or vegetables. It is not very difficult to find the trusted grocery businesses which offer franchises at affordable prices. Visit the grocery stores near you and find out if they are offering any franchise. Do a bit of Market survey to find out if it is profitable to run a full-time grocery store. Make sure your product pricing and delivery charges are reasonable to gain more customers for your business.
#6. Service-Oriented Business Franchise
People are always in need of different services, and there is no doubt in that. It is one of the most cost-effective businesses that can be started easily. As this sector is quite vast, select the service you like to provide based on your knowledge and skills. Choose from the various service business ideas such as customized gift shops, repairing a mobile or laptop, maid, etc. As most of the service-oriented business franchises can be operated online, this can be started with a low initial investment.
#7. Logistic Franchise
Logistic business got wide expansion during the lockdown phase as delivery and logistics were the only permitted businesses during the lockdown in many countries. The great thing about starting the logistic business is that it can be started with low investment and the space required to operate this business is very low. Make sure you are well equipped with technical knowledge and a good team to start this business. With these minimal requirements, a logistic franchise business can get you high profits.
#8. Healthcare Franchise
With the virus rapidly increasing everywhere, people started to spend more money on their health, and safety to ensure their good health. It has made the healthcare industry grow more than ever. Today the health care sector is booming like never before. It can be the perfect time to start a health care franchise business.
#9. Virtual Doctor Franchise
A virtual doctor can be one of the most lucrative franchise businesses. People love the idea of getting the services of doctors without having to leave their homes. As a virtual doctor, you are bringing great services to their doorsteps. To achieve this, you need to possess computer programming skills. Create an application that is user-friendly and easy to navigate for all.
#10. Event / Wedding Planning Franchise
There is always a market for wedding planning businesses whether the economy is booming or going through a recession. Research says the wedding market is growing at a rate of 20 per cent a year. This provides a great opportunity for wedding planners who provide services like wedding themes, decoration, catering, and organize the whole wedding. The initial investment has to be made for the staff, planning, decoration, and other arrangements. This business can undoubtedly become lucrative with low investment and a better organizing team.
Now that you know some franchise businesses which can get you high-profit, do a little bit of your research to collect the information you will need to start a business. You can get more ideas about franchises from this list. And understand what businesses will work for you and make an informed decision.
Franchise businesses exist across a wide range of industries, including fast food, education, home services, automotive and retail.
The key to choosing the right franchise business is to find one that matches your interests, experience, and budget. Take the time to research various opportunities, and determine which one is the best fit.
The cost to start a franchise business varies depending on the franchise and the type of business. Generally speaking, franchise businesses can range from thousands to millions of dollars in startup costs.
Yes, there are some franchise businesses that don’t require a large upfront investment, such as home-based businesses and service-based franchises. Many of these require little to no inventory or equipment costs.
Ongoing costs associated with a franchise business may include royalty payments, advertising, and ongoing training and support. In addition, some franchises may require additional investments in equipment and inventory.
The return on investment with a franchise can vary depending on the type of business, the location, and other factors. Franchises often offer the potential to earn a significantly higher return than starting a business from scratch.
Yes, many franchisors offer opportunities to expand or upgrade an existing franchise. This may mean opening additional locations or offering a wider range of services.
Franchisors typically provide ongoing support to franchisees in the form of training, marketing, and other resources. Many franchisors also offer access to supplier and customer networks.
Owning a franchise offers several benefits, including a well-established brand, access to customer networks, operational support, and an existing business model.
Before taking on a franchise business, it is important to research the industry and the franchisor, evaluate the financial commitment, and analyze the potential return on investment. Additionally, you should understand the expectations of the franchisor and develop a business plan.