The United States is home to approximately 750,000 franchise establishments. From restaurant franchises, like McDonald’s to newcomers like Orange Theory Fitness, the most profitable franchises are quite diverse.
Are you thinking about getting into the franchise game?
Are there cheap franchises or low-cost franchises? Or do you need a million dollars to get started?
How long does it take to turn a profit? These are some of the questions you might have.
Stick around while we show you the five best franchises to own in 2020.
What is a Franchise Business?
Depending on where you go for your coffee or dinner out, you probably support at least a few local franchises.
What exactly is a franchise? A franchise is a business that is owned and operated by an individual or family but carries the brand of a larger national or multi-national company. This larger company oversees the operation of the business.
What are the Best Franchises to Own?
If you are looking for just the right opportunity, take a look at this list of five of the best franchises to own.
1. Dunkin’
Dunkin’ has locations in 32 countries. Their franchisees can expect a lot of support from the company with training, help choosing a location, construction of the building, as well as everyday operations, management, and marketing.
The initial investment is between $110,000 and 1.6 million with franchise fees anywhere from $40,000 to $90,000.
2. Planet Fitness
Planet Fitness has more than 14 million members nationwide. The initial investment averages around $2.5 million but the median annual operating income is close to $570,000.
There are 1,494 locations throughout the US and growing.
3. 7-Eleven
What is the number one convenience store in the country? It’s the Texas-based 7-Eleven with 9,280 stores.
The franchise fee runs between $10,000 and $1 million. The initial investment is anywhere from $37,550 to $1.1 million.
From application to testing to training, you can get started running one of their turnkey stores in three to six months.
4. JAN-PRO
This cleaning service for businesses requires a low initial investment between $4,000 and $51,000. The franchise fees are between $2,500 and $44,000.
They have three different types of franchise opportunities: international master franchise, executive business, and home-based.
5. Sports Clips
You can feel secure in investing in a Great Clips franchise. Over the past five years, 99.6% of their stores that opened are still open today.
The franchise fee is $59,500 and the initial investment is between $225,000 and $373,000. The franchise stays on top of how each store is performing and offers a lot of support to their franchisees.
If you’re looking for one of the best low-cost franchises, check out Senior Care Franchising.
Best Franchise to Own
Now that you have some information on the best franchises to own, can you narrow it down to the best one for you? Every business comes with some risk, but with the support provided by franchises, you have a good shot at making it work.
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