It’s been two years since the pandemic struck. For a while, COVID-19 paralyzed all areas of life, including businesses. But now, science and technology are proven stronger than the virus. Life is slowly getting its way back to normal.
With this development, almost all restrictions have been lifted. Although the possibility of getting the virus is still present, its fatal effects have waned because of the vaccines. As a result, people can move freely, and the economy is running as smoothly as it used to.
Now is the time to take back some things the pandemic has stolen. One of them is people’s ability to make money. As 2021 is about to end with more scientific breakthroughs to put an end to this pandemic, we can look forward to a much better year. There’s no better way to start strong than to make money, and one way you can do this is to start a business. For a young entrepreneur who wishes to start a business, franchising is something to consider.
What Is Franchising?
It is a type of business where independent individuals will have the right to operate a large company in their own location. Here, they can use the company’s name and logo and sell its products and services for their own profit. A franchiser owns the company, while a franchisee is licensed to operate the business. The products and business practices will be uniform in all the franchises except the location.
The franchise will always have a recognizable name. It has already established its presence in different locations. There are local franchises that only operate in the same city or state. At the same time, there are giant franchise companies that already have a worldwide presence. The best examples are McDonald’s, Starbucks, and Dunkin’ Donuts.
These companies are so recognizable that you instantly think about the company at the sound of the product. When you think about burgers, what are the top three companies that pop into your head? Without a doubt, one of them will be McDonald’s. This is the primary reason starting a franchise business is more lucrative than building a business from scratch.
You don’t have to work your way from the ground up. All you need is to look for a good location and pay the company fees. Then you may get the necessary licenses, and you are all set. What’s better is that a franchise business rarely fails. This makes you more confident as you have already eliminated all risks of starting your own brand.
The Best Franchise Businesses to Start in 2022
1. Food Business
Food being a necessity of life is enough reason starting a food franchise business is a profitable idea. On top of that, you have a wide array of franchise companies to choose from. Most of them have a remarkable history of success, growth, expansion, and support system. Here are some of them:
McDonald’s is a fast-food chain with a franchise fee of more or less $45,000. Their initial investment is around $1.8 million to $2.2 million. You can avail of financing services through third-party lenders. Though it is true, the initial investment is hefty, translating into a higher return on investment. This is because of its popularity and years of success in the food business industry.
Their franchise fee is around $40,000 to $90,000, and the initial investment is $110,000 to $1.7 million. Financing is also available through third-party lenders, but it is also a very recognizable brand. The key to Dunkin’ Donuts’ success is location. It’s got to be in places where people work and meet. They also have the best training programs and assistance for their franchisees.
Their franchise fee is around the $50,000 bracket, with a possible initial investment of $385,000 to $2.7 million. They do not have third-party lenders that provide financing services. But they are consistently in the top lists of food businesses to operate. This is due to their excellent foundation and core values. They have a very appealing marketing strategy and global presence.
2. Health and Fitness
This is something that the world gives its utmost attention to. Because of the pandemic, people want to become healthier. Science showed that the only way to defeat the coronavirus is a stronger immunity without the vaccine. As such, people are willing to invest in staying healthy.
Because of this paradigm shift, the profit potential of a medical franchise has increased. More than ever, people want to go to gyms, take advantage of healthcare services, and make better food choices for a healthier lifestyle.
3. Delivery Services
With the emergence of online shopping and e-commerce, delivery services are also on this list. The pandemic opened doors for this type of business. As restaurants adapted to stay-at-home restrictions, food delivery became one of the best solutions. As many people choose to stay home despite the lifting of restrictions, delivery businesses become busier every day. This makes it a good business potential for 2022.
There are more businesses with good profit potential. However, never get into business for money alone. Passion is what will take you far. If you love what you do, you do not have to work a single day of your life.