When you’re starting up a business, you’re really taking the initiative on just about everything. From the fundamental concept of the business, to its core profit generation strategies, your vision is the foundation for all of that. Exhausting, right?
Starting up your own business isn’t a bad thing. However, if the weight of that particular challenge is too much for you, you don’t have to call it quits. It’s never been easier–or more profitable–to start up a franchise of your very own.
Opening a franchise is a great way to succeed. If you’re running low on ideas for what type of business to start, you might want to consider these five franchise industries. They’re tried and true, and they’re still booming in 2019.
The Fitness Industry is Growing at an Incredible Pace
There are many franchise gyms that you can choose from, and owning any of them can be extremely profitable. Due to the fact that there are many fitness franchises that you can choose from, it’s essential to ensure that you pick one that’s a fit for your experiences and skill set.
Make sure that you pick a gym franchise that’s different from other chain gyms in your region. This will help reduce the amount of competition that your business is up against.
The Chiropractic Industry Exploded in 2019
While you might not think of the chiropractic industry as a field that lends itself to franchises, there are quite a few chiropractic franchises that you can choose from. Franchise opportunities in the chiropractic industry are booming, and the U.S. chiropractic market is currently valued at $1.5 billion. Americans spent $90 billion on treatments related to back pain in the last year. 62 million Americans saw a chiropractor in the last 5 years, with as many as 35.5 million in just the last 12 months.
In addition, it’s important to be aware that chiropractors do more than just help people with aches and pains. The musculoskeletal system can affect more than just bones and joints, and chiropractors may be able to provide services that offer other benefits as well.
If you open a business in an area where there are a lot of senior citizens, you may be more likely to get a substantial client base. In addition, you may be able to attract a larger number of clients if you live in an area where a large number of people perform physically demanding labor.
The Food Industry Is Thriving and Stable
Fast food is popular, and it’s not going away anytime in the foreseeable future. As a result, you can make a lot of money in this industry by owning a franchise.
Owning a fast food restaurant is very different from owning a dine-in restaurant. After you determine which type of restaurant you want, then you can figure out what specific franchise you’re most interested in prior to launching your business.
You’ll need to make a considerable down payment in order to own a successful franchise in the food industry, and this means that you should spend some time saving your money. The down payment amount varies depending on the specific loan that you choose. There are a variety of loans that you can choose from, and the Small Business Administration offers good rates.
Hair Care Franchises Often Succeed
Hair care is something that’s familiar to everyone, and men’s hair care franchises are doing especially well nowadays. There are many different types of hair care businesses that you can start, and after you determine what kind of hair care business you’ll be starting, you’ll be able to take steps to ensure that your company succeeds.
To become a barber, attend a trade school and obtain a barber’s license. There are many trade schools that you can choose from.
Consider your employees very carefully. Make sure that all the barbers you hire are licensed from a credible trade school and have as much experience cutting hair as possible.
Consider a Hotel Franchise
Due to the increasingly globalized nature of the economy, more and more people need to travel for business reasons. However, you need to be aware of the drawbacks of this industry before you get started.
Starting a hotel is expensive, and the maintenance costs are continuous and can be substantial. However, the specific amount that you’ll spend varies depending on the hotel franchise that you start, and some chains are much more costly to start than others. Luckily, there are many financing options that you can choose from.
If you’re starting a franchise, the corporation that runs it will determine many aspects of your hotel. However, you’ll probably still be able to make your own decisions regarding your hotel’s design. It’s important to include a wide range of amenities, which can help you to attract more guests and charge higher rates.
Many hotels include a restaurant, and some even include multiple restaurants. Others also feature bars and nightlife attractions. While this can add to the hotel’s start-up costs significantly, it can allow you to generate significantly more income over time.
The location of your hotel is extremely important, and you should almost always build your hotel somewhere where there is a significant amount of tourism. However, it’s important that the hotel is located where the competition will not stifle its growth.
While these are not the only five franchises that are likely to succeed, these industries are booming in 2019. It’s likely that they will continue to show robust growth in the future, and this makes them excellent choices for business owners.