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If you’re in the market to buy your own franchise, you may feel overwhelmed by the options you’re presented with. However, there are a number of great franchises to buy in 2022 that will give you a competitive edge and make you money if you choose them well. These five types of franchises will give you what it takes to succeed in any economic climate!
1) B2B Franchises
With a B2B franchise, you’re selling products or services directly to other businesses rather than consumers. B2B franchises are often large investments that require significant overhead costs (i.e., minimums and inventory), which makes it easier for smaller entrepreneurs to get started. With so many incredible options, there’s no reason not to look into starting a B2B franchise business if that’s your goal; here are five of our favorites
2) Business Training Franchises
According to Statista, there are over 13,600 franchises for sale in the United States right now and that number is likely to grow exponentially over time. What’s particularly interesting about franchises is that most people think they require a large amount of startup capital—but many don’t. For example, if you want to buy business training franchises like XYZ Coaching Franchises or The Business Consultancy Franchise , then you can actually start your own successful business with little investment. All you need is some basic technology equipment like computers and smartphones, plus three weeks for training on how to run your business.
3) Vending Franchises
Vending machines are a rapidly growing and lucrative industry. In 2018, approximately $16 billion worth of products were sold through vending machines across North America, with an average profit margin for operators of around 32%. More than 70% of that money is generated by franchised locations (though most come from large companies), meaning that there’s plenty of room for small businesses or individual entrepreneurs looking to capitalize on popular trends. The market is growing even further as people continue to turn away from pre-packaged convenience foods and toward healthier options. Due to these factors and more, vending franchises are one type of business opportunities you’ll want to consider.
4) Photography Franchises
Owning a photography franchise is a relatively low-risk endeavor, but it still has its share of pitfalls. Many new photographers jump into owning their own studio with no previous experience running or managing a business and quickly find that they’re overwhelmed. It’s important to remember that there are rewards for those who plan wisely and work hard. Once you have an understanding of what type of photography franchises you want (e.g., wedding photography, portrait photography), make sure you do your research by visiting several studios, conducting interviews with multiple owners, speaking with various franchisors, etc.—especially if it’s your first time buying into a franchise.
5) Covid-Ready Franchises for Sale
Covid-ready franchises are companies that have proven their ability to keep customers coming back even through the pandemic, either by their own success or because they’ve been part of a franchising program. The reason why Covid-ready is important is that you don’t want to spend years working on a business only to learn it will never make money—because that happens more often than most entrepreneurs think. For example, if you buy a franchise for sale and it already has cash-flow potential, then chances are your long-term results will be much better than if you simply start from scratch. Of course, not all Covid-ready franchises are created equal. While some can be lucrative investments right out of the gate, others could be disasters waiting to happen.
What are you waiting for?
Are you interested in buying a franchise? Whether you’re a new business owner or an experienced entrepreneur, your business model and brand will be unique and different from others. Chances are you will find something that’s perfect for you in a franchise directory. If not, don’t worry; there are hundreds more out there for you to browse. And if franchising isn’t for you, that’s ok too! There are many different ways to build your own business without having someone else’s brand on it.