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Building a business from scratch isn’t easy, but what if you could have all the benefits of entrepreneurship with the resources of an established brand? Franchises are excellent investments, giving owners access to a dedicated support team and a proven business model. With so many available, understanding the different types can help determine which opportunity best suits you.
Different franchises offer varying levels of responsibility, operating costs, personal freedoms, and more. Though franchises may fall within any number of industries, the different types are distinguishable in three clear categories.
When it comes to franchise ownership–ask yourself how much you want to be involved. For example, if you want to spend time managing the day-to-day tasks of growing your business, your best fit will likely be a single-unit franchise (e.g., operating one location). On the other hand, if you’re a big-picture person who wants to be involved in the business but not the day-to-day tasks, you could invest in a multi-unit franchise and hire day managers while overseeing the overall growth.
A semi-absentee franchise model could be ideal if you’re looking for something to help bring in extra income while still working your day job. You can do this by either hiring a manager to operate your business or selecting a franchise that requires minimal management, like a Clothes Bin.
Do you want to work remotely or from a physical location?
It’s important to think about this before you invest in a franchise. For example, would you prefer a brick-and-mortar storefront, like a restaurant such as Go Go Curry? Do you want the responsibility of managing leased premises and operating equipment? Perhaps you would rather have a business that you can run from anywhere. Knowing how you want to work will help you decide on the right strategy.
If you’re looking for something in-between, mobile franchises provide services to individuals at their homes or business, so you don’t have to be concerned with a physical location. If this sounds like the ideal model, Shine or Vanity Fur Mobile Pet Grooming could be excellent options.
Do you like interacting with customers? Do you have experience working in a storefront? Retail and service franchises tend to draw investors who enjoy interacting with the public. In addition, they often have a background in the brand’s industry, making it a natural fit. Whether your interest lies in fashion or food service, brick-and-mortar store operators will be in daily contact with their customers. If that’s not for you, neither is this model. If you want to be a people-person without a storefront, service franchises such as ManageMowed or Joshua Tree Experts could be the way to go.
What’s the secret to growing a successful franchise? It all starts with your passions, business acumen, and skillset. When you launch it, you’ll benefit from a proven product or service while still being your own boss. But you’ll still have to dedicate time and effort to growing the business. Whatever your path to success looks like, choose a franchise industry that aligns with your interests. Then, you can narrow your franchise opportunities by management style, franchise costs, support options, and other factors.
And remember: You don’t have to do all the hard work on your own. Whether you’re an ambitious self-starter or searching for your next investment, our professional team is here to match your unique interests and goals with the ideal business model.
Searching for a fresh approach to franchise development? Ready to invest? At Pinnacle Franchise Development, our team works with all franchise types to drive leads, build custom marketing plans, outsource sales, and more.
Check out our franchise brands and reach out to our team to learn more about our innovative franchise opportunities.