CHAPTER 2: The many types of franchises
The many types of franchises
Owning your own business is a great accomplishment for virtually everyone who has ever tried to succeed in business or marketing. However, if you don’t think you’re intelligent enough or don’t even want to attempt to start your own company from the ground up then one option that you always have is to start out with a franchised company. There are plenty of great things about starting with a franchise of a popular company, but the best thing about it is that you will receive all the help you need if your franchise begins to slip and fail. Furthermore, chances are that you’ll receive adequate training before you even start with a franchise so that you’ll actually be setup for a long successful road ahead.
Whatever the case, though, franchises are an excellent way to have your own business and to actually own it. However, if you have ever thought about owning a franchise then probably the first thing that popped into your mind was how you would be able to pay for it. On the contrary, though, your first thought should not be about how you’ll pay for the franchise, but should be about what type of franchise you want to start. Here are a few suggestions of the franchises one can easily get a hold of in the corporate business world.
Fast food restaurants
There is probably always going to be an empty spot somewhere throughout the country or the world where a fast food restaurant will be able to fit. One of the things that make fast food restaurant franchise opportunities a great idea is the fact that you are quickly able to turn a profit. Even though it may not be in the first year of owning the franchise (even though it very well could be in the first year) chances are that you won’t have to go that far over the first year in order to realize a profit. Some of the most successful franchises that you probably already could have guessed are McDonald’s Restaurant and Wendy’s fast food restaurant.
Office supply franchises
One interesting type of franchise that will allow you to have success is an office supply store. Even though you don’t have to acquire a large office supply store like Staples to be successful, there are plenty of smaller supply stores that specialize in office things, business stationary, and small pieces of furniture like computer desks and chairs. Office supply stores are definitely needed throughout the country which is why it makes them a great franchise opportunity!
On the other hand, there are plenty of other franchise companies to get involved with if you don’t want to start up your own fast food restaurant or office supply store. A donut store franchise, such as one that is purchased from Dunkin’ Donuts or Krispy Kreme, can also be successful since many people already love the morning donut products that they offer! All in all, though, there are plenty of franchise opportunities to choose from, but it just takes a little bit of homework to determine which will be successful!
Popular franchise companies
Owning franchises in the United States is just one way to raise capital for yourself and for your business. There are all sorts of reasons why one might want to invest in a franchise on their own, and there definitely are some popular franchises in the United States. If you have ever wanted to know about what’s required when owning a franchise of a certain company then here is the information that you need. Here’s a trivia question that you can take home to your family, though: what franchise has been ranked #1 many times over? You probably could very well guess what it is, and if you were thinking McDonald’s Restaurant you were exactly right. There have several times when McDonald’s Restaurant has been ranked #1 for the food category it’s been placed in, but here are some other interesting facts about owning a McDonald’s franchise:
The McDonald’s franchise
Did you know that there are more than 11,000 McDonald’s franchises all over the United States? Indeed, McDonald’s has seen tremendous growth in the restaurant level over dozens of years and it has essentially created a world filled with Chicken McNuggets, Big Macs, and Ronald McDonald characters. But it’s actually easy to see why owning a McDonald’s franchise is popular, and it’s actually not as expensive as everyone would have thought. In order to have a McDonald’s franchise about the only thing that is required of the franchisee is to have a cash liquidity value of about $100,000. In addition, the franchise fee for owning a McDonald’s is set right at about $45,000 and the total investment that one is required to put forth when creating a McDonald’s franchise restaurant altogether is somewhere between half-a-million dollars and one-and-a-half million dollars!
On the other hand, owning a McDonald’s franchise restaurant is well worth the opportunity, which is why many franchisees see it as a golden opportunity. Considering the fact that many McDonald’s franchises make well over $1 million per year, having a McDonald’s franchise under your belt may be just the thing you need. In return, though, be prepared to pay a hefty royalty fee to the McDonald’s headquarters, which is currently set right at about twelve percent!
Burger king is much more
You may be surprised to find out, however, that when it comes to owning a franchise, Burger King is more all over. The franchise fee is more, the total franchise investment is more, but the only thing that is less is actually the royalty fee, which is just around five percent! Who would have thought that owning a Burger King, though, would be more expensive than a McDonald’s franchise? In fact, a Burger King franchise costs just about double what a McDonald’s franchisee is required to have available and pay.
Nevertheless, these are two of the most popular franchises throughout the United States. The McDonald’s Corporation is definitely raking in the dough, but the comparison up against their fast food restaurant rival, Burger King, is interesting as well!
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