Franchising is a good first step for any entrepreneur in the making. After all, it’s the best way for you to get your business off to a great start. Often, franchise brands provide support, from finding the right location for your shop to hiring your staff and marketing your business.
It’s best to go into an industry or a product line that you’re personally interested in or well immersed in. If you’re interested in what you are going to sell, you’re more likely to want to work to study the franchise, market your products or services, increase your sales, and even expand it.
But of course, starting any business, including a franchise, can cost a lot of money. If you want to take a more calculated step, here are some low-stakes franchise opportunities you should consider:
Many fast-food companies are in constant need of franchisers to get their brand more visible out there. If you’re more of a foodie or the food industry is something you want to go into later on in your career, many restaurant chains will help you start a business through a franchise opportunity.
If you want to scale it down, the fast-food industry has its niches as well. The cost of franchising a large dine-in burger chain would inevitably be higher than paying for a fast-casual submarine sandwich franchise. Fast-casual restaurants are growing, and you can be part of their success through franchising.
If you’re tech-savvy or situated amongst millennials and young professionals, a good industry to look into is electronics. However, franchising big electronics brands could be incredibly risky because the products and needed investment are more expensive, but the demand is static.
Consider franchising shops that offer electronics accessories, like chargers and power banks, instead. What’s nice about going into electronics accessories is you can go into a certain niche and twist it however you like. For example, if you prefer a straightforward product, you can go into selling cables and adapters. On the other hand, if you prefer artsy products, you can go into making customized cases.
Electronics accessories, in general, are great profitable products, considering they’re needed in every area that has a demand for electronics. So, going into this kind of franchise could be a good idea for you.
If you love the outdoors or are surrounded by gym rats, athletes, and other sporty people, consider franchising a business that sells sports gear. This business idea offers a vast product line, making it easier for you to target wider demographics. Even the costing varies both with the different products and within the same kind of product.
You can go into franchises that are particular to a certain sport or apparel like shoes and jerseys. You can also consider those shops focused on nutrition selling protein bars and other supplements.
All in all, there are tons of low-risk investments you can consider. Whichever franchise you pick, you are likely to gain a significant amount of experience and insight from running your first business — and that is worth more than anything else.