It is important to be aware of a number of the best franchise projects around the world; Especially since the entrepreneurial journey is arduous, and it is not easy to find your way around without putting in a lot of effort.
So if you’re looking for a new business but don’t want to do the hard work of developing your brand image and creating your brand identity, then a franchise opportunity might be right for you, so getting to know the best franchise projects is a must.
With a really strong institutional and management framework in place, as well as guidance on everything including marketing, merchandising, and production, owning a franchise can be a great option for some.
Entrepreneurship Magazine lists some of the best franchise projects around the world, as follows:
There are few profitable fitness franchises at the moment like Anytime Fitness, which is one of the best franchise ventures.
This brand focuses on offering group workouts, as well as individual exercise equipment.
Perhaps best of all, this franchise, which is one of the best franchise ventures, provides members with a pass to get into the gym during off-hours; This allows people to exercise on their schedule.
One of the advantages of this franchise is that the operating costs are low, and there is a strong reputation for it there are 4,000 locations all over the world.
This brand, which is one of the best franchise projects, distinguishes itself with its purple and yellow brand and is well known for this “logo”.
Low membership fees and the possibility to provide a welcoming atmosphere for first-time gym members and fitness enthusiasts alike are a highlight of the brand.
Gyms tend to be tricky to open, but Planet Fitness’s main customers are first-time fitness enthusiasts; This means that these gyms can benefit from higher retention rates through lower prices and higher subscriptions.
Early childhood education is a major market for excellent opportunities; Parents look forward to giving children every opportunity to learn even during their early years of education.
Primrose Schools, as one of the best franchise projects, is a strong franchise; It offers educational programs all year round.
They are licensed early childhood care facilities that give their teachers access to continuing education; To maintain and constantly refine their skills.
Kiddie Academy, one of the best franchise projects, also offers a good opportunity in the early childhood education market; It offers a hybrid blend of childcare and educational development that helps keep children entertained and learning at the same time.
It is a famous brand that has been around since 1959 and is one of the best franchise projects around the world.
The number of its branches is 3600, and it mainly sets its eyes on the future; Therefore, its listings and prices are constantly changing but based on your analysis and predictions of what the market will be like in the future.
In 2018, it was acquired by Inspire Brands for $2.3 billion; This made it into the same family as Arby’s and Buffalo Wild Wings.
For a brand that has existed for more than 60 years and is trying to invest in the future and stay ahead of events, there is no doubt that it is one of the ideal options for those who want to work in the franchise system.
Ace Hardware, which has more than 5,000 stores around the world, tried to take advantage of the ban periods due to Corona and provided products and services that fit this emergency, and this contributed to its impressive successes.
This brand, which is considered one of the best franchise projects, witnessed an increase in its business during the year 2020 while many other types of business were affected.
The company recorded record revenues for the first quarter of 2020 of $1.4 billion, an increase of 4% compared to the first quarter of 2019.
Keller Williams has a reputation for providing real estate agents with opportunities to grow professionally while helping their clients find the homes of their dreams.
The company started in 1987 and was attracting agents; Through profit-sharing agreements and other franchises, which can make it easier for franchisees to hire and retain top talent.
How to overcome the failure of the franchise?
Franchise failure is inevitably possible, and although these projects are much safer than others, this does not mean that they are safe from failure.
Dealing with failure in a business requires dexterity and skill. Losing is costly, and when your franchise fails, you lose much more than your initial investment capital.
Franchising indeed is one of the safest business options, but unfortunately, some businesses fail for various reasons.
Overcoming the failure of the franchise
Therefore, “entrepreneurs” offer some ways to help overcome the failure of the franchise, as follows:
Avoid investing in new perks
One of the main reasons why franchises fail is to invest in a new brand, which has not yet established itself in the market, and the truth is that whoever does this misses the main and major advantage in the field of franchising, which is to have a stable and successful business model, and a well-established brand in the market.
So always choose a successful franchise, and do a feasibility study; To find out whether or not your investment in a new franchise, in particular, will be successful.
Market research will prevent you from making an uninformed decision about your investment in a new franchise venture. Also, try to be part of a franchise that has significant market value and a strong marketing presence in the market and among customers.
Constant monitoring of performance
As a franchisee, whether you have a full-time or part-time franchisee, it is essential to monitor the minimum franchise; This protects you from the failure of the franchise.
Then you have to keep a close eye on the bottom line of your work; To determine if you have enough cash flow coming in to sustain your business. Cash flow needs regular monitoring; To avoid heavy losses or failure of the franchise altogether.
For home-based franchises, consider looking at your fixed costs. One of the reasons why franchises fail in this area is the lack of an expense control system.
So you have to have a system that allows you to manage cash flows; To keep everything in order, a franchise rarely fails if everything is set up the right way, and when it does, a lack of monitoring is the main reason franchisees fail.
Hiring a Franchise Lawyer
Most low-cost franchises fail because investors lack the services of a reliable franchise attorney.
A franchise attorney will assist you with your paperwork when you agree with the franchisor, and the terms and conditions should protect your interests. The franchise agreement contains many complicated clauses that may leave you confused.
So an attorney who has been in the field for more than 10 years or more helps you understand all of the terms of the agreement and your obligations.
Even if you are planning to invest in any kind of franchise you should consider hiring a lawyer, this is a good recipe for avoiding franchise failure.
Non-compliance with standards
When the franchisor is not able to meet the required quality standards set by the franchisor it will lead to the eventual failure of the franchise due to non-compliance with standard operating guidelines, this is especially true of food franchises.
Food franchises, for example, coffee franchises, need to follow strict quality control protocols established by the franchisor.
Seek training and assistance from the franchisor; To comply with their quality standards without any problems. Failure to train your workforce to comply with operational guidelines will result in significant failure of your franchise unit.
Franchising is a successful business idea and a safer investment option, but there are some restrictions that the franchisor is subject to as well. One of which is compliance with the franchisor’s guides and principles.
Inadequate financing is a recipe for failure in any business. With a franchise, the initial fee is clearly defined, but new entrants often reduce operating costs. A slow start or an unexpected event can quickly drain a franchise that lacks capital.
Unrealistic optimism can also be a recipe for financial distress and thus lead to franchise failure.
Do not launch a project in general, whether in the field of franchises or any other field, unless you ensure that you obtain sufficient funding to allow you to get through the various crises that may come your way.