The Top Types of Franchises to Own in 2019
There will always be times where one franchise looks better than another. Times when one market is doing better than another. Times when one industry has a positive economic forecast and another is expected to shrink. In 2019, you probably don’t want to be in the business of running an automat or installing phone booths. But the economic forecast is just one factor to consider. There are a number of factors we must consider when figuring out the top types of franchises to own in 2019.
What Makes A Top Franchise in 2019?
There might be strong industries with no high quality franchisors looking to expand in your area. Remember, as a franchisee, you are your own boss when it comes to day-to-day affairs, but ultimately you can’t succeed without a competent, honest, and experienced franchisor who is committed to your success. You also have to consider where you are. You don’t want to run a furnace installation and maintenance franchise in the Kalahari Desert. (Or probably any other business in the Kalahari Desert, to be fair).
And, of course, you have to consider what you want. What are you interested in? What experience/education do you have? What are your resources? The answers to all of these questions will determine the top franchises for you to own.
Top Franchises to Own in 2019
Speaking more broadly, there are several factors we can examine that are independent of the prospective franchisee that can determine which are the top franchises to own. Here is a list of a few of the top franchises to own today:
- Automotive Repair Franchises There are more vehicles driving around in America today than ever before. The average age of the American vehicle is also at a high (11.5 years). All of these vehicles, and older ones especially, need service and repair. That’s a lot of business, which makes an automotive repair franchise one of the best to own.
- Senior Care Franchises The Baby Boomers are entering their senior years and the demand for care workers has never been higher. Seniors often need care of some kind and whether that care is provided in-home or in a senior care facility, senior care franchises are needed.
- Education Franchises There is a lot of pressure on children to perform well in school in 2019. This goes for kids in primary school up to high school. Competition is tough for post-secondary admissions and scholarships and education franchises can help. Furthermore, we are now better able to identify children with learning disabilities and get them the specialized help they need than we have ever been before.
- Business Consultancy Franchises Running a business has never been more complicated than it is now. A lot of people want to run their own business but how do they do it? How do they set up their business? How do they handle e-commerce? How much should they spend on advertising? How do they handle franchising their own business? Business consultancy firms are in high demand because they can help with all of that.
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We’ve only just scratched the surface of the top franchises to own in 2019. To learn more about the top franchises to own and which franchise might be best for you personally, please click here.
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