Which Franchises Are Hot Right Now?
I want a sexy business that will do well in this market, but how do I know which franchise business will work? There are so many franchises to look at. How do I know which ones will thrive in my region and this economy?
Join us at Entrepreneur magazine's Growth Conference, Dec. 15 in Long Beach, Calif. for a day of fresh ideas, business mentoring and networking. Register here for exclusive pricing, available only for a limited time.I was on Fox News recently and got quite a laugh when I said that I spelled sexy, "M. O. N. E. Y."
That may have been what you meant, and I hope so. If by sexy you meant what is the latest fad business, then I would caution you to be very careful. These sexy concepts have a way of running their course fairly quickly and then burning out on people who have invested their life savings.
What is hot in today's market are service franchises with fairly low investments (under $100,000) that have large margins and reach breakeven quickly so they start generating a profit for the owner within a few months. Those types of opportunities are challenging to find but they do exist and they are wonderful places to invest in today's market.
The services these businesses offer are often mundane sounding and that's one of their biggest advantages. Businesses that sound hot and sexy tend to attract a ton of competition and pricing pressure very rapidly. Businesses that just quietly go about providing some necessary but non-glamorous service tend to make gobs of money without attracting much competition at all. Those are the types of franchises you should be looking for in today's marketplace!
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