There are multiple ways people become millionaires. Some launch a successful startup. Others are a whiz with stocks. But, one of the most common yet overlooked ways is to become a franchise owner.
If you're not sure what a franchise is here is a pretty good explanation: “a franchisee pays an initial fee and ongoing royalties to a franchisor; in return, the franchisee gains the use of a trademark, ongoing support from the franchisor, and the right to use the franchisor's system of doing business and sell its products or services.”
I've been in the startup world for the past eight years, slaving away at my different startups. It's hard because you never know if money will start coming in the door after all your hard efforts. I've had my ups and downs along the way. The main benefit of becoming a franchise owner is that you can launch a proven, brand-name business without starting from scratch. Imagine that! The market research, brand, product, and built-in customer base is already there for you. This isn't saying you can't fail, but the odds are a lot more in your favor.
If that has your attention, you should look into in investing in the following 10 franchises that aren’t only quality brands, but also guaranteed to make you a millionaire in 5 years.
1. Anytime Fitness
Founded in 2001, the 24-hour fitness club quickly began franchising in 2002. Today, Anytime Fitness has approximately 2,869 global locations. This recession-proof franchise has been rapidly growing. Entrepreneur has named it one of the top 20 franchises for the last five years. Total Investment will range $62.9K - $417.9K. Credibly states that average annual sales are between $254,700-$585,800.
2. Mosquito Squad
Pest control doesn’t always seem like sexiest of franchises. But it’s an opportunity to tap into a necessary market at a relatively low cost with a total investment is between $15,850 - $69,625. Mosquito Squad is looking to expand globally and has a 66.8 percent average gross profit margin.
3. Jimmy John’s
If you’re looking to get involved in the sandwich part of the food industry, you may may be tempted to open a Subway franchise. Jimmy John’s, which opened in 1983, is a sounder option. For starters, the quality of the gourmet sandwiches beats Subway everyday. Also, the initial investment of between $323K - $544K is fairly reasonable for such a large brand. Finally, according to Jimmy John’s, the franchise has an average annual gross sales of $1,367,810 and an average net profit from operations of $270,355 - 299,015.
This Salt Lake City-based company creates custom shipping and logistics solutions for businesses. The cost to own an Unishippers franchise is an affordable $61,000, among the cheapest franchise costs. The company is looking to franchise across the country. With annual revenue of over $425 million, there is a real possibility to become a millionaire here.
Home healthcare is an appealing industry when you consider that 10,000 people turn 65 each day. By 2030, one person in five will be 65 or older. BrightStar is a home care/senior care franchise opportunity for the investment level $0-150,000. BrightStar claims that the average franchise location revenues for 2014 were $1,421,257.
6. Mellow Mushroom
Americans love pizza, which is why Pizza Hut is one of the most popular franchise decisions. However, Mellow Mushroom is a little-known pizza shop that’s full of soul. The pizzeria first opened in 1974. The total investment to open and operate this franchise ranges from $926,500 to $3.1 million, but there is a chance that you can exceed more than $3 million in sales.
7. Weed Man
Weed Man is the leading franchised lawn care provider in North America - although it’s only been in the States since 1995. The company has been operational since 1970 and began offering franchise opportunities in 1976. Weed Man USA currently has 445 territories in the US with more than $140 million in system sales. Lawn care providers typically have repeat customers, making this an appealing and overlooked franchise. If located in the top 25 percent of US locations, average gross could be more than $1 million per year. Total investment to get started is $68.5K - $85.5K.
After opening its first shop in California in 1975, Supercuts now has nearly 2,500 locations in the US, Canada and UK. Total investment for a franchise is between $113.9K - $233.8K with annual average revenue at approximately $262,000. Supercuts was selected as the fifth best franchise in Entrepreneur's 2015 Top Franchise 500.
Established in Boston in 1991, MaidPro is one of the best franchises for an initial investment under $150,000. With more 150 locations across the US and Canada, the housecleaning service has relatively low royalty costs and recurring customers which can lead you on your way to becoming a millionaire.
10. Camp Bow Wow
Founded in 2000, Camp Bow Wow provides grooming, training, daycare and boarding for your furry, four-legged family member. The company has since grown to 180 franchises locations that are home to more than 2.7 million dog visits per year! The total investment for Camp Bow Wow can be pricey, it’s between $356.6K - $1M, but with Americans spending over $61 billion on their pets, there’s definitely a chance to make a hefty profit.