Many people dream of being business owners but aren’t sure where to start. If you have an entrepreneurial spirit and want to take a stab at starting a business, then you can look into buying a low-cost franchise.
In this article, we will go over the best franchises to buy, low-cost/cheap franchises available, and the best franchises to open and own.
So you know: Aspiring franchise owners may seek a small business loan to help cover the expenses for opening a brand-new franchise location.
Let’s explore the best franchises opportunities to purchase in 2023:
Best Franchises to Buy
Franchising is on the rise with an influx of people like you who want to start their own business. Franchising is perfect for those who want to run a successful business and have the support of a proven and established corporate business model. But which franchises are best?
We will first start with the best franchises to buy, regardless of the initial investment ask.
1. McDonald’s is One of the Best Franchises to Buy
With more than 37,000 restaurants worldwide, McDonald’s remains a popular and potentially lucrative option for some individuals looking to break into the fast-food industry.
You may know that the fast-food organization experienced a down period where the brand’s notoriety got hammered and stock shares tanked as customers balk at pricer items.
Recently, McDonald’s is encountering a resurgence and has turned out to be perhaps one of the best franchises to consider buying, especially in case you’re a business visionary searching out establishment openings.
There is no better time to get on board with McDonald’s franchise opportunity, in light of the fact that the brand is doing everything to remain in front of consumers and adjust to the market conditions, from computerized menu loads up to its consumer-friendly app (that has killer deals!). Be certain that you have a minimum of $500,000 in liquid assets in order to be able to even apply to be a franchisee.
2. 7-Eleven is One of the Most Profitable Franchises to Own
The photo above shows the world’s smallest 7-Eleven! While you might not the smallest location, 7-Eleven is still a great franchise opportunity.
When you think about the absolute best companies in the world, 7-Eleven doesn’t usually come into thought.
Truth be told, regardless of whether 7-Eleven entered the discussion, the normal individual would kid about an overpriced convenience store or lack of friendly customer service.
Be that as it may, specialists state that the convenience store mammoth is perhaps one of the best franchises to purchase since it has gone worldwide. 7-Eleven is an international chain of over 58,000 convenience stores operating in 17 countries worldwide.
Indeed, the greater part of its franchisees is situated outside of the US, including the Philippines, Mexico, and New Zealand.
There are a few prerequisites to owning a 7-Eleven, for example, a net worth between $100,00 and $250,000 and a liquidity requirement of $50,000 to $150,000.
In any case, franchisees will yield that it merited each penny; deals are up, units are expanding, and head office is putting $3.3 billion into in excess of 1,100 stores.
3. The UPS Store Ranked Top #5 Franchises to Own 3 Years in a Row
The UPS Store is #5 on Entrepreneur Magazine’s 2020 Franchise 500 List and has stayed in the top 5 for the past 3 years!
Many people agree since it is number one in its industry, because of its cutting-edge innovation that encourages its dissemination abilities, shipping reputation and immaculate notoriety.
“We are honored to receive this recognition as a top franchise company,” said Chris Adkins, vice president of franchise and business development for The UPS Store, Inc.
Today, there are more than 5,000 independently owned The UPS Store locations in the U.S., Puerto Rico, and Canada.
The drawback, nonetheless, is that it costs more than $1 billion to operate the business as an owner. However, the $29,950 franchise fee is waived for 10-year qualified veterans.
For franchisees, there are two essential concerns: benefits and necessities. To see a benefit, your store should produce more than $30,000 consistently in sales. To try and open up a UPS Store franchise, you need an initial investment of $167,825 – $353,580 to open a store and pay a $29,950 franchise fee. It could very a very profitable venture though.
4. Dunkin’ Franchise Poses a Smart Investment Opportunity
Who doesn’t love doughnuts? Drive down any city street in America and you’re likely to see two busy shops: Dunkin’ and Starbucks. While Starbucks does not license any of its stores, Dunkin’ does.
If you are an experienced food service or retail operator, consider franchising with Dunkin’ that is designed for on-the-go convenience, quality, and guest satisfaction.
While Dunkin’ is a sensible venture for business-wise retail operators, it’s not the right opportunity for everyone. You’ll need at least $230,000 cash on hand to open to start selling doughnuts and expressos. But hey, eating doughnuts every day does sound like a promising gig and the price tag is fairly low compared to other bigger brands like Krispy Kreme and Mcdonalds.
5. Great Clips is a Low-Cost Franchise to Own with High Profits
Interested in owning a salon brand? Great Clips has been doing business for a long time, the first franchised Great Clips salon opened for business on July 16, 1983, in Brooklyn Center, MN.
Today, Great Clips has more than 4,200 salons throughout the United States and Canada, making it the world’s largest salon brand. Great Clips is 100-percent franchised, and salons are owned locally by more than 1,200 franchises across North America.
Great Clips has a franchise fee of $20,000 and requires an initial investment of $136,900 to $258,250 and other franchise fees to consider.
6. Taco Bell Franchise is More Profitable Than Chick-fil-A and Mcdonald’s
How fun would owning a Taco Bell in Las Vegas be (pictured above)? Plus, owning it could be more profitable than Chick-fil-A and Mcdonald’s, according to Fox Business.
This fast-food taco brand has been franchising since 1964 and was founded in 1962. Today, Taco Bell is a subsidiary of Yum! Brands Inc., which also franchises KFC and Pizza Hut. Taco Bell and it’s 350 franchise organizations operate over 7,000 restaurants that serve more than 40 million customers each week in the U.S. Internationally, the brand is growing with nearly 500 restaurants across almost 30 countries across the globe.
Taco Bell has demonstrated a working framework and gives you access to eatery assets and a network of more than 350 franchisees who know the business. The initial franchise fee is $25,000 to $45,000 and an initial investment of $525,100 to $2,622,400 is required to open the franchise. If you seek a rewarding opportunity and have the qualifications, drive, and commitment to open your own Taco Bell Mexican franchise or license restaurant, your first step is to apply today.
7. Hardee’s Restaurants is a Top Franchise Opportunity of 2023
Hardee’s is a backup of traded on an open market organization CKE Restaurants, Inc., and it’s one of America’s head burger brands. It extends to study hall and on-the-employment opportunity preparing, just as help with promoting, online networking, SEO, site improvement, email showcasing, and steadfastness programs. It has a fee of $25,000 to $35,000 and an initial investment of $1,431,500 to $1,949,000.
8. Sport Clips is a Low-Cost Franchise to Own
Sport Clips is developing and demonstrating its quality and strength – it has a high progression pace of 97.6% in the course of recent years. This implies out of the considerable number of stores that opened all through the most recent five years, over 97.6% of them are open today. It ascribes this dependability to generally low start-up costs, a strong emotionally supportive network, and nonstop observing of store execution. It has a fee of $25,000 to $59,500 and an initial investment of $189,300 to $354,500.
9. Sonic Drive-In is a Franchise Opportunity Under 50K
This drive-in chain prides itself on operational excellence and its customer service. This brand keeps growing — its franchise owners saw the average gross sales-by-store increase from $1,072,000 in 2012 to $1,252,000 in 2017. It has a fee of $45,000 and an initial investment of $1,073,000 to $2,361,500.
These are the best low-cost franchise opportunities to buy and own in 2023. Stay tuned if you want to see what franchise to buy under $30,000 or even $1,000.
11. Cruise Planners Franchise Can Be Owned for Under $1,000
Keen on owning a movement organization? At that point consider Cruise Planners, an establishment illustrative of American Express, which is one of the most broadly perceived voyages arranging organizations in the nation. The reward: You can work your Cruise Planners establishment out of your home, making the underlying interest in this open door among the most reduced in the market. It has a fee of $10,995 and an initial investment of $2,095 to $23,367.
11. RE/MAX is a Low-Cost Franchise Opportunity
Over its 40 years of business, RE/MAX has developed to more than 100,000 operators in about 100 nations. It’s an outstanding brand with a worldwide reputation, a solid marketing campaign, and a well-seasoned business.
The cost to purchase the rights to open a RE/MAX franchise depends on the location and current demand for franchises. As of the time of publication, we consider it one of the best low cost franchise opportunities to open as ReMax charges between $15,000 and $32,000 for a franchise and requires an initial investment of $37,500 to $225,000.
12. Dream Vacations is a Low-Cost Franchise Opportunity Under 25K
Dream Vacations is another minimal effort establishment offering travel office benefits that you can come up short on your home. They gloat grant-winning preparing so the start-up to get running will be consistent. To really sweeten the deal, they offer intensely limited excursions and get-away to their establishment proprietors so they can become more acquainted with the encounters they’re selling. It has a fee of $495 and an initial investment of $3,245 to $21,850.
13. Mosquito Squad is a Great Franchise Opportunity
The vast majority of us consider mosquitoes irritation, best-case scenario, and, now and again, even a peril to our wellbeing. Be that as it may, could sparing your neighbors from this terrace bug be your pass to a beneficial business?
Established in 2009, Mosquito Squad is one of the best-known names in irritation control across the nation. Since that time, they have more than 200 establishment areas and $50 million in deals. Their establishment expense is quite low, and Mosquito Squad has outsider loan specialist connections to help encourage financing, making it simple to get into business possession. It has a fee of $15,000 to $32,500 and an initial investment of $17,050 to $79,425.
14. Soccer Shots is a Good Franchise to Own for Soccer Lovers
For hopeful entrepreneurs who love children, wellness, and nature, a Soccer Shots establishment could be the ideal fit. Established in 2005 by two previous expert soccer players, this national establishment enlisted in excess of 350,000 children in youth soccer projects a year ago. What’s more, it’s proceeding to develop at a 60% rate year over year.
Soccer Shots offers in-house financing to help with the establishment expense. Chances to turn into a Soccer Shots franchisee are restricted by geographic regions, yet many establishment areas are accessible in the focal and western U.S. It has a fee of $34,500 and an initial investment of $41,034 to $53,950.
15. Jazzercise is a Cheap Franchise Opportunity
We can’t discuss wellness establishment openings without including this pearl on our rundown. Established in 1969, Jazzercise is never again about leg warmers and ’80s music. The business that began the move gathering fever is making a cutting edge and hip rebound with move and exercise classes. Purchasing a Jazzercise establishment includes presenting an underlying venture, finding a perfect area, and cleaning up those move moves. With the low establishment charge and introductory venture, Jazzercise is perhaps the least expensive establishment on our rundown. It has a fee of $1,250 and an initial investment of $2,500 to $38,000.
16. Kumon Math and Reading Centers is a Great Buy
Want to help children out and be an owner of a highly sought after franchise? Take a look at a franchise opportunity with Kumon. Entrepreneur Magazine ranks Kumon No. 1 Education Franchise for the 18th consecutive year.
It bodes well, considering the patterns happening in state-funded training and disappointment among parents. According to its website, to qualify as a potential Kumon Franchise owner, you’ll need to have a net worth of $150,000 and liquid capital of $70,000. But the amount you need to open your Center will depend heavily on where you plan to set up your business.
Other Franchises to Consider to Buy in 2023
Want even more franchises to consider? We found these other franchises opportunities worth looking into.
17. Merry Maids
Merry Maids is one of the largest house cleaning franchises in the United States, and they are excited that you are exploring our franchise opportunity! As part of the Merry Maids family, you’ll have the independence of owning your own business while being supported by a brand with national recognition. With your drive and dedication and the company’s decades of industry knowledge, together you can accomplish amazing things.
We should be sincere: you or your workers will clean toilets and empty trash cans for a living. Shockingly, Merry Maids’ top earners achieve average annual gross sales of $2 million last year.
18. Planet Fitness
Planet Fitness is the one and only judgment-free zone. You probably have seen their commercials about this — and they are doing well catering to the population that doesn’t have a gym membership already.
The company actually started the business in 1992 and refined the brand for a decade or so before franchising in 2003. They now have:
- 1,800+ locations open
- Across 50 states and in Canada and Latin America
- More than 12 million members (that doesn’t happen by accident!)
Planet Fitness sells month to month participation for as low as $10. If you want to go after the 80% of the popular that doesn’t have a gym membership — give it a go. However, with an initial investment of over one million, it’s not for everyone.
19. Tim Hortons
Tim Hortons has changed from a little shop in Hamilton, Ontario to a national juggernaut that sells everything from the twofold to the Beyond Meat breakfast sandwiches. The fast-food company has grown past the outskirts of Canada, into the United States, Saudi Arabia, and even China.
Tim Hortons is one of Canada’s most well-known brands. Like Dunkin’, there is a business opportunity for selling expressos if you have $1.5 million in net worth and $500,000 liquid assets which are required to qualify.
Who wants to spend $100 on a haircut, especially if you’re a guy, these days? For men, a simple cut, trim and style will suffice. That is why Supercuts is probably one of the best hair salons to frequent as a patron and own as an entrepreneur: because it satisfies a demand for simplicity. All it costs for a quick haircut is $10 to $15, and that is not bad for something that will just grow back. Well, mostly… To purchase a Supercuts and erect a location in an area of your city, you will need a $200,000 investment. A large chunk of this money will go to equipment and employees because you do not want dilapidated tools and unskilled hairdressers.
21. Budget Blinds
Budget Blinds is the #1 window coverings franchise in North America. Budget Blinds is a custom window covering franchise business that offers convenient shop-at-home service for window coverings and home décor accessories. They want to partner with motivated individuals like you to make your dreams of owning your own business a reality.
22. School of Rock
School of Rock is the biggest music training establishment in the United States and has in excess of 29,000 understudies around the world. This music business was begun in 2007 is as yet developing – somewhere in the range of 2014 and 2018, it added 70 units to its establishment framework. It has a mid-point initial investment of $237,975.
23. Chem-Dry Carpet & Upholstery Cleaning
With a normal of 10 billion square feet of floor covering introduced every year, it’s no big surprise that Chem-Dry has turned into a fruitful establishment business. Chem-Dry was established in 1977 with the objective of cleaning rugs and keeping them clean, and from that point forward, they’ve had a steady reputation of supporting their franchisees to assemble flourishing organizations.
Expenses required to become a Chem-Dry franchise owner can change broadly relying on your beginning gear buys—yet some franchisees have started the procedure for as meager $56,495, including the establishment charge. Luckily, on the off chance that you choose you’re keen on opening a Chem-Dry establishment and need assistance with the underlying speculation, this franchisor offers in-house financing options to help you get started. It has a fee of $23,500 and an initial investment of $67,645 – $178,907.
24. Stratus Building Solutions
Stratus Building Solutions is operating in over 50 major cities, with more than 1,800 Unit Franchisees across the US and Canada. With Stratus, you not only receive prominent, brand familiarity and existing credibility with customers as a part of nation-wide, a household name in the Janitorial Services industry; you will also be offered.
Stratus Building Solutions offers potential franchisees two alternatives for purchasing a minimal effort establishment: unit and provincial or official ace. The two choices are generally moderate, yet for those that have just a limited quantity of cash put aside to put resources into an establishment, the low $5,000 total assets prerequisite for unit-level possession makes this choice particularly engaging.
Keen on beginning at a more significant level of speculation? Stratus offers in-house financing choices to help with the underlying establishment charge, hardware, stock, and other start-up costs. It has a franchise fee of $3,600 – $62,100 and an initial investment of $4,450 – $72,850.
25. Property Management Inc.
Founded in 2008, Property Management Inc. is a rapidly growing franchise that provides expert property management services and solutions across 4 pillars: residential, commercial, association and vacation rental management. These four pillars of real estate management provide owners with service options that build value and are unmatched in the industry. PMI’s consistent revenue-generating model has helped hundreds of property managers realize their dreams of successful business ownership.
Working in excess of 200 establishment areas in upward of 40 states, Property Management Inc. offers franchisees the innovation, preparing, and showcasing arrangements should have to be effective. Furthermore, you don’t as of now should be an expert in property management since Property Management Inc. will give full-scope training.
Regardless of whether you’re a current property manager hoping to develop the extension and backing of your business, or you’re pristine to the field yet searching for an energizing new profession, turning into a Property Management Inc. franchisee gives you an approved model to work on. It has a franchise fee of $15,000 – $50,000 and an initial investment of $22,750 – $175,100.
The Bottom Line
As a current small business owner, I know first hand how owning your own business with always come with risk. But, if you were to start with the right tools and resources in place, such as those provided by a franchise model, your chances for success are greatly improved.
It’s no secret that these franchise opportunities can help you reach financial wealth that an ordinary 9-5 can’t provide. You can also grow your management experience and marketing skills and grow your company even further. Owning a franchise is a true American dream come true. If you need some help on how to come up with the franchise fees, check out this guide on ways to earn income outside of your 9-5 job.