When it comes to starting a business, there’s no time like the present. While the latest economic trends may scare many off from pursuing a new business opportunity, some industries continue to boom (but more on that later. Plus, recent big business layoffs mean more employees looking for new opportunities. What’s more, when you open a franchise, you can expect a higher chance of success than if you were to start your own business from scratch.
How do you decide what kind of franchise to open, though? FranchiseGator created this blog to help guide your decision. Here, we will talk about what makes a business successful, highlight some of the most successful small business ideas, and cover some of the top money making businesses in different industries. From there, you can decide what kind of franchise works best for you. Let’s get started!
What Small Businesses Succeed?
The franchises and small businesses with the highest success rate are ones that continue to stay ahead of the competition while treating both customers and employees well. Let’s break each of these concepts down a little further.
Staying Competitive
To stay ahead of their competition, small business owners and franchisees both need to do their research. That means looking into industry trends, exploring what their competitors do and don’t do well, and pinpointing their target audience’s wants and needs. A franchisee won’t have to worry about offering the right products or services to customers since the franchisor provides those, but a franchisee can attract customers in other ways. Creativity plays a big role in attracting customers. For example, discovering new methods to advertise,or launching brand awareness events can show customers how a franchise stands out from the competition.
Attracting Business
To attract customers, businesses have to keep their needs top of mind. For example, a franchisee can meet customer needs through customer service. Because franchisees are supported by their parent company (the franchisor), customers already know what the franchise has to offer. Therefore, the key differentiator here is the customer experience. Quality service, responsiveness to questions and concerns, and clean facilities all assist in keeping customers happy.
Retaining Quality Employees
High-quality, satisfied employees will create the kind of franchise location that will meet customer needs. To keep employees happy, business owners need to have good communication with employees. Set clear expectations from the beginning, and provide proper training for success. Be open to feedback, as well. Constructive criticism from both ends can lead to business decisions that improve operations and make a location a good place to work.
What Businesses Are in Demand?
According to Indeed, a few of the fastest-growing industries in the U.S. right now are:
- Information Technology: This industry focuses on providing network and internet solutions to customers. This industry is expected to grow even more because people continue to rely heavily on virtual environments for both work and pleasure. One example of a franchise in this industry is CMIT Solutions. This franchise provides expert IT and cybersecurity support to small and medium-sized businesses.
- Personal Services: This industry provides any type of service that meets the personal needs of consumers. Think personal trainers, pet or childcare, beauty services, catering, planning events, and more. Aussie Pet Mobile is one such type of franchise. They provide pet grooming right in the driveway of a pet owner’s home.
- Healthcare: This industry does exactly what the name suggests—provides care that addresses health issues. BrightStar Care is a franchise in this industry that provides in-home health care to ease the burden on family members or friends.
What Businesses Are Most Profitable?
According to Small Business Trends, some of the most profitable small businesses are:
- Cleaning Services: When people are busy, cleaning their homes isn’t usually top of mind. That’s why people so often take advantage of cleaning services. MaidPro is an industry-leading home cleaning franchise that provides steady revenue and free evenings and weekends.
- Personal Training: People nowadays care more about their health than they did before the COVID-19 pandemic. One way they take care of their health is by hiring a personal trainer. Discover Strength is a personal training franchise that values servant leadership and has a team full of trainers with four-year degrees in Kinesiology or related fields.
- Online Tutoring: Some students need extra help with their schoolwork, and online tutoring is a convenient way for students to get that help. A franchise like The Tutoring Center® works to make a difference in children’s lives through one-on-one tutoring.
No matter what you think successful businesses look like—whether they’re businesses with the highest profit margin, those that best meet customer needs, or something else—you can find what you’re looking for at Franchise Gator.
Find a Successful Franchise Using Franchise Gator
You will find better success with a franchise when it has something to do with your interests and aligns with your career goals. Whatever those are, you can find the franchise that best fits at Franchise Gator. Browse by industry, location, investment amount, and more. Check out our directory to get started.