If you’re looking for a new business opportunity in 2016, investing in and opening a franchise might be a great option. Franchises provide new business owners with an infrastructure and operational support while giving entrepreneurs the autonomy to be their own bosses. Additionally, the costs to invest in and open a franchise are often more manageable than starting a business from scratch.
Franchise opportunities also cover a wide range of industries. This means that no matter your passion or interest, there’s probably a franchise that matches it. Below is a list of 12 different franchises in three of the most popular industries that are poised for success in 2016.
In-Home Care Franchises
With an aging population, the need for in-home caregivers and healthcare providers will continue to be in high demand. What you might not have realized, however, is that healthcare doesn’t just come from hospitals and clinics anymore.
1. Right at Home
A franchise opportunity founded in 1995 by a former hospital administrator, Right at Home is committed to improving the lives of their customers who are mostly aging seniors.
Initial investment ranges from $78,000 to $132,000 and it’s recommended that potential franchisees have at least $150,000 in liquid assets. According to Forbes, Right at Home is projected to grow by 14% over the next five years.
2. Seniors Helping Seniors
With projected growth of more than 40% through 2020, Seniors Helping Seniors appears to be a great franchise opportunity. The initial investment averages around $100,000, making it an affordable choice.
3. BrightStar Care
As opposed to many other in-home care franchises, BrightStar Care provides medical and non-medical healthcare to all ages.
4. Visiting Angels
One of the older franchises on this list, Visiting Angels was founded in 1992 and began franchising in 1998. Visiting Angels was recently named number one in franchisee satisfaction among senior care franchises.
Probably the most common franchise opportunity in the U.S., restaurant franchises range from fast food to casual dining to pizza delivery. While the restaurant business is often home to fierce competition, it is possible to find success with the right combination of location, quality and service.
1. Pizza Rev
Fast casual pizza restaurants are one of the fastest growing segments in the United States. Currently based in Southern California, Pizza Rev is looking to expand to the Dakotas, Austin, Texas, St. Louis, Missouri and the counties of San Diego and Orange in California.
An acronym for “Cookies Rule Everything Around Me,” CREAM’s business model focuses on made-to-order ice cream cookie sandwiches that go beyond vanilla ice cream and chocolate chip cookies. It currently has plans for rapid growth, and is hoping to increase its current number of locations from 22 to 120 by the end of 2017.
3. Famous Toastery
Currently focused in the Southeast, Famous Toastery is looking to expand westward. It offers affordable and tasty breakfasts, which is great for the growing casual dining breakfast and brunch market in the U.S.
4. Slim Chickens
Still relatively small with only 30 locations, Slim Chickens serves up the barnyard bird in a variety of ways from wings to chicken tenders. For some entrepreneurs looking for a new restaurant opportunity, this might be the perfect choice.
Personal Care and Improvement Franchises
People will always want to be pampered. If New Year’s resolutions hold true, they’ll also always be looking for ways to improve themselves. Here’s how to cash in on their resolutions.
1. Anytime Fitness
Anytime Fitness is a 24-hour gym that offers personal training services and tanning when it’s convenient for its customers. The business is projected to grow by 14% from now through 2020.
2. Great Clips
What initially started as a strip mall staple, Great Clips has grown to become a well-regarded salon for walk-in hair appointments. Growth is expected to continue for the brand throughout the next three years, adding approximately 195 units in that time.
3. Merry Maids
Outsourcing everyday chores has become big business, and Merry Maids is one of the most affordable maid service franchises available. Their website offers a list of markets that the company is considering for expansion.
The largest franchise chain in the United States is Pop-A-Lock, which offers 24-hour locksmith services and is anticipated to grow by approximately 25% over the next five years. It is one of the top 100 growing franchises and is accredited by the Better Business Bureau.
Owning a franchise can be a very rewarding experience. As part of your preparation, make sure you look into other areas of running your business, including hiring employees, financing and marketing. Good luck in 2016!