When I deliver franchise workshops or introduce myself at chamber events as a franchise consultant, it is inevitable that I’ll be the ask the question . . . so what is hot in franchising right now?
When I reply my answer is typically, well it depends what your goals are. People invest in business ownership for a variety of reasons. But few (if any) do so without an interest in earning money. One of the biggest mistakes some franchise buyers make is pursuing something simply because they believe it will generate the most amount of income. I’m certainly not one to argue that business ownership should create a solid profit, however, if you’re going to be an owner operator or closely involved in your business, then you just might want to enjoy being around it 8 to 12 hours per day!
If you’re on the hunt for a hot franchise, your best route for discovery is to work with an experienced franchise consultant who can walk you through a professional needs assessment before simply trying to sell you just any franchise to collect his or her commission. A qualified consultant ideally should have many years of business ownership or company leadership experience. Better yet, they should own or have owned a franchised business so that they completely understand the pros and cons of this model along with understanding the nature of the relationship between franchisor and franchisee. You cannot underestimate this knowledge as many people jump at the hottest (at the time) concept they discover only to find out that the concept is a terrible fit for them and/or the franchisor culture annoys them daily.
To be sure the hottest franchises are those that the majority of their Zees will positively recommend and are willing to talk about their earnings averages so that the buyer has an idea of what is achievable over what period of time.
Surprisingly you’ll find, the answer is not usually Subway, in spite of the fact that most people looking for a franchise inquire about this concept first.