Some people choose to do business, knowing exactly what they want to accomplish and the steps they need to take to get there. Starting a firm and knowing what kind of business is the best investment can be challenging for many would-be entrepreneurs. Running a successful business, whether you have built it from scratch or bought a franchise, requires much more than a business plan and your determination. You should also know how to market your business, attract new customers while retaining the existing ones and build your brand identity.
We’ve compiled a list of the best profitable small business opportunities to get you started, taking into account things like industry growth and competition, startup costs and barriers to entry, and profit potential.
4 profitable small business opportunities you should look out for
- Window Medics: For young entrepreneurs looking for a chance to venture into the window glass industry, which is traditionally a closed-off industry to outsiders, Window Medics is providing franchising opportunities. One of the many reasons why Window Medics stands out in the market is because of their patented window glass defogging process.
As a Window Medics franchise owner, you will have access to their business operations that have been successful for them and their built-in customer base utilizing which you will be able to build your brand identity. Window Medics trains its franchisees in business operations, handling their equipment, marketing and customer service. To know more about the Window Medics franchise, call 888-329-7116 or email info@windowmedics.com.
- JAN-PRO: Having been in business for over 25 years and developing several unique cleaning methods, JAN-PRO has established itself as a global leader in the commercial cleaning industry. In addition, JAN-PRO provides prospective franchisees with three ownership options that are suited to varying degrees of experience and financial commitment. In a niche market, they provide a low-cost, home-based franchise opportunity for people who prefer not to or are unable to leave the house for work.
- Supercuts: Due to their 40+ years in the industry and over 2,600 locations, Supercuts has become one of the most recognizable names in salon franchises. To maximize profits, Supercuts franchisees can sell hair care products and provide additional salon services in addition to haircuts. Candidates for Supercuts need not have experience working in a hair salon. They also help franchisees in securing franchise financing institutions.
- Ace Hardware: Franchisees of Ace Hardware have the option of either opening a brand-new hardware store, transforming an existing business into an Ace Hardware, or opening an Ace Hardware Grocery that operates as a “store-within-a-store” in existing supermarkets. Since Ace doesn’t charge an opening fee for this type of franchise, it’s the cheaper choice. With Ace’s extensive supplier network, extensive brand recognition, and widespread presence across the country in all 50 states, opening a new Ace or converting an existing one is a surefire way to turn profitable.
Choosing a profitable franchise
While many variables go into determining how much money you can make from buying a franchise, there are some criteria that a franchise should meet to give you the best shot at making a profit. The franchise, for instance, needs to be well-known and respected in general and have a strong reputation in your area. A franchise’s potential profitability can be gauged in part by looking at its national footprint and annual revenue.
If you are confused about the numbers, approaching a lawyer or accountant can be an invaluable resource. Turning a profit requires minimizing debt, so you should only consider franchises whose initial franchise fee and upfront investments are within your financial means. This is another topic to discuss with your attorney or accountant.
Obviously, figuring out if a franchise will be profitable for you is an exercise in personal judgment. However, with that in mind, there are a number of franchises available that are worthy of consideration because they meet all the general requirements we outlined.
How to start a profitable small business
Starting a small business in itself is no small feat, and if you want to make it a profitable one, here are a few parameters you should consider:
- Researching about the business: Do your homework before settling on a strategy, whether you pick one of the suggestions here or choose something else. In order to determine if you want to go ahead with your business proposal, you should perform idea validation, which entails researching the market and your competitors and conducting a financial feasibility analysis.
- Creating a business plan: Selecting a viable business concept is the first step toward writing a complete business plan. The purpose of a business plan is to lay out the long-term objectives of your brand and the steps you will take to reach those objectives over the course of the next three to five years, giving you a sense of direction. However, if you buy a franchise, your parent company will provide you with a business plan that you can use as the base plan.
- Find the financing: Getting approved for a conventional business loan can be challenging for new ventures without a lengthy track record of profitability. If you are starting a small business from scratch, microloans, grants, crowdfunding, and even asking friends and family for investment are all viable alternatives. However, if you are buying a franchise, you will find lenders willing to take a risk with your business.
If you are looking for a small business that is also a franchise, and one you can run from home, you should look more into Window Medics franchise for their low-cost options.
