Hundreds of thousands of searches on Google are dedicated to people looking for good franchise opportunities. Many people want to get out of the rat race and a franchise is a great way to set your own pace, lifestyle – and make as much money as you want.
Franchise researchers are also looking for the “best” franchise opportunity. We put “best” in quotes because the notion of a single franchise being listed as the best is a bit unrealistic. Different people have different needs regarding the type of business they want to own. While publications often have lists of the top franchises to own, each publication uses their own list of criteria to come to these conclusions.
Some of the things that many of the top franchises in the world have in common, however, are the following:
- An established network
You want a franchise that has an established network of franchisees as well as an established brand in the industry. When a company has been franchising for many years, they will have everything from onboarding to mentorship opportunities in place (and they will also have solid marketing opportunities that you can benefit from).
- An industry that you’re interested in
If you look at the criteria used to ‘rate’ franchises, it’s often related to things like franchisee satisfaction and how fast the franchise is expanding. The key element that is left out is you. Are you interested in the industry that the franchise operates in? Can you see yourself enjoying running a business in this sector? It’s all going to boil down to how you feel about it at the end of the day.