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In a world where financial stability is becoming increasingly paramount, side hustles are no longer a novel concept but rather a strategic component of many individuals' income streams. But what makes a good side hustle and how does it fit into a broader financial plan? One interesting thought, have you ever considered owning a franchise as a viable side hustle? This prospect may seem daunting at first, but with the right franchise and the flexibility to be as involved as you want, it could potentially become a lucrative addition to your income. Let's take a look at the potential of franchise ownership as a side hustle, focusing on the thriving sector of STEM education franchises, and examine some key insights to help you make an informed decision. Understanding the Concept of a Side Hustle A side hustle is any type of employment undertaken in addition to one's full-time job. It's essentially an entrepreneurial venture that allows you to earn extra income while retaining the security of your primary job. Side hustles have been growing in popularity, particularly due to the changing dynamics of work brought about by digital technologies. In the gig economy, where project-based or temporary jobs are common,…
The thought of becoming a business owner can be both thrilling and daunting! Many people want to start their own business but are confused about how to get started. This article will help you understand what it means to own a franchise, decide if becoming a franchisee is a good fit for your objectives and personality, lead you through the entire process, and reveal the best franchises to buy in 2023. What Is a Franchise? A franchise is a business wherein the owner of a brand and business model grants you the rights to use these assets (together with all associated trademarks, goods, systems, and so on). The franchise owner is the franchisor, and you are the franchisee. Getting started with a franchise is a much easier task than starting something from scratch which is one of the biggest reasons many people opt for franchising over starting something of their own. A Step-By-Step Process to Buy a Franchise Understanding what’s involved with starting a franchise can alleviate a lot of the stress and help you discover the best franchises to buy in 2023. Step 1: Know Your Why Owning any business can be an emotionally, physically, and financially exhausting experience.…
Franchise Buying 101 Want to start a business but not sure where to start? Have you considered buying franchise businesses, but you’re not exactly sure how it works? First things first: How do franchises work? A franchise is a proven business model where you leverage the power of an established system and brand to help you turn a profit without having to figure everything out on your own. In this article, we’ll take you through the process of buying a franchise company, explore the costs involved, and answer questions you might have before jumping in. When to Buy a Franchise Before you make a decision, it helps to consider when you should buy into a franchise opportunity. When is the best time for you? To make that decision, you’ll want to consider your circumstances, financial situation, and business goals. To start, ask yourself the following: Do I have enough money saved for startup costs and ongoing expenses? Do I have access to financing? Do the market conditions in my local area make sense for this right now? Is this business model feasible within my current lifestyle and goals? Will my past experiences support my success in this venture? Does the…
Most people have heard of franchises, the “business-in-a-box” model, yet it seems like the entire process remains shrouded in mystery. How do franchises work? What actually goes on under the hood? That’s what we’ll help you clarify in this article. How Does a Franchise Work? In a franchise, the franchisor (owner of the brand model) grants the prospective franchisee (you in this case) the right to use its trademark, products, services, and operating systems to sell products and services under the franchisor's brand name. Since the franchisor has already built a successful business, it can provide franchisees with a proven business model, operating systems, and other training and support to show franchise owners how to replicate that success. The prospective franchisee then invests in the right to operate under the brand name and leverages the power of the brand’s established systems to launch its own franchise location. The franchisee signs a franchise agreement - a contract that outlines the terms of the franchise relationship - which details any fees, royalties, territory restrictions, marketing requirements, and operating guidelines. Once a franchisee officially owns a franchise, the franchisor provides ongoing training and support to help the franchisee build a successful location as…
As you start to consider your franchise options, you might wonder about the costs involved in franchising. Whether you’re interested in starting a coding franchise or a retail franchise, at some point, you may stumble upon the words, “franchise fee.” But what exactly is a franchise fee? A better question is, “what are franchise fees?” as in, plural. Why? Because when it comes to owning and operating a franchise, you may encounter a variety of franchising fees. Let’s explore some of the different types of franchising fees. Types of Franchise Fees There are a variety of franchise fees that you’ll encounter in various stages of your franchise journey. Some of the most common fees include: Initial Franchise Fee: This is a one-time fee paid by the franchisee to the franchisor for the right to use the franchise's brand, business model, and systems. It usually covers costs like training, site selection assistance, and initial marketing support. Royalty Fee: An ongoing fee paid by the franchisee to the franchisor, typically calculated as a percentage of the franchisee's gross sales or revenue. The fee helps cover ongoing support, including marketing, training, and access to proprietary systems and technologies. Marketing and Advertising Fee: This…
You’re finally going to do it. You’re going to open up that kids franchise you’ve been dreaming of. But which one do you choose? If you’re not sure where to start, we’ve lined up five great kids franchises for 2023 to help you narrow it down.The franchises in this list are kid-friendly options covering different industries to show you the variety of verticals available.Whether you want to teach, play instruments, or help kids burn off energy through physical activities, we’ve got several excellent options for you. 1. School of Rock First up on our list of great kids franchises for 2023 is School of Rock. School of Rock teaches music. From complete beginners to more experienced musicians, School of Rock helps kids grow in their art, knowledge, and performance skills across a range of musical instruments. This kid-friendly music franchise claims it is the “top education music franchise in the world.” They also state that they are the largest music school in the United States, and that they’re located in 15 countries worldwide.In 2022, School of Rock was named in Entrepreneur’s Franchise 500 list for Fastest Growing Franchises. So what’s the investment?According to their website, to open a School of Rock franchise, you’re looking at somewhere between…
Looking for the best franchises to own in 2023? In this article, we’ll look at several unique franchise opportunities and share thoughts on which ones are most worthy of your investment.For those pressed for time, here’s a bird’s-eye-view of our top picks for best franchises to own in 2023 in the United States. Best Restaurant Franchise to Own in 2023 Up first on our list of best franchises to own in 2023 is our pick for the best restaurant franchise. When it comes to restaurants, there are tons of great options, but none were as sweet for us as Dunkin’.Dunkin’ is an established brand with a lengthy history dating back 72 years to 1950. The company actually started two years prior in 1948 under the name “Open Kettle” and was later rebranded as “Dunkin’ Donuts.”The first Dunkin’ Donuts franchise launched in 1955 and within 10 years, the company had grown to over 100 locations.In 2018, Dunkin’ Donuts dropped the word “Donuts” from its name in order to refocus the brand, expand its product lines, and open up new sales opportunities.So what do we like about Dunkin’?01. The Initial InvestmentWhen you invest in a Dunkin’ franchise, you can expect to put in less than…
Franchising opportunities are some of the most efficient ways to start a new business and increase your revenue streams. The cost and effort associated with beginning a completely new concept from scratch, building a brand, and penetrating the market with a fresh idea or product can be significantly overwhelming in today’s marketplace. When you take advantage of a franchise opportunity, you can capitalize on the company’s pre-established brand awareness, marketing, and gain valuable support from the franchisor. Here, we will discuss some of the most well-known franchises in the market and which ones are the most profitable. Fast Food The business model for established fast-food brands has been tried and proven to be among the most effective models in the marketplace for several decades. And when you think about fast food, it is impossible to not think about McDonald’s. McDonald’s is an international fast-food chain, and currently has over 38,000 locations selling a combined average of 10 orders per second. With an initial investment requirement weighing in between $1 million to $2.2 million, and each franchise earning an average annual profit of $150,000, the McDonald’s franchise is an absolute powerhouse and currently ranks as one of the world’s largest and…
As a business owner or franchisee, choosing the right franchise location is one of the most important business decisions you will make. Whether you manage one franchising business or are a new franchisee, the perfect location improves visibility, regular traffic, and the opportunity to quickly expand and grow. Alternatively, a poor franchise site selection leads to low visibility, and low traffic, and could be the reason you shut your doors before you ever get off the ground. We want to make sure that doesn’t happen for you, so in this article, we’ll help you figure out how to choose the right franchise location for your business so you can enjoy all the benefits of franchising. What is a Franchise Location? Your franchise location is the physical building where potential or returning customers directly interact with your business and engage with your services. Your franchise location is also the public face of your business. When people drive by, they see your sign and logo and they look at the building, the neighborhood, and the parking lot to get a feel for the credibility and safety you provide. So it is crucial that your site selection positions you in a strong light.…