For budding entrepreneurs who wish to start their own venture, but find the idea of completely creating a brand from scratch to be too time and money-consuming, franchising has become a viable option. The phenomenon has been in existence for almost 3 decades, but it has really taken off over the past few years. But while franchises can be a great solution for many businessmen, they are not always a guaranteed success.
The outcome of a franchise depends on several factors: brand strength, location, management, the growth of the particular industry, and so on. As trends change from year to year, it is important to take a look at the franchises that are set to be successful in 2014. Based on the analysis provided by Entrepreneur.com, we would like to present you with the top 10 most profitable franchises in 2014. We have also included the rank these franchises obtained in 2013, as well as the associated costs with starting a franchise.
The following franchises have been deemed as the best options for 2014 due to their powerful brands, profitable track records, and the growth of the niche in which they operate.
Anytime Fitness emerged as the best franchise opportunity for 2014. Operating since 2002, the company now boasts over 2,000 fitness clubs both across the USA and overseas. As more and more people join health and fitness clubs, the growth of this industry makes Anytime Fitness a safe and lucrative choice for those wishing to open a franchise. Currently, Anytime Fitness, which offers 24 hour co-ed facilities, is regarded as the fastest growing franchise of its kind around the world. Franchise opportunities start at $71,599 and can be operated from home and both full and part time. Anytime Fitness went up 5 spots compared to 2013, passing the former leader Hampton Hotels, which now ranks as 2nd. The tourism and hospitality franchise, while a profitable option, is reserved for those with significant financial resources, as opportunities start at $3.7 million.
Apart from Hampton Hotels and Anytime Fitness our countdown also includes several fast-food franchises and retailers, as well as a service franchise.
Thinking about opening your own franchise in 2014? Make sure you first check our countdown. Let’s take a look.