What Are the Best Franchises for a First Time Franchisee?

First time franchisees should find a low cost brand that provides plenty of support in an industry that they’re passionate about or have some experience with. The business opportunity must also pass muster by offering a product that’s in-demand and providing the franchisee a manageable lifestyle.

Good examples of opportunities for first timers include mobile and home based franchises, as they typically require franchisees to risk less capital upfront. Mosquito and pest control, cleaning franchises, or glass replacement franchises are cheap opportunities with simple business structures.

Here are some qualities to look out for when investing in a franchise for the first time:

• Low-cost opportunity: Low-cost franchise opportunities can be a great fit for entrepreneurs looking to build equity and generate a quick ROI.

• Passion: Starting a business is hard-work, so first-time franchisees may want an opportunity that is more hands-on and in-line with their passion.

• Support and training: When reviewing a franchise concept, check out Item 20 of the FDD. This provides a list of contact info for existing and previous franchisees who can help prospects understand the level of support they received when joining the brand.

• Consumer demand: First-time franchisees may want to evaluate consumer demand and competition in their specific market before investing in a brand. In a similar vein, it may be wise to also look into how the specific category has adapted to the COVID-19 pandemic.

• Lifestyle benefits: Pest control franchises like Mosquito Joe often follow a seasonal model, meaning franchise owners would have more flexibility in the off-season. In addition, home-based franchise concepts such as Maid Right or ProLift Garage Doors are becoming increasingly attractive for entrepreneurs looking to work from a home office in response to the pandemic.

To help narrow down the options, a professional franchise consultant can assess the specific needs of the first-time prospect and recommend concepts that fit their unique profile.