What Is the "Hottest" Franchise to Buy? There has to be a "best" franchise and a "hottest" industry, right? Well, sorry, there is not. Franchise expert Tim Parmeter explains why.
By Tim Parmeter Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
After a decade-plus of advising people about getting started in the franchise industry, my colleagues and I at FranCoach have seen and heard just about everything. One of the questions that we hear a lot from our clients is, "What is the best franchise?" Or sometimes people ask "What is the hottest industry out there?"
Without a doubt, these are the easiest questions we have to answer.
The Myth of the "Best" Franchise
So what is the best franchise?
The answer is incredibly simple: There is not one. There is not one best franchise. There is not one best or hottest industry. It is truly that simple.
If anybody tells you differently, they are either lying to you or they do not know what the heck they are talking about.
You might be thinking, how is that possible? There has to be a "best" franchise and a "hottest" industry.
Well, there is not — and I will explain why. There are a few different bits of information that go into the reasoning here, but first off, franchising is an incredibly individualized and personalized process.
What is best for you is not what is best for the next person or the person. Here's the analogy I often use:
My wife's friends or family might ask her, "Why in the holy hell did you marry that old bald dude?" It's probably a valid point, but for whatever reason, I was her person, her match. The same concept applies to franchises. Sometimes, the old bald dude is really the best fit for people. And for the next person, the best fit will be totally different.
In other words, beauty is in the eye of the beholder.
Related: How to Franchise a Business in 7 Steps
How to Find the Right Franchise Match
When it comes to the franchising industry, there are a few important points to understand.
If you combine every franchise out there, the industry is valued at over $800 billion – yes, billion, with a B. There are over 800,000 franchise units in the country, and they employ over 9 million people. This is a massive industry.
Within that, there are many different industries and niches. For example, at FranCoach, we work with over 600 franchises and about 70 industries.
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Every one of those niche industries is going to throw shiny buzzwords and stats at you. This industry is booming, this one is recession-proof, and that one is essential. That one over there is up-and-coming, this other one is trendy… you get the idea.
But ultimately, none of that matters. What matters is YOU. What is the best thing for YOU?
The Get Out of Bed Test
We talk a lot about the Get Out of Bed Test. What does that mean? It means that you are the one who is going to be the franchise owner. You are the one that has to get your butt out of bed and go run this business every day.
With the Get Out of Bed Test comes a series of questions you will want to ask yourself:
- What are you good at?
- What do you enjoy doing?
- Who are the people that you want to be around? Think about your staff, if you have one, and the customers in your community.
- What are the core values of the business?
- What is it that you want to do every single day?
Your answers to those questions are what matters. At the end of the day, franchisors are not looking for industry experts. They are looking for people who will run their business. So instead of looking at a certain industry or a certain brand, trying to figure out what is the "hottest" or the "best," you want to think about what is best for YOU.
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As you think about your answers to the questions above, a whole world of possibilities begins to open. It can be a little bit overwhelming to consider all of the franchise options out there — remember, this is an $800 billion industry. There are over 4,000 franchise brands in the U.S. alone, not even considering brands located internationally.
In other words, it is a lot to sift through. So what do you do? How do you find the right fit?
Finding the Right Fit
That's where the FranCoach team comes in. What our team does is not hunt for the best or the hottest franchise — instead, we get to know you. Everything revolves around you: What are you good at? What do you want to do?
Once we understand your answers to those questions, we start to build from scratch what you are looking for, what you are good at, and what you do not want to do. What are the core elements of the right business for YOU?
We know the differences between all of the 4,000 franchises out there — we have seen behind the curtain. We know what each one is all about, so we can hunt down what is going to be the best thing for you. The hottest thing for you is going to ultimately be your match.
Success in franchise ownership is really simple. It boils down to two steps:
- Follow the plan.
- Put forth the required effort.
Pretty darn simple, right? So what is the trick? The trick is finding the absolute best franchise for YOU.
Think about it like this: You are terrible at sales, you hate people, and you never want to talk to anybody. Then you start a franchise because somebody tells you how good it is or how hot it is. But it turns out that you have to sell and be the face of the business to succeed.
Related: Yes, You Can Buy a Franchise In a Bad Economy
Well, guess what? It is not going to go very well. That is a terrible match. It does not mean that is a bad franchise. It does not mean you should not own a franchise. It means it is a bad match.
There is no "best." There is no "hottest" for everybody. What matters is YOU and finding the best franchise for your skills, needs, and goals.
Work With the FranCoach Team Today
If you are ready to learn more about franchise ownership, you are in the right place. Here at FranCoach, we work with our clients to help them find the absolute best franchise for them.
Related: Is Owning a Franchise the Best Move?
Our number one goal is to properly educate you about franchise ownership. We want to help you determine if franchise ownership is the right path for you — and if so, we will guide and support you through the process of finding your perfect match.
And the best part? Our services are 100% free, 100% of the time – seriously. Reach out to us today to learn more about becoming a franchise owner. You have read this far… so why not take the first step today toward your better tomorrow?
