For those wishing to start a business or expand into a new area of business without needing to build a customer base from scratch, a franchise can fit the bill. Under the franchise system, an individual or franchisee essentially pays a company for the right to employ trademarks and company-specific processes in exchange for training and marketing support. Franchise choices exist across a wide of range of retail and service industries.
A franchise that focuses on healthful submarine sandwiches, Subway started life in 1965 as Pete’s Super Submarines. At the time of writing, more than 37,000 Subway locations exist across the globe. Franchisees must pay an initial franchise fee and ongoing royalty fees. Subway employs a 20-year agreement term. The company offers options for both dedicated sites that contain only the restaurant and smaller locations that operate on the premises of another business, such as a convenience store.
Those with a taste for fitness training might consider an Anytime Fitness franchise. All Anytime Fitness locations, at the time of writing, are franchisee owned and operated. The company uses a 5-year franchise agreement and requires an initial franchise fee, but unlike many franchises it charges a fixed, monthly royalty fee instead of a percentage. Anytime Fitness locations provide service on a 24-hour basis, but the locations do not require 24-hour staffing and use a security system to provide members access during off hours.
For existing tax preparation professionals, converting to an H&R Block franchise offers some benefits. The company will pay you to convert your businesses into a branded franchise, offer lifetime rebates to your current clients and give you financial assistance to buy out your competitors. The company offers a 10-year franchise agreement and requires an initial franchise fee, as well as a percentage-based royalty fee. The company also provides access to continuing education to ensure you stay current on the ever-shifting tax code.
For entrepreneurs looking to make a move into a brick and mortar business, GNC offers a franchise option. GNC specializes in providing a variety of vitamins and supplements for wellness, sports and dieting, including GNC branded products. The company offers 10-year franchise agreements, an initial franchise fee and recurring royalty fee. Franchise stores locations must meet with company approval, as must potential buyers should you opt to sell your store.
