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If you intend to go into business, you have three options.  First, you can start a new business.  Second, you can buy an established company, and third you can own a franchise.  The last option may have the highest chance to succeed.  It has a tested and proven operation system, known brand, training and regular support services.  It could be the right path for you to owning your own business.  There are franchises in almost any field of business.  You can have your pick depending on your budget and interests.

The International Franchise Association forecasts significant growth for franchising in 2012.  It predicts an increase in the number of franchise stores with corresponding growth in employment, revenue and gross domestic product.  More stores mean more jobs and more income.  The IFA estimates an additional $37 billion in revenues this year, which is an additional 5% higher compared to last year.  GDP is to grow by about 5% too, which amounts to $21 billion in 2012.

Pointers When Buying a Franchise for Sale

1.  Borrow money that you can pay back.  Buy a franchise you can afford.  Have enough money to support you and your family for a year assuming that there is no income for the first year of business. 

2.  Attend a franchise expo.  Before doing so, decide the amount of money you can invest and in which industry.  It is important to be passionate about the business that you plan to own.  Check the various available franchising opportunities.  Ask questions that help you choose the right franchise opportunity.  Ask for a copy of the Uniform Franchise Offering Circular (UFOC) provided by the franchisor.  This contains information about the company, the fees, statistics and claims.  Take time to study your options.  This will minimize your chance of failure. 

3.  Know more about being a franchise owner.  Talk to other franchisees. 

4.  Examine the parent company’s reputation and history.  Research its track record.  Are you aware of the brand and quality of its products or service?  What is its reputation? 

List of Top 8 Franchises to Own

The following top global franchises for 2012 have start-up costs ranging from $30,800 to $13.11 million.
 
1. Hampton Hotels – This hotel chain is known for its top-notch hotel service.  There are more than 2,500 locations globally.
2. 7-Eleven Inc. – This is the largest extended-hour convenience retail outlet in the world with more than 44,000 stores. 
3. Ampm – This franchise is in operation for more than 30 years now.  It has over 3,000 locations worldwide.
4. Days Inn – This hotel chain is known for its clean and comfortable accommodations.
5. McDonald’s – With over 33,000 stores world wide, McDonald’s continues to provide value-priced foods.
6. Denny’s Inc. – This restaurant offers casual family-style dining.
7. Pizza Hut Inc. – This chain offers pizza and Italian-style food items.
8. Subway – Its restaurants sell foot long sandwiches, salads and other food items.  It has over 36,000 locations around the world.

List of Top 8 Low-Cost Franchises to Own

Among the more popular low-cost franchise opportunities are service-oriented with start-up costs from $2,900 to $136,200. 

1.  H & R Block – does tax return preparation and electronic filing.
2.  Stratus Building Solutions – provides cleaning services for offices, clinics, schools and other commercial establishments.
3.  Jazzercise Inc. – offers total body fitness through jazz dance lessons.
4.  Vanguard Cleaning Systems – provides commercial cleaning services.
5.  Heaven’s Best Carpet & Upholstery Cleaning – does carpet and upholstery cleaning.
6.  CruiseOne – is a vacation and travel agency.
7.  Proforma – provides promotional products, printing, graphics, business documents and solutions.
8.  U.S. Lawns – does commercial property landscape and maintenance.

Purchasing a franchise is not a simple decision.  To ensure that you benefit from owning a franchise, hire a franchise consultant.  Franchise consultants guide you through the franchise selection process by bringing to your attention franchise opportunities that match your interest, investment level and business skills.  Lawyers with experience in business and franchisee representation can also guide you through the terms and clauses in a franchise agreement and other legal and financing documents. 

Which franchise opportunity are you eyeing to own?