Which franchise makes the most money? Which franchises are the most profitable? As you can probably imagine, the answer is not cut and dry. But The Daly Coach is here to share the truth! Watch this video.
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There are different types of businesses that will produce different types of returns. Before I explain further, I want to remind you that as a Franchise Consultant, it is never my job to give you any kind of Earnings Claim. My explanation is simply that: an explanation to help you understand what different opportunities can afford you in terms of potential opportunity.
So let’s say that you’re a salesperson and you come to me and you really want to wake up every day owning a business where you can go drive that activity. These are some of the lowest investment options I have in franchising, my sales-driven opportunities. Many times these are business to business (B2B) oriented and they’re businesses that you or I may not even know of unless you were in the process of exploring a franchise, because they’re not going to be big consumer brands. They don’t need to be. The people that do business with these companies know, like and trust a salesperson, which would be you if this is the business you said yes to! So these businesses are going to have more of what I would call “unlimited earning potential.”
Here’s an example: Your franchisor awards you a territory of 10,000 businesses and you go out and you interview the top performing franchisee in the system. They tell you they are regularly working with, say, 200 customers.
They are working with 200 customers, and you have the ability to market to 10,000!
So this business is going to have more of what I would call “unlimited earning potential.” There will be no limit to how big you can grow your business in that territory. The limit will be set by you, your skillsets, your focus, how many hours you want to put into the business, right? How determined you are the size of your goals.
Another option in franchising with a different kind of financial potential would be what I call a “marketing and sales” type of a business. This type of business is one where the franchisor provides a marketing plan. Now, sometimes franchisors will not only provide the marketing plan, they will take your marketing dollars, spend those dollars for you. Sometimes franchisors even have a national call center–so not only are they going to take your money and spend it for you on marketing, but then they’re going to answer your phone! This is an amazing amount of support. It allows you to not even have an office when you start your business or an admin person to answer the phone.You don’t have to worry about ever missing a phone call from a potential client!
The last option for a business when we’re talking about how much money can you make in a franchise is those with real estate. And of course, these are all the businesses that we love as consumers, right? Everybody thinks franchising is food and retail! As one of the top Consultants in the country, I have very rarely placed anybody into food based business, and I almost never do retail. In the brick and mortar space, now what you’re going to do is draw from a three to a five mile radius, typically, around your location, which immediately caps your market. So what does that mean for your income? It probably caps your potential income as well. There are some brick and mortar businesses that will have an actual physical cap.
There is always opportunity, no matter what type of franchise you’re in for growth. The growth will be dependent on different things depending on the business. But at the end of the day, all of that is nothing if you, the owner, are not committed to scaling your business.
Which franchise business will make you the most amount of money? I’m telling you, it’s the one that you’re going to wake up with passion to go and do, the one that you can apply your best skills to, the one that you see the greatest opportunity in. And you can carry your belief and passion to that business every single day.
When you are ready to figure out what is the right franchise investment for you with the best earning potential that will match your goals, please send me an email right now!
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