Top Five Business Ideas for 2015
One of the things that makes Americans unique is that all of us have a bit of entrepreneurial spirit. Our country was built by people like yourself, who were ready to open their own business and become the economic leaders of tomorrow.
Even if you’ve decided you want to start thinking about being your own boss, you need an idea of what type of business is right for you. Businesses come in all shapes and sizes and figuring out what works is vital to running a successful and profitable operation.
So here are the top five business ideas for you to consider opening in 2015:
- Restaurant – Everybody has to eat, right! Americans absolutely love dining out, so running a restaurant can be incredibly profitable. Plus, opening a restaurant is one of the most fun things you’ll ever do in your life.
- Senior Care – Americans are getting older, fast. As the Baby Boomers retire, the demand for qualified senior care is skyrocketing. Senior care businesses usually work by providing in-home care to people as they age. An owner of a senior care business focuses on finding new clients and usually hires others to actually provide the care.
- Business Services – Businesses spend billions and billions dollars a year that the general public never knows anything about. Services such as staffing, handyman work, cleaning, painting, marketing, billing, and consulting of all different sorts all make money by servicing business customers. Depending on what your skills are, you may find that you can easily fit into one of these businesses.
- Fitness – As the health and fitness revolution continues, the demand
for excellent fitness training is clearly outstripping supply. People are
demanding quality gyms as well as in-home trainers to help them achieve their
goals of living a healthier lifestyle.
- Home Based Business – Although this isn’t a type of business specifically, working from home and owning your own business has never been easier. With technology making our world smaller and smaller every day, you should definitely consider running a business from home. It will allow you to balance your life in ways that you can’t imagine.
With any of these business ideas, starting a franchise is the easiest way to become an entrepreneur. Rather than having to deal with the stresses of doing everything from scratch, you can rely on established franchise systems to provide you with a turn-key business model.
If you’re interested in any of the business types above, click on the name to see franchises that are looking for new owners in your area.
If you’d like some help being matched with franchises that fit you best, click here to take our brief franchise matching quiz. A few simple questions will allow us to understand which type of businesses will work for you.
7 Options for Financing When Buying a Franchise
The primary difference between equity financing and debt financing is that with debt financing, you will have an obligation to pay back the borrowed sum at a stated interest rate, but you will retain control of the business; in equity financing you are giving up a part of the business to an investor or investors in exchange for their financing. The investors may claim some control of the business operations; they will also have some ownership in the assets and potentially will take a share in the earnings. You will not have a set debt obligation to repay as you would with a monthly loan payment to a bank. The investor will be taking a risk as to when and how much of the investment he or she will recoup, as well as whether there will be a return on the investment.
Don't Write a Business Plan
I've started and successfully harvested businesses. I've taught entrepreneurship for almost 20 years. As a part of my teaching and research I've written books and texts on how to write a business plan. I've read almost a thousand of them. Now I believe franchise companies can think differently about business plans.
Why Franchisors Don’t Like Negotiating
The first impression that the franchisee gets from reading the franchise agreement is total incomprehension, unless they are well versed in legal terminologies and phrasing. The FDD is required to be in plain English but the franchise agreement has no such requirement. Typically, the franchisor’s legal department works extremely hard to secure the franchisor’s position through the Agreement and makes it impenetrable for someone who is not a lawyer to understand. The uniform nature of the agreement for all franchisees makes it assumed that the franchisee must sign the agreement so that all the franchisees follow the same terms. Even though that is partially true, the franchisee can plead their case and negotiate terms where they believe that they are offering something unique to the franchisor.