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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.

Restaurant Owner

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:

  1. 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.
  2. 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.
  3. Business ServicesBusinesses 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.
  4. 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.
  5. Home Based BusinessAlthough 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.

Franchise Hurdles

The first point I made ties into this, but you need to make sure you’ve done your research before you go ahead and sign a franchising agreement. And that doesn’t just mean from a financial perspective. There are so many other aspects in running a franchise that you need to understand before you get started. Most of this information can be found in the Franchise Disclosure Documents. Some of the most important things you should take a look at would be any legal issues the franchisor might have and the churn rate of franchises. Both of those could potentially be pretty significant red flags that might make you want to reconsider whether or not you want to open that franchise.

DOs and DON’Ts for Prospective Franchisees

Of course, new concepts and geographically-focused concepts may have no or only a limited number of franchisees. These opportunities should not simply be avoided wholesale; however, in these cases it will be particularly important to have candid and open discussions with the franchisor’s owners and representatives.

5 Reasons Why Franchisees Fail

There are a number of reasons why a franchise can fail. Some of the reasons are based upon a lack of capital and/or particular skills necessary for a particular franchise to be successful. On the other hand, there may be factors that are out of the franchisee's control: a franchise program that has a lack of customer demand or a poor product, for example, can lead to failure despite the franchisee’s best efforts (another example of why the franchisee should have done their research before investing).