For those who dream of running their own business but dread the thought of launching a startup from scratch, franchise opportunities remain a practical compromise. But once you decide on that option, the next step is deciding which type of franchise to open.
In addition to your existing knowledge, expertise, and experience, there's another factor that will determine which type of franchise is right for you: demand. Certain franchises are more likely to succeed than others, based on levels of demand.
With this in mind, we figured narrowing the list down to a handful of options would be helpful. The following are six great franchise opportunities to consider in 2023:
Anytime Fitness
The fitness craze is in full swing, which means more people are signing up for gym memberships. Unfortunately, hitting the gym can be difficult for those who can't go during normal business hours due to their work schedules or other existing obligations. The solution is to find a gym that's open 24 hours a day, seven days a week, but they're few and far between. That's music to the ears of those looking for a franchise opportunity; Anytime Fitness is a gym franchise that aims to serve this market. If you live in an area without a 24/7 fitness facility, Anytime Fitness could prove to be an exceptionally lucrative choice.
Kumon Learning Centers
The hit-or-miss state of public school education - often dependent on the local economy and subsequent funding - means millions of schoolchildren are struggling to reach the academic benchmarks set by the government. Fortunately, private-sector tutoring services are working on picking up the slack. Enter Kumon Learning Centers, a tutoring franchise that specializes in math and reading. Operating for over two decades, Kumon's success is owed to the network of franchise owners who dutifully operate locations on their behalf. Will you be one of them?
iCode
Another STEM kids franchise, iCode centers around teaching children how to code through game-based learning. The current list of franchise opportunities is coast to coast and everywhere in between. If you have a passion for kids and helping them reach their full potential when it comes to the knowledge and skills of the future, then iCode could be the right fit.
Wally's
There are gas stations. There are convenience stores. There's also the sprawling travel center that caters to long-haul truckers and other long-distance travelers. And then there's Wally's: Home of the Great American Road Trip, a supersized gas station that doubles as a roadside attraction. With only one location currently in operation but many more in the works, the time is now for potential franchise owners to get involved.
The UPS Store
The United Parcel Service is more than a multinational shipping and receiving service. In the last 20 years, the company has pivoted into the service industry, with small locations scattered across the map specializing in various document-based services. These locations also serve as miniature depots for folks to drop off and receive packages. With relatively low upfront investment and global brand recognition, UPS Store franchise opportunities are suitable for many aspiring small business owners.
Jersey Mike's
Move over, Subway; a new submarine sandwich shop is sweeping the nation. Jersey Mike's is the perfect franchise opportunity for those who have always liked the idea of becoming a sandwich shop franchisee but who felt like their city or town didn't need another Subway. Jersey Mike's prides itself on providing customers with the freshest ingredients, the fullest flavors, and the best value for their money. If a quick check reveals the absence of a Jersey Mike's in your area, and an ideal location is available, then consider this a viable franchise opportunity.
Aspiring franchisees have many options to consider. Unfortunately, the high number of possibilities can lead to analysis paralysis. What's more, it's hard to determine which franchise opportunity holds the most promise. While every situation is different - and the right choice depends on many factors, including location, experience, and access to startup capital - there's always a set number of options that prove especially promising at any given moment. The six options mentioned above represent that category for 2023.
Julie Steinbeck is a freelance writer from Florida. She enjoys writing about business, finance, health, and travel.
