Franchising Is More Than Fast FoodOften, when my clients hear the word “franchising”, the first thing that often comes to mind is the food industry. While it’s true that many successful franchises are in the food sector, franchising offers a world of opportunities beyond just burgers, fries, and pizza. In fact, franchising can be a lucrative business model in a wide range of industries, from fitness to education to home services.

Franchising’s popularity continues to grow and exceed its projections. According to this IFA article, on top of the 2.2% growth in 2023, the report forecasts that franchises will grow another 1.9% in the year 2024. This would add another 15,000 locations and 221,000 jobs to spread across many various business types.

Diversifying Investments & Creativity

One of the key benefits of franchising beyond food is the ability to diversify your investment portfolio. By choosing a franchise in a different industry, you can spread your risk and tap into new markets. For example, investing in a fitness franchise can cater to the growing demand for health and wellness services, while a home services franchise can target homeowners looking for convenience and expertise.

Franchising in non-food industries also allows for more flexibility and creativity in running your business. You can leverage your skills and interests in a different field while still benefiting from the support and resources of an established franchise system. This can provide a fulfilling experience for business owners who want to explore new ventures and make a positive impact in their communities.

To give you an idea of the vast number of options you will find in franchising, Peaks Franchise Consulting has access to 600-700 different franchise concepts. To make it easier to begin zeroing in on the right opportunity, we have broken up all these concepts into separate categories from Advertising, to Pet Related, to Vending.

Finding the Right Fit

Finding the right Franchise FitNow that we know there are thousands of franchise options other than restaurants, how in the world do we decide what franchise would be the best fit? It seems like a daunting task….right? That is why working with a franchise consulting company, such as Peaks Franchise Consulting, can make this task much easier to tackle.

We always want to have our clients begin with some self-reflection. Consider your passions, skills, and interests. Ask yourself: Do I want to start an owner-operator or or work-from-home business, or would I want a business that requires a brick-and-mortar storefront? Do I want a business that needs employees right away or would I need to hire a manager to help get the business off the ground?
There are many different approaches to starting a franchise business and we want to make sure you are heading down the path that is right for you and your family.

Additional Areas to Think About

Resource Assessment: Evaluate your financial capacity, time availability, and management capabilities. Different franchise opportunities require varying levels of investment and commitment. Be honest with yourself about your resources and limitations to narrow down the options that align with your circumstances.
Legal Counsel: Engage legal counsel with expertise in franchising to review the franchise agreements and offer guidance on legal implications. A franchise attorney will help review the franchise disclosure documents, including the Franchise Disclosure Document (FDD), to understand the terms, fees, and support provided by the franchisor. With the average term of a franchise agreement being 10 years, it is always a good idea to seek professional advice from lawyers and accountants who can help clarify contractual terms and obligations, ensuring you are well-protected and informed.

In conclusion, franchising is more than just fast food – it’s a versatile business model that offers endless possibilities for growth and success. By exploring franchises in different industries, you can diversify your investments, unleash your creativity, and make a meaningful impact in the world. So next time you consider franchising, think beyond the menu and explore the vast opportunities awaiting in other sectors.