5 franchises to look out for in 2020

If you’re considering starting your own business in 2020, you essentially have two options. You can set up your own business completely from scratch. Or, you can purchase a license to use the company name and business model that someone else has already proved will work. This second option is commonly known as buying a franchise. 

Following are five of the best franchise opportunities for 2020 (in no particular order). If you need guidance Franchise Direct is a good source.

1. Mathnasium – As an international chain of year-round learning centers, Mathnasium, as the company name suggests, is where kids go to develop and improve their math skills. As the only curricula, Mathnasium specializes in math and has developed its own proprietary teaching system called the Mathnasium Method. The method is individually customizable and was based on more than 40 years of classroom experience and research. Naturally, while costs vary by geographic area, the franchisee estimates that the cost for opening a center in the United States will range between $112,750 and $149,110.
2. Sonic Drive-In – If you’re looking in the fast-food niche, Sonic Drive-In burger chain with a history of success and a future that promises more. Sonic is unique in the space in that it has a retro feel thanks to its drive-in concept, complete with roller-skate wearing carhops. Despite the throwback concept, Sonic offers several menu innovations each year with it limited-edition items that are very popular. Due to its long history of success, the franchise is a bit pricy at $1,236,800 to $3,536,300. However, it’s worth noting that the brand came in at No. 3 on Entrepreneur’s Franchise 500.
3. American Poolplayers Association (APA) – If you’re into sports and recreation, and your budget is a bit tighter, then becoming a league operator for the APA may be an ideal fit for you. The APA has more the 250,000 members nationwide that participate in weekly leagues. In addition to a full training seminar, the company provides ongoing support and help with marketing to launch your local advertising and PR campaigns. They also help establish a connection with other franchise owners to share methods and techniques. The initial startup cost is $20,000 to $29,000 excluding a franchise fee of $10,000-$14,000 and a royalty fee of 20% of the weekly base league fees.
4. CarePatrol – Founded in 1994, CarePatrol helps families find assisted living, memory care, nursing homes, and in-home care facilitators for their loved ones. The business model is unique in that the services are free to the end-customers because CarePatrol is paid by more than 20,000 pre-vetted insurance providers across the nation. Helping families navigate the challenging emotional experience of home placement can be very rewarding. So aside from the tangible business benefits, this franchise comes with a strong sense of personal reward. CarePatrol can be started from your home alleviating worry about renting an office, staffing, and other common business challenges. The initial investment cost is $64,400 to $84,450.
5. 7-Eleven Store – As the world’s largest convenience store, 7-Eleven has 66,000 stores worldwide in 17 countries. Surprisingly, the company operates the most stores in Japan (18,860), then Thailand, the USA, South Korea, and Taiwan. Franchise owners have several paths to profits, so it’s best to research the details if this niche is right for you. Also, the cost of a franchise can seem complex until you study the details. Some prospective franchisees aren’t always aware of the additional financing cost related to purchasing a franchise. The initial investment includes a one-time franchise fee which can range from $100,000 to $1,000,000 depending on the gross profit of the store. However, the actual fees depend on the store location, a down payment on the inventory, supplies, licenses, permits, etc. Despite the seemingly complex proposition, a 7-Elven franchise can be quite lucrative.