If you’re looking for the best franchise to start or grow your portfolio, you’ve got lots of options — over 780,000 in fact. It can be overwhelming to narrow down. Thankfully, there are several resources to help you determine which is the best franchise to own.
How do I choose the best franchise to own?
Step one: decide what you’re passionate about. Finding the best franchise opportunity may seem like just a business decision, but its more emotional than you might think! Many Franchise Owners come from the corporate world, burnt out on business just for the bottom line. Opening your own franchise is a great opportunity to pivot into an industry you’re passionate about.
At Pet Supplies Plus, for example, you get to work with pets and pet lovers. You can help create strong neighborhood connections while supplying essential products and services for happy, healthy pets. Not all Franchise Owners are actively involved in their franchises. Others, however, want to be a part of the actual operation. If that’s you, why not work with a franchise you feel connected to?
Once you’ve landed on an industry you’re passionate about, it’s time to look at the financials:
- Do they offer the ROI I’m looking for?
The easiest way to gauge the profitability of a franchise is to look at their Average Unit Volume (AUV). This tells you how much money the average franchise unit produces in sales in a year — such as $2.7M* for Pet Supplies Plus. Though this doesn’t equal direct profit for you, it does give you an idea of whether or not the profit will outweigh the investment.
The easiest way to gauge the profitability of a franchise is to look at their Average Unit Volume (AUV). This tells you how much money the average franchise unit produces in sales in a year — such as $2.7M* for Pet Supplies Plus. Though this doesn’t equal direct profit for you, it does give you an idea of whether or not the profit will outweigh the investment.
- Do I have the financial requirements to qualify?
Another way to find the right fit is to narrow down the best franchise opportunities you qualify for. Every franchisor requires you to have a certain amount in net worth and liquid assets. For example, if you’ve got at least a $600K net worth and $200K in liquid assets, you could qualify for a Pet Supplies Plus franchise. That doesn’t mean you have to pay for everything outright; rather, you’ll be well positioned to qualify for a franchising loan.
Another way to find the right fit is to narrow down the best franchise opportunities you qualify for. Every franchisor requires you to have a certain amount in net worth and liquid assets. For example, if you’ve got at least a $600K net worth and $200K in liquid assets, you could qualify for a Pet Supplies Plus franchise. That doesn’t mean you have to pay for everything outright; rather, you’ll be well positioned to qualify for a franchising loan.
In addition to financial requirements, most franchisors have certain characteristics they look for in an ideal Franchise Owner. Being motivated, having strong business acumen and loving pets are the top three traits it takes to run a Pet Supplies Plus.
But really — what’s the best franchise to own?
After you’ve narrowed in on an industry and financial goal, it’s time to do some research.
Third-party industry publications such as Entrepreneur magazine help prospective Franchise Owners by ranking franchises based on over 150 data points, including:
- Support from the franchisor
- Investment and royalty fees
- Average Unit Volume
- Brand strength
- Overall growth
Each type of franchise has its own set of rankings in addition to the overall list of best franchises to own in 2023. Pet Supplies Plus has been recognized as the #1 pet franchise for nine years running. They have also been recognized as the #22 best overall franchise to own out of 500 franchise opportunities. While these lists aren’t the final word, they are a great way to gauge the overall success and reputation of a franchise.
Find the best franchise opportunities for you
Whether or not you’re new to the franchise industry or an experienced franchise owner, the options can be overwhelming. There are lots of factors to consider —AUV, net worth, initial investment, financing and much more. Industry publications can help you narrow it down, but ultimately the best franchise for business is one you believe in.
If you want to work with people who love pets as much as you do, consider reaching out to Pet Supplies Plus. Not only do they offer an impressive AUV, they can help you get established in a fun and growing industry.
To get in touch with someone from Pet Supplies Plus, simply fill out the form below.
*This information can be found in Item 19 of the 2022 Franchise Disclosure Document issued by PSP Franchising, LLC. The data reflects the calendar year beginning January 1, 2021, and ending December 31, 2021, and shows the data for 248 Reporting Financial Stores which were open and operating for 12 months as of December 31, 2021. There is no assurance you will do as well. If you rely upon our figures, you must accept the risk of not doing as well. This is not an offer to sell you a franchise. Franchises are offered by prospectus only.
