If you dream of opening your own business, join the crowd. In the midst of the coronavirus pandemic, Americans filed business applications at the fastest rate in a decade, with 3.2 million applications filed in 2020, up from 2.7 million in 2019.
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If you’re like many Americans, the fear of failure may be one of your biggest obstacles if you’re considering starting your own business. And who could blame you for being afraid? About half of small businesses fail within five years of launching, and about two-thirds fail within 10 years, according to the Bureau of Labor Statistics.
Given the failure rate of new businesses, it’s not surprising that many aspiring business owners opt to become a franchisee rather than launch their own operation. If you buy a franchise, you get the benefit of operating an established brand with a proven system. But – as the Federal Trade Commission cautions – buying a franchise is no guarantee of success.
That’s why it’s important to consider franchise options carefully before investing in one. With costs varying widely, you want to ensure you get the most bang for your buck. To help, GOBankingRates analyzed Franchise Direct’s top 100 franchises of 2021 to identify those most likely to be lucrative based on their track records, startup costs and ongoing fees. They’re ranked from least to most likely to be financially successful.
If you’re thinking about buying a franchise, find out which ones are more likely to make you rich.
Last updated: June 16, 2021
