Regardless of whether you have industry or business ownership experience, you can purchase most franchises because they offer complete training, comprehensive support from the home office, a proven business system, and a product or service that has proven itself to be popular and in-demand.

This varies depending on the preferences of the franchisor but yes, most concepts will allow you to have a financial partner who may also be an operating partner, if you choose.

The simple answer is yes, you can get wealthy by being a franchise owner. However, like any type of business, you get what you put into it. Owning a franchise does not guarantee wealth. But when you pursue the right franchise and diversify your investment portfolio, you’re in a good position to significantly increase your income.

There’s a lot that goes into determining the “best” franchise opportunities. Startup costs, ongoing overhead, franchise fees, support, brand strength, and financial stability can all play a role. Fast food service usually ranks high (think McDonald’s, Dunkin Donuts, etc.), as well as service-based businesses like The UPS Store, Pearlevision, and Great Clips.

Buying a franchise business can be extremely profitable. That said, when choosing a franchise opportunity, you’ll want to consider the things that make any business profitable. Things like overhead, startup costs, franchise fees, and ongoing training and support can eat into your profits and affect your success.