As our economy continues to take baby steps in the right direction, franchising is projected to outpace it for the second year in a row. The International Franchising Association’s Franchise Business Economic Outlook is one of just a handful of annual reports that shed light on the opportunities franchising has to offer from one year to the next.

This year’s much-anticipated report highlights some very positives trends that have only been improving in recent years. In fact, franchising as a whole is actually growing faster than the rest of the economy this year.

We’ve read through this year’s report and pulled out five of the biggest reasons why 2015 is the right time for prospective buyers to get in the game with a franchise of their own.

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Home-based franchise opportunities appeal to new franchise buyers for many reasons. Whether you’re in search of a better work/life balance or are tired of climbing the corporate ladder, benefits like these can make a big difference to buyers.

But let’s be honest. From a buyer’s perspective, nine times out of 10 earning potential is the primary concern when looking for the best franchise investment. How much can you actually make running a franchise from home?

While it’s certainly the most crucial question buyers should be asking, it’s one of the hardest to answer given the wide variety of home-based businesses out there today. Depending on the industry, the brand, and your local market, two home-based businesses could be making radically different amounts of money right next to each other.

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No matter what kind of franchise opportunity you’re considering, all franchisors are required by law to hand out a Franchise Disclosure Document (FDD) at least two weeks ahead of signing time.

In short, the FDD is a master guidebook to the business. Inside, you’ll find a wealth of information about the franchisor and the franchise organization along with the finer details of the opportunity itself.

While these documents are packed with info, it can be a dense read. To the first-time franchise buyer, flipping through page after page of lengthy text and legalese can be daunting.

This guide will help you step through each of the 23 sections or “Items” you’ll find inside. We’ll highlight the key sections to pay close attention to and point out potential FDD red flags to watch out for as well.

Let’s start at the very beginning:

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Thinking about buying a low cost franchise? Worried about the earning potential? Don’t worry –– it’s healthy to be skeptical. Many people looking to become business owners with a franchise assume that if an opportunity doesn’t cost much to start, it must mean there isn’t as much to make for one reason or another.

The truth is, many franchise owners turn a little into a lot every year. One of our very own franchise owners plans to do $1 million in sales in 2018 owning and managing his grout and tile franchise, The Groutsmith. Learn more about Mike Ketzner and his low cost high profit franchise here.

In general, turning a low cost franchise into a high profit business boils down to three essentials: doing your homework, learning and using the systems the franchisor lays out for you, and making smart investments in growth.

Mark Laughlin, a former owner of three low cost franchises (that he grew and sold for six-digit figures) says the key to low-cost franchise profitability is more about the franchise’s business model than the business itself. Specifically, he recommends new franchisees “find a business model that fits your life and your personality, not just your business goals.” Read more

With an economy looking up after years of uncertainty, many people are now considering new business opportunities that simply seemed impossible five or six years ago.

While the goal of owning your own business may have seemed like a distant dream some time ago, many prospective business owners are discovering new ways to achieve their goals through franchising.

While franchising opportunities exist in many different industries, service-oriented franchises offer unique advantages that appeal to many first-time business owners looking for a reliable investment in their future.

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