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Top franchises offer a range of goods and services

On Behalf of | Apr 20, 2022 | Business & Commercial

According to Entrepreneur magazine, the country’s top franchises include several fast food establishments, most of which are well-known in Maryland.

For example, Taco Bell was rated the best franchise overall for 2022.  Popeye’s Louisiana Kitchen, Tropical Smoothie Café and Jersey Mike’s also were in the top 10.

However, this year’s list proves it is not just the food industry that can use franchising as a successful way of growing and maintaining a business.

An office and business center, a tutoring company, a gym, a gas station and a property restoration service each made this year’s top 10 list.

Another fast food restaurant that does not have a Maryland location rounded out the list.

Among those companies which provided information to the magazine, Entrepreneur staff determined the rankings based on a number of factors:

  • The cost to start and maintain a franchise.
  • The level of financial and other support the franchisor offered.
  • The rate of growth as well as the number of failed franchises.
  • The overall stability and strength of the brand as well as the financial state of the franchisor.

Franchising remains a good investment, but a buyer should use proper caution

Overall, franchising continues to in general to be a good investment for Baltimore-area entrepreneurs who want the advantage of not having to come up with an original brand or business idea.

In practice, though, a would-be franchisee should use proper care and caution before entering into any agreement. The right franchise can be a source of great profit to local a business owner.

However, not understanding the legalities behind a franchise agreement can lead to serious financial consequences, especially if something should go wrong.