There are multiple ways people become millionaires. Some launch a successful startup. Others are a whiz with stocks. But, one of the most common yet overlooked ways is to become a franchise owner.
If you're not sure what a franchise is, here is a pretty good explanation: “a franchisee pays an initial fee and ongoing royalties to a franchisor; in return, the franchisee gains the use of a trademark, ongoing support from the franchisor, and the right to use the franchisor's system of doing business and sell its products or services.”
If that has your attention, you should look into investing in the two industry franchises below, which were listed on Entrepreneurs' 10 Promising Franchises for Ambitious Entrepreneurs list.
2. Mosquito Squad
Pest control doesn’t always seem like the sexiest of franchises. But it’s an opportunity to tap into a necessary market at a relatively low cost with a total investment is between $15,850 - $69,625. Mosquito Squad is looking to expand globally and has a 66.8 percent average gross profit margin.
7. Weed Man
Weed Man is one of the leading franchised lawn care providers in North America - although it’s only been in the States since 1995. The company has been operational since 1970 and began offering franchise opportunities in 1976. Weed Man USA currently has 445 territories in the US with more than $140 million in system sales. Lawn care providers typically have repeat customers, making this an appealing and overlooked franchise. If located in the top 25 percent of US locations, average gross could be more than $1 million per year. Total investment to get started is $68.5K - $85.5K.
For the full list on Entrepreneurs.com, click here.