Growing up in Long Island meant getting a ton of education outside of the classroom. I always liked listening to the old guys talking about work—bosses they didn’t like, opportunities they were going to take, plans for the future. One lesson that stuck with me was how freeing it was to be your own boss.
That’s why I always looked for an opportunity to own my own business. And that spirit still reigns in Long Island, where franchise opportunities continue to grow. There are probably more chances than ever to own a franchise and take more control over your own destiny.
But, it’s important to note that not every franchise will present the right opportunity. When looking for franchise opportunities in Long Island, you should consider the pros and cons before making a decision.
What To Look For in a Long Island Franchise Opportunity
The question you should ask yourself is what you want to accomplish from owning a franchise. If you say “lots of money”, well, that’s not the start. That is, ideally, the result. But before you can start seeing results, you have to figure out where to begin. Consider the economic realities, demographics, and your own interests and passions.
As a basic example, look at daycares. On average, daycares tend to do very well but if you open a daycare in an area with almost no kids, you probably won’t have a ton of business—regardless of how well daycares do nationally. Additionally, if you don’t really have the patience to work with children, it may not be the right opportunity for you.
Not all franchises operate the same way. There are franchises that are strict about branding, pricing, and hiring. The advantage is that you are usually provided a ton of support, marketing materials, and training materials to keep up with that branding. But a disadvantage may be the lack of freedom to run the business how you want. Then, there are franchises that give you a ton of leeway but not a lot of support. You’re spending a lot of time running things and figuring out processes on your own—which may present a challenge.
Your preference regarding structure and freedom can be helpful in determining which opportunity is best for you. Let’s take a look at a few types of popular franchise opportunities in Long Island.
Types of Franchise Opportunities in Long Island
There are a lot of different types of franchise opportunities in Long Island, and dozens of companies in each category. Here we explore some of the pros and cons.
From cross-fit to personal training and traditional gyms, there’s always a call for fitness in Long Island. Though, in 2019, the market became oversaturated with gyms and fitness facilities. The pandemic changed that—and changed the business itself. Less crowded, more spacious gyms, along with one-on-one training have become increasingly popular. There are tons of franchises in the fitness industry and even more potential locations due to recent closures.
- The fitness craze shows no sign of slowing.
- Most franchises offer a ton of support so that they can distinguish their brand.
- Hiring is easier with an established brand.
- Remote fitness has become way more popular (think about Peloton sales).
- This is a precarious business.
- You tend to have less independence.
Nearly 25% of Long Island’s population is under 18 years old. As Millenials and members of Gen Z start families, this number is likely to grow. With more and more people working remotely, there is a need for more activities for children. This is a ripe and rich franchise area. From science labs to ninja training, there is something out there for every kid—and for every potential franchise owner.
- There are tons of opportunities.
- There’s generally a high level of support.
- You can find one that fits your own interest.
- Tons of hiring will be necessary.
- Hires must be vetted to be able to work with children.
- You will need to invest in training.
- One bad review can tank your business.
This is a little different than franchises for children’s activities. In addition to small children, tutoring also involves high schoolers, college students, and even older adults going back to school. Tutoring franchises offer both in-person and remote opportunities, making them very well-suited for the current economy.
- If remote learning continues, students (and parents) will demand more individual attention.
- The need for high test scores across all economic classes ensures a potential customer base.
- Generally, these have a higher level of independence since community standards dictate a lot of operational realities.
- Hiring needs to be very specific. You have to make sure you have the right people, and that can be time-consuming.
- You may spend a lot of time scheduling and working with logistics.
- You may not always have support unless a franchise has a dedicated pedagogical methodology.
A food truck franchise is for someone who likes to get their hands dirty and likes to do things with exacting rigor. Someone who takes pride in their work and likes to interact with the public. Food trucks have become big business over the last decade, and with people still wary about eating in restaurants, they might become even bigger.
- You may have a high level of support since food trucks generally want to share a standard level of quality across franchises.
- You may quickly develop a loyal customer base, especially in western Long Island, Kings Island, and Queens where food trucks have long reigned supreme.
- You may not have to do a lot of hiring.
- It’s a huge market, but can also a fickle one.
- Thin margins require a constant hustle without a lot of hiring.
- You’ll likely rely on word-of-mouth for advertisement.
Home improvement is a fairly new franchise idea and a potentially challenging one. In the absence of nationally-known handyman brands, a franchise is rarely someone’s first call. But this is a new space, filled with opportunity, and potential. And it’s perfect for someone who wants to do the work.
- There may not be a lot of overhead costs.
- There isn’t a lot of competition from other franchises.
- You get to work with your hands and be pretty independent. Because it is a personal business, and the work is different in everyone’s house, there isn’t a lot of central control.
- In Long Island, nearly everyone already has a “guy” who does their work. There are 7 million people on the Island but it’s really a bunch of small communities.
- Hiring can be tricky since you have to have absolute trust in the person who is representing you and going into someone’s house.
- You usually don’t have the freedom to do your own marketing.
While these are some of the most popular franchise opportunities in Long Island right now, there’s one that has proven to stand the test of time: real estate investing.
Why a Real Estate Investing Franchise Could Be Your Best Bet
I owned a few franchises when I was younger. I had a pizza place, which was a blast, but it didn’t last long. I had an oil-changing franchise, which I loved but didn’t have much control over. Then, I finally found the right balance when I invested in a HomeVestors® franchise, turning my part-time real estate investing career into my own business.
HomeVestors® turned out to be a perfect balance. There is amazing training, incredible peer mentorship, and tons of proprietary tools and technology to make my job easier. Most importantly, I get the benefit of their nationally-known “We Buy Ugly Houses®” marketing campaign. If someone in Long Island wants to sell, they call HomeVestors® and I likely get the motivated seller lead.
I’m able to be under the HomeVestors® umbrella while also being my own boss. I make the deals I want and have the responsibility for their success. I make decisions and set my schedule. It’s an ideal blend of support and independence.
I never knew that a real estate investing franchise opportunity could be my ticket to independence here in Long Island. But now, I can’t imagine doing anything differently.
Are you ready to join a nationwide network of experienced real estate investors and get motivated seller leads? Contact us today to find out how to become a HomeVestors® franchisee.
Each franchise office is independently owned and operated.
HomeVestors of America® is the nation’s only real estate investing franchise, providing business opportunities to real estate and investment professionals across the nation.