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The Liege waffle. The Kolache. Tapioca. Franchises that focus on one food item gain props for being specialists. But they also risk exposure when tastes change or commodity prices rise. Here's how to win in a fickle business.

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There are so many franchises in the United States—approximately 780,000, according to the International Franchise Association. I love hearing about so many creative businesses on a daily basis. My latest fling? The Kolache Factory. There's truly a niche for everyone.