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Franchising is a clear winner when it comes to success. Business success is typically higher than with a start-up because it is already tested and working well. Getting into a business of any kind can be daunting and scary, but franchising adds confidence with its support, training, and marketing.
A bigger concern for many prospective franchisees is finding a franchise that doesn’t risk every penny in the bank. Not everyone can afford (nor wants) a high-priced McDonald’s franchise. There’s no doubt that financial readiness is part of acquiring, operating, and growing a franchise. But if you’re looking for something that won’t empty your wallet, there are myriad options for building your new business with franchise support.
Depending on the franchise that fits your style, you can limit your cash purchase to $20,000 or even keep it under $10,000 to get started. Super-low-cost franchises tend to fall into three broad categories that are completely different from the well-known, large-scale fast-food chains. They share characteristics that make the franchise choices affordable while still offering options based on your interests and goals.
Home-based services. When you aren’t paying rent or building a retail location, operating costs are much lower, and the franchise costs are, too. Home-based services with low entry prices include home services, cleaning operations, business consulting, and other online stores or services like marketing. The bulk of the operation occurs from your home. You can even work in your jammies.
Mobile services. Like a home-based franchise, a mobile service does not require a brick-and-mortar location. Instead, you go to your customers’ locations to provide what they need: car repair or detailing, salon services, home repair, or gourmet dinners. There will be additional costs for transportation and fuel, but we have experienced the growth of mobile services during the pandemic. From food delivery and home kitchens to mobile mechanics and spa services, we all like having services come to us.
Online franchises. An online franchise is operated as a home business specifically providing an intellectual service or expertise. Marketers, web designers, financial consultants, and performance coaches all fit in this category. You provide the service solely online. With a computer and the support of a proven franchisor, you can parlay your knowledge into a successful business that is part of a larger brand.
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All three categories have specialty franchise options, but all of them share characteristics that keep starting costs and operating expenses low. They do not have high overhead because there is no lease or rental payment for a physical location. Most have no additional employees and can be operated alone or with a partner. Inventory is nearly non-existent, so you don’t have to buy large quantities of materials or pay to store them
There are hundreds of choices with low entry costs. As with any franchise, the franchisor still offers training, support, advice, a proven brand, and the desire to see you succeed. All at a bargain.
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Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.