Low-Cost Franchise Brands Have High Impact!
A low startup investment level doesn’t have to hold you back from aiming high.
Every aspiring business owner needs to assess their interests, starting point and goals from owning a business:
- What industry or industries should I consider?
(What do I like to do?)
- Do I have the experience needed?
(Can I learn what I need to know?)
- How much have I saved?
(Want do I want to invest?)
Begin with your interests. You are probably not leaving a corporate job, working for someone else to just do something that you won’t love doing every day. Dream a little. What do you like to do? Do you like pets, kids, helping elders, working with business professionals and lending your experience?
Your prior work history can lead you to a great brand, whether you want to be in consulting, personal care, fitness or home services. There are many options to suit your prior background. While not necessary, having some knowledge in the industry will help you leverage your chosen brand and accelerate your startup.
Finally, because you don’t want to spend more than you have:
- What is your investment threshold?
Do you want to keep it to the amount you have saved, or just invest what you can pull out of the equity in your home?
There are plenty of brands under or around $100,000. If that is your comfort zone, embrace it.
Investing in a low-cost franchise typically means you will have a fast startup, and opportunity to work from a home-based office until you need leased space for employee onboarding, training and employee check-ins before starting each day’s work.
A lower investment can give you the option to acquire multiple territories, reduce your risk, and access a faster Return On Investment. If you have additional cash or working capital you can invest to accelerate marketing and sales – following franchisor guidance on local marketing programs that are proven to find customers.
Start with a small investment but aim high; low cost can still mean big returns. Plus, when the brand feels right, it will keep you motivated to grow quickly, and expand to achieve your goals for success.
