Likely because of the prevalence of popular quick service restaurant (QSR) franchises, many otherwise knowledgeable people believe that you can’t enter the world of franchising for less than a $1 million investment. While it is true that franchising giants such as McDonalds and Subway do garner a hefty investment level, you’re still buying the brand name that goes with it—one of the key selling points of franchising. However, in this edition of FranNet’s blog, we’re going to delve into the opposite end of the spectrum by investigating four super-cheap franchise categories that can still make your entrepreneurial dreams come true.
The world of youth athletics is hotter than ever and millions of kids ages 5-18 are playing sports—sometimes multiple sports, year-round. In fact, your kids probably play as well. But as these sports opportunities continue to blossom, there is a lack of qualified coaches that help these kids become the best players they can be. An excellent example is Soccer Shots, a franchise based on coaching the finer points of the game to youths in a specific territory. Of the over 100 current franchisees, each paid just over $30,000 in initial start-up fees.
Most parts of the U.S. continue to see a building boom. The need for affordable (and available) housing keeps rising, as Millennials come online to buy their first homes. But in order to buy or sell a home, it must first be inspected by a licensed home inspector. You still have to become licensed yourself (as well as any employees) and get certified by your home state, but buy-ins to franchises such as National Property Inspections are also in the $30,000 range.
Cleanliness is next to godliness and America knows it. And it might surprise you to find out that several franchise brands in this category are within closer financial reach than you think. Take for instance Jan Pro, a commercial cleaning franchise which sets you up with a protected territory, provides top-notch training and support and a blueprint for signing up clients…all for an investment under $50,000.
As it turns out, there are several niche physical fitness and recreation franchises available at an extremely reasonable cost. Specialty fitness continues to make its way into the mainstream and to prove it, you may have heard about Goat Yoga. If not, read this immediately. Seriously though, whether it’s kickboxing, martial arts, baby boot camps or even jazzercise, there are many franchising opportunities available and most don’t cross the $25,000 investment level.
Entrepreneurship is a personal journey and everyone’s experience should be their own. If you think the investment level of franchising is holding you back from making the decision to become your own boss, you aren’t looking hard enough.
As with any franchise opportunity, do your due diligence throughout the investigative process. When it comes to low-cost franchises, you likely won’t have the name recognition that $1 million gets you. Instead, find out how your low-cost franchise opportunity is designed from a business model standpoint. How are their other franchisees faring? What kind of support will you get from corporate? Be sure to evaluate these two questions and don’t enter into an agreement unless you’re totally satisfied with what you discover.
Keep in mind–low cost doesn’t mean low quality. And it might just be the key to making your entrepreneurial dreams come true.
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