Contrary to the popular belief, owning a franchise does not necessarily require a large amount of capital.
Nonetheless, you may be one of the many people that views cost as a barrier to becoming a franchisee. Rest assured, there are options to suit a range of budgets.
Here are different types of franchises that will allow you to fulfill your dream without breaking the bank:
Home based franchises
- Reduced transport costs. Working from home will save you the cost of your commute.
- Less spent on office wear.
- Save money by ditching the cost of ‘on-the-go’ lunches by eating at home.
- No business premises to pay rent or maintenance costs for.
Part time franchises
- Dual income. You can keep your current job and steady income whilst operating your part time franchise.
- Slowly building your business on the side means less risk to your pocket.
- More time to choose whether it is worth moving into the role of full time franchisee.
- Just like working from home, you cut out the cost of business rent and maintenance.
Mobile and outdoor franchises
- Less time spent waiting for your customer – you go to them with your mobile product or service for example, mobile coffee company or gardening service franchises.
- The costs associated with a mobile business vehicle are likely to be lower than those associated with renting a bricks and mortar business.
Tips to maximise your income potential:
- Ensure that you put together a solid business plan so that you have a clear understanding of your chosen business, from profitability to what would happen in a crisis. Rest assured, franchising is a risk averse industry, with 9 in 10 franchises turning a profit in the UK1 .
- You may be eligible for a government start up grant or you could secure funding through a bank loan. If you need to find out more about how to fund your franchise, then take a look at your options here.
1 British Franchise Association, 2014Tags: cost of franchising, mobile franchises, outdoor franchises