Ever find yourself daydreaming about making a bold career move? Whether you’re a business owner looking to diversify or a corporate professional ready for a fresh start, franchise ownership offers a unique path to new businesses. It allows you to pivot careers while minimizing the risks that often come with starting a business from scratch.
Fortunately, the franchise world is brimming with opportunities for every budget. You don’t need a million-dollar investment to reap the rewards of owning your own business. Many franchises offer scalable, affordable entry points that don’t break the bank and keep ownership within reach.
From strategically timing your growth to leveraging untapped resources, here’s a quick look at ways to harness the power of ownership while staying in your price range.
Invest in Your Comfort Zone
One of the most appealing aspects of franchise ownership is flexibility. Most franchisors will share their investment range up front, making it easier to find something that aligns with your financial situation. For many brands, you can choose a model that works for your wallet and then plan for more when appropriate for your future.
Consider Bitcoin Mining, a cutting-edge franchise that offers an entry point as low as $39,000. This model allows franchisees to begin at a lower level and scale by adding more mining machines over time, all while tapping into a high-growth tech sector.
Within the thriving self-care market, The Rustik Collective is another example of varying degrees of investment. This brand offers a barbershop as its base model and then gives its buyers the chance to expand its services through a spa and salon model. Through research, you will find several brands out there that give you more than one option model in order to fit your wants.
Plan to Scale When Appropriate
Service franchises are often a smart choice for budget-conscious entrepreneurs due to the ease of scalability. These businesses typically require relatively low overhead and operational costs, allowing franchisees to achieve strong margins while keeping their initial investments low. As profits build, franchisees can choose to pour those profits back into the business for more units and more equipment.
Fresh Start Environmental, specializing in restoration and environmental cleanup services, is one excellent option, with startup costs starting under $90,000. It sits within a recession-resistant industry and has very little overhead coupled with high demand.
Always Responsive Home Care is a standout in this category, providing essential non-medical home care services to communities. With growing demand for in-home care solutions due to the silvering of America and various challenges surrounding our loved ones as they age, this franchise offers an affordable entry point and the opportunity to make a meaningful impact. Its scalable model enables franchisees to expand services and territories as they grow.
Food and Beverage: A Hallmark in the Franchise Industry
Food franchises are a fan favorite for good reason. With consistent consumer demand and wide market reach, they can work well in a variety of settings. By utilizing a second generation restaurant space or a non-traditional setting— such as a food truck— franchisees can circumvent costs associated with all-new construction.
For example, Wee Irish Pubs, a franchise of Tiny Pubs, gives franchise partners an incredibly fresh concept with a mobile Irish-style pub. These mobile structures are completely self-contained, including beer taps, Irish decor, electric fireplace, and bar. The construction of each unit is included in the initial investment, bringing the tab to right around $109,000.
The Straw: Modern Milkshakes delivers a quick service or fast casual restaurant that focuses on delightfully different shake flavors with the option to add in alcohol. The mobile version of this brand starts at an affordable $67,500 of the low-end of the investment range. For those with more space in the budget, the option to for a retail space is also available.
Tapping into to Financing
No matter the type of franchise, the industry it’s in, or the location, there’s a wide world of financing options available. Franchisees can search for companies that specifically help in this area to keep things simple.
One such company, Franchise Funding Solutions helps prospective franchisees explore options like self-directed 401(k) plans, SBA loans, and other financing programs. The company’s team helps its customers navigate the ever-changing landscape of franchise funding, making the process as seamless as possible all the while opening up new possibilities. Find out more about Franchise Funding Solutions at www.franchisefundingsolutions.com.
Owning a franchise is more possible than you think. Finding the right franchise model that is tailored to your budget and vision is a crucial first step. My team and I can help. Connect with Franchise Marketing Systems to learn more at www.fmsfranchise.com.