Starting a business can be complicated. If you are a husband-wife team looking to access the benefits of business ownership without the headache of starting a business from scratch, franchises may be the perfect opportunity. While there are many different types of franchises to choose from, finding a franchise under $100K is an achievable goal. Below is a comprehensive FAQ for husband-wife teams seeking a profitable franchise under $100K.
Questions to Ask Before Getting Started
Before starting a business, there are some important considerations. Investing in a franchise can be a great way to create a small business with lower risks than most other business types, but the finances, special requirements, and research can add up quickly. Here are the most important questions to ask before beginning your search.
What size of investment can we realistically manage?
Most franchise opportunities cost well over $100K, but there are also a variety of options that start at less than $25K. It is important to consider both the initial cost of the franchise and the costs that will be incurred when running the business. Having a strong understanding of your financial situation will help you narrow down the options and make the best decision for you and your family.
What industry interests us?
The type of franchise you choose will depend largely on your interests. Do you want to work in the food industry, the retail industry, the service industry, or the healthcare industry? Investing in an industry that interests you will help to ensure your success. Not only will you be more motivated to build a strong business but you will also have an understanding of the industry and be better equipped to help it succeed.
Do we want a home-based franchise or an independent brick and mortar franchise?
One of the biggest benefits of owning a franchise is the ability to choose between a home-based franchise and an independent brick and mortar franchise. Home-based franchises typically require lower investments but come with less flexibility and scope. A brick and mortar franchise requires higher investments but offers more freedom and control.
Do we want to own an existing franchise or invest in a franchise startup?
Another key consideration when choosing a franchise is whether you want to own an existing franchise or invest in a franchise startup. Owning an existing franchise can be more comfortable, as you will have immediate access to the franchise’s brand recognition, customer base, and support services. Investing in a franchise startup can also be beneficial but requires a larger investment and a greater risk.
Top Most Profitable Franchises Under $100K
There are many profitable franchises that can be purchased for less than $100K. Here is a list of the top five most profitable franchises under $100K.
1. Papa John’s
Papa John’s is one of the most recognizable pizza brands in the United States. The total startup cost to open a new franchise ranges from $100,000 to $300,000. The brand also offers its franchisees with comprehensive support and training, ensuring that each franchise makes the most of its investment.
2. Liberty Tax Service
Liberty Tax Service has been one of the top tax service franchises in the United States for many years. The total investment to open a new franchise ranges from $44,700 to $80,700. It also offers a comprehensive support system to assist its franchisees.
7-Eleven is one of the most iconic convenience store brands in the United States. The total investment to open a new franchise ranges from $37,550 to $1,133,500. Franchisees can also benefit from 7-Eleven’s extensive marketing and digital programs, online ordering system, and delivery capabilities.
4. The UPS Store
The UPS Store is one of the most well-known shipping and mailing franchises in the United States. The startup cost for this franchise ranges from $34,950 to $242,770. Franchisees can also benefit from the company’s extensive training program and corporate support.
Jan-Pro is one of the most popular commercial cleaning franchises. The total investment for the franchise ranges from $33,500 to $42,500. Jan-Pro also offers franchisees with comprehensive training and support, making it easier for them to succeed.
Franchising can be an incredibly attractive business option, particularly for husband and wife teams looking to achieve time freedom and flexibility. With the right research and financial considerations, it is possible to find franchises that cost less than $100K that can still offer a great return on investment. When selecting a franchise, it is important to assess the industry, size, and type of investment you can realistically afford, as well as your interests and desires for the business.