Owning a franchise business is an attractive option for those looking to increase the amount of time spent with family while growing their career. As this type of opportunity presents many potential advantages, such as the ability to be your own boss, the knowledge that expensive start-up costs are typically not required, and access to an established network of support, it’s no wonder that interest in owning a franchise continues to expand. For those ready to take the plunge and begin their journey of owning a franchise, the following frequently asked questions on affordable franchises to own are intended to provide a concise guide to help navigate the process.
What Is a Franchise?
A franchise is a business opportunity that allows an entrepreneur to purchase a license to use a brand name, trademark, or sign in return for paying a fee and typically an ongoing royalty. The fee may cover everything from purchasing the rights to the name, access to training, use of corporate logos, a marketing plan, as well as on-going support. Franchisors usually provide start-up assistance in the form of training and various operational support services.
Which Franchises Are Achievable and Affordable?
There are numerous franchises available for investors of all financial means, including those on a budget. To start an affordable franchise, a business owner should evaluate their financial resources, their experience, and their business acumen. After considering these factors, the next step is to research franchises that best fit the parameters established in the first step. While there are a multitude of options to choose from, the following are some of the most accessible and affordable franchises to own:
• Subway: Founded in 1965, Subway has become one of the world’s leading quick-service restaurant chains. The Subway franchise offers low start-up costs, ongoing training and support, as well as a globally known brand. Furthermore, Subway allows potential franchisees to purchase non-traditional locations such as university campuses and military bases.
• Ace Hardware: For those interested in retail stores, Ace Hardware stands out as one of the oldest, and most successful franchises available. Founded in 1924, the franchise operates through a network of more than 4,600 independently-owned stores. The Ace Hardware program provides store owners with a full array of support services including marketing, advertising, networking, and financial resources.
• Children’s Orchard: If you’ve always wanted to own a store, then Children’s Orchard may be the franchise you are looking for. Children’s Orchard is a highly successful resale store specializing in offering quality children’s items at discounted prices. The franchise provides training, marketing assistance, and all the support services needed to operate a successful store.
What Does an Investor Need to Qualify?
In order to qualify as a franchisee, you must meet the qualifications set forth by the franchisor. Generally, these requirements include having the necessary financing to cover start-up costs, the ability to meet personal and business operational requirements, and being willing to participate in training and on-going support provided by the franchisor. In addition, most franchises also require a background check to evaluate any potential legal or financial restrictions.
What Is the Expense to Own a Franchise?
When deciding on which franchise to invest in, it’s important to keep in mind start-up costs can vary greatly depending on the franchisor and the type of franchise you are interested in. Expect to pay anywhere from a few thousand to several hundred thousand dollars when purchasing a franchise. Common fees cover franchise fees, royalties, advertising, and training and equipment costs. It’s important to remember that cost isn’t the only factor when it comes to franchise ownership. Choosing a franchise should also include researching the franchisor to make sure their reputation is reputable and their history is well established.
Regardless of cost, investing in a franchise is an incredibly rewarding experience for those looking to grow their career and spend more time with their families. For those looking to enhance their independence, build their wealth, and increase their entrepreneurial spirit, an affordable and achievable franchise is the perfect stepping stone. With the right guidance and resources, as well as the necessary determination and passion, owning a franchise may be the most sensible way to move your career forward while strengthening your family bond.