Multi-Unit Franchise Experts

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Low-Cost Franchises for Stay-At-Home Parents

Starting a business can be a difficult process, especially for stay-at-home parents wanting to re-enter the workforce on their terms. Finding an affordable franchise with the right investment level can be even more challenging. But with the right support, you can find solutions that work for you. To help, here are some frequently asked questions about franchise ownership opportunities with low startup costs.

What are some key considerations when looking for a low cost franchise?

When it comes to selecting your low cost franchise, consider the following: affordability, product or service offering, franchisee profile, industry and growth potential. Determine how much you can afford to invest and see if the franchise opportunities you are reviewing fit within that budget. Consider the products and services you are interested in offering and research what the current competition is doing. Are you a solo-entrepreneur, looking to build a team or part of a multi-unit franchisee? Then consider the industries and markets that best fit your goals. Finally, look for franchises with proven track records of growth that provide the highest probability for success.

What types of franchises have lower upfront costs?

There are several franchising categories that provide lower upfront costs compared to others. Food and beverage franchises, retail franchises, fitness franchises, and service franchises typically have a lower initial investment than industries such as automotive repair or home improvement. Franchisees should also consider whether the franchise offers a single unit or multi-unit ownership model, as multiple units can yield economies of scale and often increase franchisee profitability.

Are there any other factors to consider aside from the initial franchise fee?

Yes, aside from the initial franchise fee, there are a variety of other factors that should be taken into consideration. Ongoing costs such as royalty fees, training and support, technology access, advertising fees, and other miscellaneous items associated with opening (rent, permits, etc.) should be taken into account. It is also important to research how the franchisor allocates work among franchisees, as this can impact how much of the work the franchisee is responsible for, from store setup to day-to-day operations.

What are the benefits of low cost franchising?

Franchising offers several benefits that make it an attractive venture for entrepreneurs. A franchised business typically comes with reduced risk of failure, access to existing brand/customer base, franchise training and continued support, and shared marketing initiatives. The lower investment costs make franchising an option for many stay-at-home parents wanting to get back into the workforce.

Are there particular resources available to those interested in low cost franchising?

Absolutely – The International Franchise Professionals Group (IFPG) is a membership-based franchise consulting network with more than 1,300 franchisors, franchise consultants and vendor members. IFPG provides resources, guidance and support for aspiring business owners in their journey to franchise ownership. Participants have access to the Franchise Finder Tool, the IFPG Franchise University, and receive one-on-one guidance from franchise brokers knowledgeable in the industry.

Topics:

Low-Cost Franchises,

Start-up Costs,

Franchise Ownership

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