Are you a stay-at-home parent looking to re-enter the workforce on your own terms? If so, investing in a low-cost franchise can be the best way to go. Franchises can be cheaper to start and maintain than starting your own business. Franchises also offer extensive training and support from franchisors and other franchisees.
In this article, we’ll cover frequently asked questions about franchises, such as what makes a franchise a low-cost franchise, the most financially successful franchises, and the resources you need to find the right franchise for you. We’ll also discuss the International Franchise Professionals Group (IFPG) and the advantages of working with an IFPG franchise broker.
If you’re considering franchising, this article should help get you started on the right foot. Let’s get into it.
What Are Low-Cost Franchises?
Low-cost franchises are franchises that cost less to start and maintain than a traditional business. The cost of franchises varies, and some of the most popular low-cost franchises are franchises in the hospitality, cleaning, or retail industries. Low-cost franchises generally require smaller upfront investments and offer lower franchise fees and royalties than their higher-end counterparts.
What Are the Benefits of Investing in a Low-Cost Franchise?
Low-cost franchises offer several benefits to franchisees, such as:
- Lower initial investment costs
- Lower franchise fees and royalties
- Ongoing support and guidance from the franchisor
- Existing customer base and positive brand reputation
- Access to proven business systems and operational procedures
- Less risk and a higher likelihood of success
What Are the Most Profitable Low-Cost Franchises?
The most profitable low-cost franchises vary depending on the industry and size of investment. However, some of the most successful franchises include beauty and salon franchises, home and cleaning services, automotive services, and food and QSR franchises.
Others include retail stores such as dollar stores, children’s franchises like The Little Gym, computer and technology franchises, pet franchises, fitness studios, and food trucks. Additionally, the International Franchise Association (IFA) publishes an annual ranking of top 500 franchises which can be a great resource for finding successful franchises.
What Resources Should I Use to Find the Right Franchise for Me?
The best way to find the right franchise for you is to use a reliable franchise broker. A franchise broker is an experienced professional who has both an extensive understanding of the franchise industry and knowledge of specific franchises. The broker will guide you through the entire franchising process and help you identify which franchise is the best fit for you. When selecting a franchise broker, it is important to ensure they are well-versed in the franchise industry and possess the necessary experience and expertise.
What Is the International Franchise Professionals Group?
The International Franchise Professionals Group (IFPG) is a membership-based franchise consulting network with more than 1,300 franchisors, franchise consultants and vendor members. They believe in improving the standard of franchising and strive to provide innovative programs and training to the franchise industry. This includes helping aspiring business owners identify, purchase and effectively manage a franchise business.
Their members are committed to ethical and collaborative practices and providing a family-like feel with a culture of integrity and ethics. The IFPG is the premier franchise broker group and provides a wealth of resources to help you get started in a franchise business.
What Are the Advantages of Working With an IFPG Franchise Broker?
Working with an IFPG franchise broker has many advantages, including:
- Access to a membership-based network of franchisors, franchise consultants, and vendor members
- Innovative programs and training with industry-leading standards
- Knowledge of the entire franchising process
- Guidance to help identify the best franchise for your needs
- Collaborative family-like culture and atmosphere
The International Franchise Professionals Group is a great resource for aspiring business owners looking to invest in a franchise business. They have an extensive network of experienced franchise consultants and vendors who can guide you through the process of starting a franchise.
Starting a franchise business can be a great way to re-enter the workforce on your own terms, particularly if you’re a stay-at-home parent. Investing in a low-cost franchise can help minimize expenses while still garnering returns. We’ve covered what makes a franchise a low-cost option, the most successful franchises, and the resources you need to find the best franchise for you. We’ve also discussed the International Franchise Professionals Group and the advantages of working with an IFPG franchise broker.