Looking For a Low Cost Franchise?
If you’ve seen this title and have already decided that this is an important one to read, you’re already a good deal ahead of the game in picking out what kind of franchise is for you: a low cost franchise franchise. That’s a good start in whittling down a profoundly long list of potential candidates, vying for the honoured role of your next business endeavour; but even once you’ve knocked all the more expensive franchise opportunities off the list, there is still a great deal of work to do in deciding which of the remaining options is the best one for you, and the most sensible place to begin is at the beginning.
Taking a wide-angle glance at the process, there are four primary aspects of yourself and your life to consider before you commit to even a low-cost franchise. Price range: exactly what low price are you able to pay? Lifestyle: how do you live, and how do you want your work to fit into that lifestyle? Personality: what traits do you have, and how do you work best? Skills and experience: whether it’s natural to you, or something that you’ve learned over time, what are you capable of?
Granted, we’re dealing in low cost franchise opportunities, but that category can be a bit deceiving when it contains businesses that can cost under ?7000 and over ?40,000. At the lower end of things, some businesses can cost as little as ?6750, like Xfactor Dates, a franchise business that has no merchandise and little, if any, overhead, because they deal solely in communication and social planning. On the opposite end of the spectrum, however, The Cleaning Company advertises that they can be priced as low as ?5000, but can also get as high as ?37,500 depending on a number of factors, including equipment needs. The last thing you want to do is to get all worked up, only to get into a business that you cannot afford. And since walking into a new business with no cash on hand is a terrible idea, know exactly what you have and what you can spend without jeopardizing your future. Once you’ve got your low-cost price range, stick to it.
How do you live? This is a very important question as you think about the kind of franchise you want to invest in. Overall, there are two classes of work-at-home businesses to choose from: stay-at-home and mobile. The names are simplistic, and so are the operative styles they describe.
A good example of a stay-at-home business is Activ Web Design. Regardless of your experience level, this franchise provides you with all the tools you need to provide clients with professional websites, something you can do on your schedule, without ever having to leave you home. PCC Professional Car Cleaning is entirely the opposite. Though there is indeed work to be done at home, the franchisee has to be out every day, going to job sites and doing the physical work of cleaning people’s automobiles. Depending on the way you live, and the way you’d like to live, one of these is likely to sound far better than the other: one has a set schedule, and the other lets you sleep in and work on your own time; one requires a uniform, and the other allows for working in slippers; one involves equipment and a company vehicle, and the other can be done from your living room couch. Which sounds more like your ideal life?
This is actually very close to the previous consideration, but is slightly different in that, in its most general terms, it deals more with what social circumstances a franchisee thrives best under. Whether you work better in close contact to others or by yourself will make a huge difference as to what low-cost franchise is better for you. Activ Web Design works here as a good example again. Other than communication with the client to figure out exactly what they want from their website, most of the work is done in solitude: many hours alone with a computer. An Xfactor Dates franchisee, on the other hand, is responsible for schmoozing with people at every social event, as the company’s network expands. One business is best suited for an introvert, and the other requires a person to be very extroverted. Which one you are is going to heavily impact a wise business decision.
Skills and Experience
This facet of things doesn’t play as vital a role in a good business decision as the others do, but it is still a good thing to think about: what do you know how to do? Only a very small group of franchisors require new franchisees to have experience in the field the business deals in; almost always, the company will teach the new franchisee everything he needs to know about making the business run; via training seminars and ongoing support. Even still, your business experience and natural skill-set can play a part in your decision, because it’s never a bad idea to know more about your field than the required minimum. If you’ve got a background in computing, franchising with Computer Troubleshooters could be an easy transition to make, but if you’re a talented saleswoman, take a stab at a Cardgroup Greetings small business. Of course, you can always mix it up and learn something new, but there’s nothing wrong with doing what you know already.
All this is just the very high-altitude overview to give everyone a good starting point for finding the right franchise opportunity; there are dozens of more applicable questions that answering any of these four will take you into, but it’s nice to have somewhere to start. Knowing what you bring to the table of your career future and business choice is essential to finding the niche in which you will excel, and excelling in business is what we’re all looking to do.
Matthew Anderson is a franchise consultant and founder of The Franchise Shop, a UK business franchise directory featuring low cost franchise opportunities and accountancy franchise opportunities