Buying into a franchise is the best way to start your own business, without the hassle of developing a business plan, name or strategy. This makes it the perfect option for those who dream of being their own boss but have little experience when it comes to entrepreneurship.
One misconception that many people have about franchising is that you need to make a huge initial payment to buy into one. While many franchises for saledo ask for a good chunk of cash, there are also many options available that are fairly low-cost but still have the potential to make massive profits! If you are interested in franchising but have a tight budget, this article will guide you through the best types of low-cost franchises that are available to buy today.
What are the best types of low cost franchises?
Just because they are low cost does not mean that these affordable franchises will be shy of profits or growth potential. The price of many low-cost franchises comes down to the number of materials, products and equipment needed to start up the business in the first place. For example, home-based franchises will be far cheaper to buy than franchises that require a rented venue because there are fewer costs involved with getting started. Low cost does not mean low profit.
One franchise that can easily be run from a laptop at home is a travel-based franchise, such as a travel consultancy. Travel franchises primarily sell holidays and travel packages to keen jet-setters and will work from laptops or computers to connect with clients, browse for new travel opportunities and take care of admin.
Travel agency franchises can ask for as little as £995 as a minimum investment cost but have huge opportunities for profit. At the end of 2021, the travel industry is expected to boom, so it may be a good idea to grab this exciting business opportunity before they are all gone.
If you have a talent for entertaining children and would prefer to own a business that isn’t so computer-based, a childcare franchise may be the best option for you. Nanny and child care franchises tend to have extremely low minimum investment costs because they do not require any specialist equipment or the rental of a venue to start up.
As a nanny/childcarer, your day to day activities will involve travelling to various homes around the UK and looking after children whilst their parents are not available. This may be on an ad-hoc basis or some parents may arrange for regular childcare with your company. Most childcare franchises will require a DBS check before you can work with children and some experience in nannying is always a bonus to build your company reputation and secure clients.
Estate agency franchises
With housing in higher demand than ever before, estate agency franchises have the potential to make huge profits in 2021. For such high profits, the cost of investing in an estate agency franchise is actually pretty low, which makes it a great investment for those with a budget.
With an estate agency franchise, you will have four potential ways to make money: sales and letting, tenancy finding, property management and referrals. Each of these streams of income can be carried out with just a laptop, so an estate agency business could be run from your home office. Some estate agency franchises will ask for monthly payments from their franchisees, which takes away the stress of saving for a large minimum investment cost. If you don’t have money to spend but still want to invest in a business of your own, this may be the perfect solution for you.
With new businesses appearing every day, there is always a demand for expert coaching services that are hired to improve the skills and working practices of employees. If you are an individual with expert knowledge of business, marketing or another valuable area, you could start your very own coaching business.
Coaching franchises cost very little to set up as they can easily be run online. As a coach, you will be hired by other businesses to offer guidance and advice to their employees, teach new skills and improve the workplace. Your job will vary day-to-day and you could find yourself working with a range of businesses across the country. To ensure that you deliver the best coaching services, your franchisor will supply you with all the tools and training that you may need to provide excellent services and become a flourishing business.
There are plenty of low-cost franchise options available for those who dream of having their own business but feel limited by a smaller budget. Investing in a low-cost franchise does not mean that your profits will be small and many of these more affordable options have huge growth potential.