Do you want to start a business? Starting a business is one of the best ways to ensure you can get away from being dependent on a job, where you’re at the mercy of a boss. Plus these days a job isn’t secure at all. People are being let go all the time, being told they have to do more for less and simply not getting satisfaction from their work. A business of your own puts you in control. However, there are so many risks that come with starting a business. Here are a few of them:
The business has a high probability of failing within the first few years. This is because people are seldom prepared for any real serious setbacks.
A business usually costs a lot of money to get started and it takes a while to really see a profit. In the meantime there are still bills that need to be paid.
A business is going to require a lot of time and energy in the beginning to market it and let people know it exists. This also costs money and the cost can be substantial for the possibility of no real return on investment.
So what’s the solution? The solution is for you to start a franchise business. What’s better is that you can start a lot of franchise businesses for less than $50K. Owning a franchise for less than this amount is important for the following reasons:
You get access to a business that’s already an established brand. You don’t really have to market, because national marketing is usually rolled out for you. You benefit from it, but don’t have to choose to take part in special promotions if you don’t want to.
If you spend less than $50K, then in most cases your chances of making a profit sooner increase. Some franchises cost hundreds of thousands to get started and come with a lot of restrictions/requirements. The less your upfront cash outlay is, the more you can focus on other aspects of the business.
It’s far more likely that you’ll be able to get a loan for an amount of $50K or less than hundreds of thousands of dollars. The risk is just lower to a lender and as long as you’ve done your homework, then you have a good chance of having the franchise you start last for a long time.
You might be thinking, if the cost is less than $50K, then the franchise must not be as good. This isn’t the case. A lot of your success is going to depend on you doing research in order to know what’s needed in your area. What’s not being supplied? What’s the competition like? Frontend research is what’s going to lead to the highest chance of success.
Now let’s get into a few of the franchises you can start for $50K or less:
WIN Home Inspection
Startup cost: $36.2K-$53.5K
Pet-waste cleanup and removal
Startup cost: $30K-$42K
Science, technology, engineering, art, and math classes
Startup cost: $18.3K-$33K
In Home Pet Services
Startup cost: $9.2K-$35.1K
Travel & Hospitality
Group fitness classes, conventions, apparel, and accessories
Startup cost: $3.5K-$12.9K
Startup cost: $16.8K-$49.4K
Startup cost: $3.2K-$21.9K
Lil’ Angels Photography
School, childcare, and family photography
Startup cost: $36.3K-$40.8K
Printing and promotional products
Startup cost: $4.7K-$50.2K
We know that at first glance a lot of the above franchises might not jump out at you, but this doesn’t mean they can’t be very valuable for you. What you have to do is focus on what interests you. What you are passionate about along with what’s needed in a given area you’d want to be located. The low upfront cost doesn’t mean these franchises don’t make money, but it does require a serious individual in order to grow them to being as profitable as they can be. Also, even though the upfront cost is low you still should factor in other costs just to make sure you aren’t underfunded should you decide to own any franchise.