January 6th, 2018 - Franchises Under 10k
5 of the best cheap franchises to start building your business empire
Many people dream of leaving their nine-to-five job and becoming their own boss but never take the leap because of not knowing where to begin. Starting a new business can be an intimidating prospect; you are responsible for every single decision and in the early days, reliant on trial and error.
Franchises solve this problem by offering new franchisees the opportunity to run their own business, but rather than relying on guesswork, the franchisor prescribes a system on which the business is run, and provides training and support. New entrepreneurs looking for cheap franchises to start, will probably be looking for something quite different in a franchise to that of someone who already owns several big businesses.
This guide covers the basics of what to look for if you are new to running your own business, plus offers five options that are perfect for starting out.
Get started on your new business today. Take a look at our list of cheap franchises perfect for new entrepreneurs.
What to look for when starting a cheap franchise business
When starting a cheap franchise business as a new entrepreneur, the general aim will be to develop your business skills and knowledge as quickly as possible, whilst minimizing any risk. When searching for possible franchises, consider looking for the following:
A low initial investment. Many people opt for franchises under 10k to allow them to start small and then build up the business as they become more experienced. This reduces the risk of financial loss should things not go to plan.
A home-based business. There are many benefits to running your franchise from a home base. You will have reduced overhead costs by not having to lease premises, you will save money on commuting to a fixed base, and again, you will reduce the risk of financial loss by not being tied into a lease should the business cease trading.
No previous experience needed. When you buy a franchise, you should expect the franchisor to be as interested in vetting you, as you are in them. This is because they will want to ensure that you are capable of successfully running a business under their brand name.
Some franchisors require previous experience in certain areas which won’t necessarily work for someone new to running their own business. Opting for franchises under $10,000 that require no previous experience is therefore perfect for budding business owners.
Good training and support. A franchisor that does not require any previous experience should provide adequate training and support to enable you to run the business successfully, but don't take that for granted. The Franchise Disclosure Document (FDD) outlines the franchisor’s contractual support obligations, and also provides details of its training programs.
Review the FDD for pre-opening training and support so you can get started on the right footing, as well as post-opening training and support to ensure a continued smooth operation. Speaking to existing franchisees about their experience of the training and support they received from the franchisor is critical to get an objective view, rather than relying solely on the sales pitch of the franchisor.
You will be able to access existing franchisees’ details in the FDD and should contact as many as possible. You can also ask existing franchisees about their experiences in general, their profitability and any struggles they have encountered.
Start now with a cheap franchise under 10000 dollars
The following five franchises have been selected as they are perfect for new entrepreneurs looking for a cheap franchise under 10000 dollars that meets each of the requirements suggested above.
PerkUp is a digital loyalty and engagement business aimed at local retailers. You are able to help your customers offer digital loyalty programs, a loyalty tablet kiosk, text marketing and social reviews. Perk Up does not require you to have any previous business experience or programming knowledge, as all training is provided by them. The minimum investment is $9,995.
Coverall is a proprietary cleaning program aimed at commercial customers. Their premise is that businesses should not just look clean, they should be clean, citing the billions of dollars in lost revenue that companies incur due to employee illness and reduced productivity.
This franchise is also suitable for veterans. Coverall will take you through an 8-week intensive training program so no previous knowledge or experience is needed. The minimum investment is $7,088.
Lil’ Angels Photography
If you are looking for cheap franchises to start, and have an interest in photography, this business could be perfect for you. Lil’ Angels Photography is a network of home-based photography studios offering professional quality children's portraits, at school picture prices.
Even if you are not currently a photographer, you can still successfully run this franchise as Lil’ Angels Photography provides all the training you need to take high quality photos. The minimum investment is $10,000.
Oymagic is an environmentally friendly, pet-safe carpet cleaning system aimed at residential customers. Oxymagic provides training in all areas of running your franchise, plus the cleaning system itself. The minimum investment is $10,000.
Speaking Roses is a unique business that prints personalised messages on live flowers, fruits and edible products. They provide the printing system, plus full training and ongoing support. The minimum investment is $8,995.
Each of these opportunities are new franchises that you would set up yourself, however bear in mind that it is also possible to buy a franchise once it is up and running.
An existing franchise offers the benefit of skipping the setup phase, which can take some time. You are also able to analyse the performance of the franchise, based on actual historical information, rather than estimates provided by the franchisor.
More cheap franchises to start
We have covered five perfect cheap franchises to start in this guide, however there are many more listed on our website. Head over to Franchises Under 10K and use our suggested list of qualities that a franchise should have to find your ideal new business.
Browse our list of franchises under $10k and find your ideal new business opportunity today.