Looking for a Low Cost Franchise Opportunity?
Nick Strong, MD - Select Your Franchise
In the light of the economic turbulence of recent years, people are taking more care over the cash they have available, and trying to make it stretch further. In spite of this, our website www.selectyourfranchise.com is as busy as ever with many people searching for a the right franchise business to bring about a change in their job direction or maybe to invest available capital into a new business venture. But how does one go about finding a franchise that’s low cost?
There are literally hundreds of franchise opportunities available in the UK and the obvious answer to what is ‘low cost’ depends entirely on the scale of capital or funding that you have available to invest. It’s also important to bear in mind that a low initial franchisee might not be the end of the story. What additional start up costs are required? What will the ongoing franchise management fees be?
The franchise fee for buying a franchise can range significantly from as little as a couple of thousand pounds up to hundreds of thousands for some top end retail type franchises.
Considering Low Cost Franchise opportunities
When considering a low cost franchise, it’s worth noting that although a low initial risk may appear an attractive option it may also be a restrictive factor. Well known and reputable franchise businesses, may command a larger initial investment partly as a result of the additional benefits that their brand presents to likely buyers. Take some of the high street fast food restuarant chains for example; part of the business benefit is instant recognition and awareness of the brand and what to expect in the way of service and quality. This benefit cannot be underestimated.
Many of the more affordable franchises, when it comes to a low investment level, are typically home based franchises. This is primarily down to the fact that expensive business premises leasing or rental is not normally required. This naturally saves greatly on overheads. In addition, a great number of these type of franchise opportunities require less than £10,000 investment fee to get started. For a variety of affordable options you might start by flicking through the low cost franchises section or work at home franchises section of some of the internet franchise directories.
Make the most of your visit to The Franchise Show 2012
Joel Caws - Technical Director, Select Your Franchise
Attending a franchise show can seem a daunting experience for any considering starting a franchise. With the huge variety of franchises exhibiting at a franchise exhibition, like The Franchise Show coming up this weekend at ExCeL in London, you might wonder how you can possibly consider them all in the 6 or 7 hours that the show might be open for on a given day.
There are several great reasons for attending a franchise show or exhibition:-
- The ability to speak to a number of franchisors all under one roof.
- The benefit of many free seminars from industry experts that will help to inform you on the subject of franchising and starting up a franchise business.
Of course, its unlikely that you’ll be able to talk individually, and in any depth, to more than a handful of franchise systems. So, how can you possibly decide who best to speak to in order to avoid wasting your time there and ensuring you come away with some useful insight and information?
The answer is to take a little time before you attend the show to do a little preparation:-
- Find out beforehand, what finance you might have available to invest and think about the kind of business that appeals to you. e.g. office based,van based, shop based. And would you prefer to deal with consumers (retail) or other businesses (B2B).
- Do some initial research using a franchise matching service to get an initial idea of some of the franchises out there. This will at least narrow your options to give you an idea of the type of business options available and the ones you could afford.
- Check the web site for the franchise show or exhibition for the exhibitor list. You might see some names that you recognise from the online research you have already done.
- Draw up a shortlist of the franchises you would most like to talk to.
- Once you arrive at the show, grab a show guide and look up the floor plan. From this you can plan a route round in order to speak to the franchises on your shortlist.
Making use of the ideas above could help save you a lot of time and ensure your time at the franchise show is well utilised, to come away informed and ready to take your next steps.
Part-time business opportunities for busy working parents
Nick Strong, MD - Select Your Franchise
A part-time business can be a great means of enhancing an existing income or starting up a business which requires flexibility of working hours, for example parents with children. If your time is constrained, you will likely find working in a full-time job impractical, and so a part-time franchise opportunity may well offer you a means to making money without giving up your existing family or private commitments.
While a good number of franchise opportunities demand a full-time commitment, there are a variety of opportunities which lend themselves to, or have the option of, being run as a ‘part-time’ business. Here are couple of types of business which can be suitable for part-time work seekers:-
Internet Based Franchises
These franchise businesses focus on provision of services via the Internet. The part-time options are ones such as the offering of online advertising to local businesses, or selling of products via an online website. Of course, the ‘best’ hours to work in these type of businesses will be determined by your target customers, i.e. if you are selling businesses-to-business it will be important to be available to work on your business during normal business hours. If you website is mainly focussed on providing product or services to consumers, the timing may not be as important.
Childrens Franchise Opportunities
Franchise businesses based around providing activities for young children are increasingly popular with working parents. This is because they can often fit perfectly around a school day which is great if you have a young family with children at school or nursey. These are often providing a place for parents to meet with young children and providing fun activities for them, often centered around music.
Investing in a Part Time Franchise
Of course the above is just a couple of examples of the businesses you might consider. Before investing in a part time franchise, ensure you have considered funding selections with your bank as you will likely need finances to take on your franchise business unless you already have some your own savings capital. The franchise departments of the major high street banks can be a good resource of information on the franchise system that you might be researching.
Once you are happy that you have the required finance available, make a time to visit the franchisor so that you can inspect their outfit, support setup and head offices. Remember that you will be in business with these people on an ongoing basis so be sure you feel calm and at ease with them. In addition, acquire a list of their franchisees as references and ensure you take some time to talk to them to get their opinion about how the franchise opportunity works for them on a daily basis.
Check with an expert franchise legal advisor to ensure you have everything covered once it comes down to signing any franchise business agreement. Its prudent to be fully informed on any contract you are entering into with the franchisor. Once you have made your choice, dedicate yourself to following the proven franchise system and get pleasure from the benefits and lifestyle of operating a part time franchise.
To find out more about part time franchises, see our part time franchise section.
