The Truth About Low Investment Franchises.
"Cheapest franchises to open" and "cheap franchise opportunities".
Those are some of the key word phrases that are driving people to our site from Google these days.
Clearly there has been a market shift. Duh!
Just two months ago Jill and I were flooded with requests for large franchise diversification strategies. Multi-unit development plans to build a passive empire that could make millions. Clients would call and say "the job was good, the portfolio was good and they wanted another diversification play."
Then COVID 19...
We all sort of knew something was coming that would disrupt our non stop market growth... thus, the interest in franchise diversification strategies... but none of us knew it would be a virus that would devastate families and economies across the globe.
And now we are here.
Folks from all walks of life faced with pivoting. Changing. Taking this new set of circumstances and moving forward. Adapting.
Many of our clients still have plenty of cash to throw at a business -- as they've pulled out of the market and see huge buying opportunities in franchising. Some of our clients however, are scraping every penny together to invest in a business that is lower investment and can be worked full-time. Jill and I understand. We were once there too. We used every penny we had to start our business and maybe a few pennies from Dad too.
So this begs the question... can a low investment franchise truly be built into a viable, money-making business?
Can a low investment business really replace your six figure income:
The answer for some is NO.
But the answer for many is ABSOLUTELY YES.
So how do you know which low investment franchise is a good investment?
My first answer is: (shameless sales pitch alert) work with a professional franchise consultant! Some low investment businesses are truly dreadful and will waste your time and money. We in our profession can steer you away from these and help you make a safe investment.
My second answer is: be prepared to work. Hard.
Low investment franchises are rarely (if ever) absentee or semi-absentee. You are going to have to put in the sweat equity. And that's really not such a bad thing. After-all, you were willing to do that a few weeks ago for your boss, right? There is a magical feeling to working for yourself and building something for yourself and your family. It's more than a J-O-B. It's a cash generating asset that will eventually be able to work without your 9-5 sweat equity.
But please... Be realistic.
Your selections will be more limited with low investment franchises so you likely won't find what appears to be your perfect spiritual match in this type of business. And that is OK. Use this first business as a stepping stone to controlling your financial future, making more money and eventually investing in another bigger business. Repeat. Think of your first house... Was it a multi-million dollar mansion? Probably not. But using the right strategy over time, you graduate to a bigger and better home. The same holds true for franchising.
So, YES. There are some wonderful low investment franchises starting around $20k. If you can go up to $50k... you can take advantage of some tremendous loan programs that are available through the end of Q3 2020.
The point is, a little investment in yourself now can go a long way towards making sure you never have to be in an employment situation like so many are experiencing today. Why just the other day, a client of ours who invested in a low investment franchise told me he already had achieved a record revenue month -- before it was half way over. And had already made more money in those two weeks than he did in 4 years at his previous job.
He put in the work in a "safe over sexy" franchise and now is reaping the rewards.
That's the power of franchise ownership - at any investment level.