Joining a franchise can be a great way to start your own business. But with so many options available, how do you know which one is the best fit for your budget and skills? If you’re looking for an affordable option, this article has compiled a list of four of the most affordable franchises to own. From closet design franchise costs to pest control solutions costs, this article will help you find the best option for your business interests.
Before starting, you need to know the benefit of joining a franchise Vis-à-vis other businesses.
When you buy into a franchise, you are essentially buying into an already established business model. This means that you have the franchisor’s support, as well as the benefit of a proven business system to follow.
Additionally, because the franchisor has already done much of the hard work in terms of marketing and branding, you may have an easier time getting your franchise up and running.
Now that you know the benefits of joining a franchise let’s look at the factors you should look into when deciding which franchise to join.
- Initial investment cost: The upfront cost to join a franchise is the cost covering the initial fees, such as the franchise fee, equipment, and inventory.
- Franchise fee: This is the fee you pay to the franchisor for the right to use their name and business model. It is typically a percentage of your total investment cost.
- Ongoing fees: Besides the franchise fee, you also need to pay ongoing royalties to the franchising company. These fees are typically a percentage of your monthly sales.
- Net Worth and liquidity requirements: Most franchisors will require that you have a certain amount of liquid assets and net worth before you are approved to join their franchise.
It’s against this backdrop that the following are some of the most affordable franchises you can join if you have a limited budget.
Chem-Dry
Chem-Dry is a carpet cleaning franchise that has been in business for over 45 years. The company is one of the most affordable franchises to own, with an initial investment cost ranging between $56,495 to $162,457 and a franchising fee of $23,500.
So, if you want to try out your hand in the carpet cleaning business, Chem-Dry could be a good option.
Stratus Building Solutions
Are you interested in offering janitorial services? Whether it’s a restaurant, office building, or any other type of facility, Stratus Building Solutions is a company that provides cleaning services for all types of commercial businesses.
The company has a low initial investment cost, with franchisees only needing to pay between 2,700 to $100,000 for the franchising fee. Additionally, you need an initial investment of $3,450 to $100,000 to get started.
So, if you’re looking for an affordable way to get into the commercial cleaning business, Stratus Building Solutions is a franchisor you should consider.
More Space Place
Do you have a passion for home renovation? Can you stare at a closet hour on end and imagine all the possibilities? If so, More Space Place may be the franchise for you.
More Space Place is a home improvement franchise that specializes in Murphy Bed And Closet Design. With an initial investment of $102,800 to 185,100, you can become part of a company that has been in business for many years.
Be prepared to part with $39,500 for the franchise fee when you sign in.
Mosquito Squad
Just when the outdoor party is beginning to liven up, the pesky mosquitoes decide to crash the party. Do you know that annoyance? Fortunately, there’s a company that specializes in mosquito control, so rest assured that your next party won’t be ruined by these pesky insects.
Mosquito Squad, with a franchising fee of between $15,000 to $32,500, offers an affordable way to get into the mosquito control business. This pest control company offers a turnkey business model to let you hit the ground running from day one.
With an initial investment of between $17,050 to $79,425, you’ll be good to go.
There are many affordable franchises available for those with a limited budget. The key is to find one that best suits your interests and lifestyle. Consider your options carefully and do your research before making a final decision.
If you’re looking for an affordable franchise to join, there are many options available. Consider your interests and lifestyle when choosing a franchise, and be sure to do your research before making a final decision. With the right franchisor, you can be successful in owning your own business.
