CNBC News 10 Low Cost Franchises https://www.cnbc.com/2019/09/21/10-low-cost-franchises-you-can-start-with-15000-or-less.html
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There are lucrative low-cost franchises you can launch with $15,000 or less, in fields ranging from event planning and real estate to travel.
According to the International Franchise Association, almost 4% of all small businesses in the U.S. are franchises.
Entrepreneurs opt for this model because they can buy a proven business concept and get marketing, job training and management support from a national franchisor.
According to the International Franchise Association, almost 4% of all small businesses in the U.S. are franchises. It’s an industry that generates more than $ 2.1 trillion and employs 18 million Americans.
One of the most appealing reasons to buy a franchise is that you’re buying a proven concept rather than starting a business from scratch. The operating details, marketing plan and advertising campaigns all have been developed and tested by the franchisor, and often you can connect with numerous other franchisees to gauge what it takes to be successful.
All that convenience, however, can come with a hefty price tag. To open a Taco Bell
franchise, for example, you have to have at least $750,000 in liquid assets. To open a KFC
, your net worth has to be at least $1.5 million. The average initial franchise investment is $250,000, excluding real estate, says the IFA, and average royalty fees paid by franchisees range from 3% to 6% of monthly gross sales.
Fortunately, there are other franchise choices that cost a lot less to start and still offer you the chance to be your own boss. The Franchise Business Review, a leading market research firm that sort of acts as the “Consumer Reports” for the franchise industry, recently identified 10 low-cost franchises that let you get started for $15,000 or less in cash.
“Many people think you need hundreds of thousands of dollars to buy a franchise business, but the reality is that there are some great low-cost franchises that can provide a very high return on your investment in the long run,” said Eric Stites, CEO and managing director of the Franchise Business Review. He added that some of the greatest opportunities are in franchises most people have never heard of before.
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