When you are considering starting a business, there are several fundamental components to figure out and create first – name, logo, market positioning – in addition to the unique products and services made available to customers and clients. By Dawn Abbamondi
When you are considering starting a business, there are several fundamental components to figure out and create first – name, logo, market positioning – in addition to the unique products and services made available to customers and clients.
Investing in a low-cost franchise not only covers those aspects of a new business startup, but the business model has also been proven. Another important addition to the equation – which should weigh in your decision – is the training and support available to franchise owners to not only start up, but also to operate the business.
Depending on your plan and budget to start a new business there are many franchises that fit into the $50,000 to $100,000 investment range. Plus, the pandemic forced brands to rethink essentials for a successful operation, becoming even leaner and more efficient. Whether home-based or mobile, low cost and quick startup means you can start working on ROI right away. Brands that have survived the test of 2020 demonstrate in their Item 19 or Financial Performance Representation resiliency to unforeseen, dramatically unusual, economic conditions. While that doesn’t guarantee 100% success, as a franchise candidate you have a much better picture of what you might expect in the future.
Make a list of what you want in your new business, then check off the boxes:
- What industry?
- Quick to startup?
- Amount of investment?
- Home-based or mobile?
- Few or perhaps no employees?
- Feeling a connection to the brand?
- Financial Performance Representation?
- Trust and confidence in the leadership team?
Whether you want to be in business selling food and beverages, supporting people with health and wellness, personal care, or professional services, you can find one that adds up: low cost plus quick start plus great earning potential plus resilient to economic changes.
Of course, you must make YOUR list. Prioritize the most important aspects. If lower cost is most important, don’t compromise by investing more than your budget. When choosing a franchise brand to join, you need to make sure it all adds up to equal your success.
– Dawn Abbamondi
Dawn Abbamondi, director of brand development and marketing at SMB Franchise Advisors, has over 20 years of extensive franchising experience in the coffee, food, convenience, gift, and floral industries. Dawn leads the areas of marketing, social media, public relations, web development and lead generation. Contact her at 215-370-7998, Dawn@SMBFranchising.com, or visit SMBFranchising.com.