If you’ve been thinking about owning your own business, but you haven’t been quite sure what approach you want to take, have you ever considered having a franchise? Not only is it an effective way to get name recommendation in a variety of industries, but it also tends to have low overhead costs. Plus, there are all kinds of training programs available to help you make your franchise successful; ones that provide operational, marketing and even real estate support.
If this sounds like something you would be interested in but you’d like some tips on how to approach franchise ownership in a way that will help you to not spend a ton of money in the process, we’ve provided you with five effective budget-friendly tools below:
Research low-cost franchises. Before doing anything else, spend some time researching the kinds of franchises that don’t cost a ton of money to start or operate. Some of the ones that are currently wise financial choices include senior home care, home and office cleaning, pet sitting, youth sports and pizzas and delis.
Look at several different banks and credit unions (before setting up an account). You are definitely going to want to keep your franchise account separate from your personal expenses. But before opening up a business account, we recommend that you look at several banks and credit unions within your area to see which one will offer you the best kind of service. The good news is that financial institutions tend to look quite favorably upon individuals who are franchise owners.
Take advantage of social media. Although you definitely need to market your franchise in order to attract customers and clients, thanks to social media platforms, a lot of that can be done without spending a dime. For starters, create a Facebook fan page, Twitter account and make sure that you’re listed on Linked In. When it comes to your business cards, remember that websites like Vista Print will print them for a very low fee.
Buy used. When it comes to the equipment that you might need for your franchise, try to avoid purchasing new items. Instead, look for some that are gently used. They tend to work just as well but at only a fraction of the cost. Also, when it comes to office supplies, remember that pens and pads at the Dollar Store work just as well as ones at the more commercial supply stores.
Hire slowly. If you were to go onto a website like The Learning Experience Franchise for some tips on how to run a franchise in an economical kind of way, one of the things that they would probably recommend you do is not be in a rush to hire a lot of staff. So as you start to earn a profit, put the money back into your franchise rather than adding more employees. Take your time, increase your profit sales and when it’s right, choose only the best people to work for your company. Good customer service is paramount to any franchise’s success.