If you’ve always wanted to own your own business but didn’t know where to start, franchising is a great way to launch your first enterprise.
Let’s start with the basics. A low-cost franchise is generally considered to be under $100,000 “all in.”
“All in” means the total out-of-pocket expenses you are likely to incur in getting your business up and running. That includes, among other things: the franchise fee, the marketing costs to promote your opening, any cost of initial equipment needed (usually leased), etc.
In order for a business to fall into this investment range, it will almost always, by definition, be home-based. This is because you are eliminating the need to lease space, build out that space, and buy expensive equipment. These are going to be service businesses, which rely on you to build it with your marketing savvy and networking skills. Here are a few of my favorites to start with:
WIN Home Inspection
WIN Home Inspection offers a home-based, low-cost startup and low-overhead franchise opportunity inspecting homes as well as commercial buildings for buyers, sellers, lenders, and real estate investors.
WIN Home Inspection has been a leader in the home inspection business for more than 20 years and has grown to over 187 locations in the United States. The company has developed a business blueprint known as the “WIN Way,” which is a structured plan to follow. As an owner of your home inspection business, your goal is to become a trusted advisor on the real estate team. You will network with real estate brokers to generate business.
Five Star Bath Solutions
This company is in the $50 billion bathroom remodeling industry. Five Star Bath Solutions is a franchisee-first business with tools, support, technologies, and competitive advantages for all their franchisees. With full in-house marketing and advertising, approximately 60 percent of franchisee leads come through online franchisor-managed sources. They offer a cutting-edge proprietary sales center and quoting technology/software to help build your brand in your territory. There is also an in-house call/sales center that allows franchisees to focus on building their business.
Mosquito Squad is proud to be North America’s first, best, and most trusted choice to eliminate mosquitoes, ticks, and the diseases they can bring to families and communities. It is the leading tick and mosquito control franchise with the most locations, largest footprint, and largest client base in the category. No one has eliminated more mosquitoes and ticks — and it’s not even close!
The founders are industry pioneers and created many of the programs utilized by the entire industry category. With over 135 franchises in operation and many more on the way, Mosquito Squad has grown at an incredible rate of 496 percent over the last three years, as recognized by Inc. Magazine. And they enjoy the strongest market share in the industry, by far. If your local climate is prone to mosquitoes, this is one to look at.
Patrice & Associates
Patrice & Associates is owned by Patrice Rice and has been in business for over 23 years. It is the nation’s leading hospitality recruiting firm. Their franchisees (and their recruiters) are committed to placing the right candidate in the right job by deploying an aggressive approach to finding top talent.
Patrice & Associates is not only the largest hospitality recruiting firm, it is also the only WBENC-certified hospitality recruiting agency. If you can sell — and don’t mind being on the phone all day long — this can be a very lucrative business.
This one is a category rather than a specific company. There are many fine property management systems in the franchise world.
The goal is to manage rental properties — lots and lots of rental properties. You will be calling on and networking with large landlord groups, homeowners associations, and realtors. You want to try to get 100 properties under your umbrella — can you say recurring revenue stream?
When I match candidates with franchise business models, I’m trying to match personality and skill set and investment range with the right business. If you’d like to take my free business assessment tool, click here.
Jane Stein is a member of the DailyWorth Connect program. Read more about the program here.