For those seeking to be their own boss, franchises offer the potential for financial independence with the advantage of a proven track record. While some of the big names in franchising require million dollar investments, there are aÂ number of franchises out there to choose from that are low cost, with a high return on investment. According to FRANdata, there are currently 668 franchise opportunities covering 29 industries with investment requirements of under $100,000.
Franchise Business ReviewÂ released a report on the top low-cost franchises, and the median investment for their list of companies was $67,130. According to Franchise Business Review, factors you should carefully consider include startup costs, market demand for the product or service, franchise fees, potential revenue, and contract provisions. Other factors to consider while choosing the right franchise to fit your interests and skill set include franchisee satisfaction, profitability, training and support, fees, and the number of successful franchises.
If you are thinking about investing in a franchise, here are eight affordable suggestions to help get you started:
CruiseOne Dream Vacations travel agency franchisees sell travel packages, including travel protection, shore excursions, hotels, and tours to individuals, couples, families, businesses, and other groups.
Startup Investment: $495 -$9,800.
Heaven’s Best Carpet Cleaning offers a franchise opportunity for carpet cleaning, upholstery, and tile and grout cleaning. Heavenâ€™s Best uses a low-moisture cleaning system, so the carpet dries completely in under an hour. This franchise offers in-house financing to cover the franchise fee.
Startup Investment: $28,900-$64,000
HouseMaster is a home inspection franchise. Inspectors provide a comprehensive report on all physical conditions, using tailor-made software tools. HouseMaster has relationships with third-party sources, which offer financing to cover the franchise fee, startup costs, and equipment.
Startup Investment: $60,100-$107,900.
This is a pet sitting and dog walking franchise that provides training and ongoing support. In Home Pet Service is a reliable, dependable, and flexible company; all their sitters and walkers are insured and bonded.
Startup Investment: $9,100-$ 31,200
5.Â Mosquito Joe
This pest control franchise provides commercial and residential services for killing mosquitoes, fleas, ticks, and some flies. The exploding outdoor pest control market is driven by media reports of mosquitos and consumer health concerns.
Startup Investment: $68,850-$119,250.
This “paint and sip” art class is part of the recent trend in lifestyle franchises. The concept aligns instructional art with friends, drinks, snacks, and a lively instructor, as customers produce individual works of art.
Startup Investment: $89,300-$143,300.
7.Â Payroll Vault
This franchise is a national leader in providing payroll and workforce service. Outsourced payroll services are increasingly becoming more of a must-have for business owners. The company works with franchisees to help them develop and manage skills.
Startup Investment: $42,000-$69,000.
As America’s largest home staging company, this franchise helpsÂ homeowners and real estate agents make vacant houses more appealing to buyers, filling them with furniture, accessories, and art. They also provide home managers to live in and manage the house until it’s sold, who pay part of or all the utilities and reduce the risk of vandalism.
Startup Investment: $43,300-$78,000.