There are literally thousands of franchise opportunities across the UK that you can invest in, ranging from the huge brands like Mcdonalds to smaller more local brands which you may not have heard of. Not everyone has tens of thousands or even hundreds of thousands of pounds to spend buying a franchise so if you are looking to start up a franchised business and buy into a successful local brand then there are hundreds of low cost franchises which could suit your needs.
These low cost franchises tend to suit parents with busy lifestyles or act as an additional income stream for those already in employment, however they can also be big earners if ran well and you can quickly go from running your low cost franchise part time to full time and expanding your operation.
The real positives about investing in a low cost franchise are:
1. Low initial investment cost making the opportunity affordable to all.
2. Can be run part time or full time to suit your lifestyle and commitments.
3. Ongoing marketing help from the franchisor and mentoring to help you make a success of your investment.
Some drawbacks about investing in a low cost franchise could be:
1. Lower level of support from the franchisor when compared to more expensive franchises
2. Lesser known brand and national branding than those of the bigger brands
3. Lower revenue streams where the likely income is capped by demand.
With a lower cost franchise my advice would be to look at several and do some rigorous research into the product and the franchisor to see how viable the business is. Obviously some products are not going to sell well in every area of the country so doing some market research into your local area would be a good idea to see if it can support the product or service.
You can also use the internet to search for reviews, testimonials and articles on the franchisor to see how their public image is. You could find dozens of people who have bought into the franchise and are very happy which is of course a good sign, but then again you may only be seeing reviews left by the franchisor themselves so be wary about where the reviews have came from. Doing your research into the franchisor is key to ensuring you are going to make a success of your newly bought franchise business so do not just go by the word of the franchisor that it is a viable investment, hunt around for current franchisees and speak to them to see how they are finding their investment.
All being said and having done your research and invested in a low cost franchise you are still onbly at the beginning of your journey into franchising. You should have some marketing materials and the all important franchise handbook to guide you through running the franchise well, as well as having completed any training courses provided by the franchisor. The next step is dedication and a good understanding of the business you have bought into.