20 years ago a franchise would have cost you an arm, a leg, and probably your house. However things change and technology now means we can work from home without the need for expensive offices. Types of franchises have changed also and the widespread use of the Internet now presents us with a whole new range of online franchises.
A low cost franchise is generally anything under the 15k mark. Still a lot of money but compared with the shop front £250k franchises they are well shy of the hundreds of thousands it can cost to buy into the likes of McDonalds or Burgerking.
The myth that a low cost franchise is unlikely to bring you in much money is true in ways but quite simply you get what you pay for, however I would be wary of unsubstantiated claims of earning £150,000 per year for a franchise that costs £7,000. However as with many franchise you get what you work for and it is very possible to pay from 3,000 - 15,000 for a franchise and with a lot of hard work have a business with £30,000 + per year returns.
Some low cost franchises are nothing more than a system, you can pay a few thousand pounds for someone else's business plan and method and you are then given limited training to go out and follow the plan. although there is nothing wrong with this type of franchise there are certainly many out there who make money from selling the system only and not by running the system itself. Be careful of anything which looks to be multi level marketing opportunities as these in many cases just do not work and you will find yourself in the position where you have just lost your franchise fee and have no way of getting it back. I do use the word "franchise" very loosely for all multi level marketing "opportunities"
As with all franchises you really do need to do your research before diving in head first. Contacting other franchisees to ask them how they are getting on with their franchise is an absolute must and asking the franchisor how long they have been in business before and after franchising will give you an idea on whether this is simply a fresh start up on a long established company. We highly recommend you make a list of up to 10 franchises and start whittling them down to three or four that you find are genuine opportunities, once you have your short list you can then really start to put some proper research into action and make a decision on which is the right franchise opportunity for you.
Low cost franchises give everyone the opportunity to be in business for themselves and in this day and age not everything costs several hundred thousand pounds, even many shop front franchises come in at very reasonable rates now so look at your available capital and make your choices partly based around that. Here is to your success!
Advertising from home is also a low cost option, which involves making and distributing fliers. Usually potential customers will visit home for business dealing. Print good amount of fliers and give it to anyone who is visiting home like family, friends, mailman, etc. Business cards can also be distributed. Few selected people can be given sample of the product. For those who work outside home, employ college students to distribute fliers at supermarkets, community centers, or malls, especially on weekends, when there is a rush.
Spread the word by the mouth. Talk to everyone about the product and ask them to talk about it to others. It's a very powerful tool to increase the network and doesn't even cost anything. When receiving a casual call from family members and friends, don't forget to tell them about the latest events, discounts and promotions and ask them about what they are up to. If the parties are into the business, it won't hurt to promote each other. Joint ventures can be started with trustable people of the same trade. The only cost that will be incurred during the whole process is of printing fliers. For a better quality, professional can be hired to design them, as they will be able to play with colors and write motivating material.
Most of the businesses have company bulletin board that they use to put up company's latest news. Fliers and business cards can be tacked on such bulletin boards. But before doing so, check out with the human resource department before placing the information as most of the HR departments make it compulsory to consult them.
Parents are required to be in regular touch with the teachers to know about the progress of the child and they have meetings from time to time. Do not miss this opportunity and spread the word. Hand them the business card and fliers personally at the meeting, instead of just giving the contact number.
Get involved with fundraiser at schools, as it's a nice approach to market business. Prior to handing out the order received, collect all necessary information like business card pack, fliers, with proper information. Information can be based on what is the company about, what are the products and services provided, or how to get in touch with the company. In each individual order, carefully place all of them and seal the package properly. Presentation, too, is of importance and should be paid attention.
Voice mails can be put to good use, other than recording messages. They can help to deliver the marketing message. Greet with a brief message, following with website and email address, so that who ever calls will be already having the telephone number and they will be able to learn more about the business by visiting the website. When the company is providing special promotional offers and discounts, include information about those in the voice mail. Discontinuation of any services of products can also be informed about. Repetitive voicemails sound boring, so keep changing the voice mail frequently and add some creativity to it.
Most of the big businesses attach business cards or fliers with out going mail. This works for companies who send bills to their customers. For those who have customers paying online, they can send the information through emails.
Advertisements can be done, in the locality, by placing fliers on the bulletin boards of the local grocery stores, businesses, barbers, or butchers. People frequent these places and there is a possibility of getting a good response. Some businesses place a jar at the reception counter where the business cards can be dropped for future reference, while visiting them.
Both Matthew Franchise Anderson & Jerry Shannon are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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