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These days, it's hard for people to get their minds off their finances. Stock markets around the world are down to record lows, American banks seem to be folding one after the next, and even oil has lost its value in recent weeks. For some people, it's almost come time to think about starting a UTM account (Under The Mattress), because it may just be more secure.
Of course, that's a bit of economic tongue in cheek, but in all honesty, people around the country, and the globe, are scared. For many, this is not even remotely the time to consider investing in the purchase of a business. And even for those entrepreneurs with good investment opportunities before them, it may still be unwise to spend a great sum of money on certain investments until the economy recovers.
Fortunately, you don't have to utterly break the bank in order to purchase a franchise business. Though it seems like the initial purchase price of any business would have to be high in order to turn a good profit in the future, that's not true. There are many franchises in valid and profitable industries that come with very reasonable price tags. Here are just a few of them.
Home Services
The story that many economists and business experts are telling is that when home sales are down, home services are up, because people want to make the most of the home they're in. And because many home service franchises are mobile, work from home businesses, the purchase price and overhead costs are very low.
Carpet Creations & Flooring of America is a great example of a cost-effective home base business. For just under $20,000, a new franchisee can own and operate a flooring dealership without the common hassle and associated expenses of having to manage a warehouse, sales floor, and staff. With little more in hand than a book of carpet and flooring samples, franchisees meet with clients in their homes to decide on the right flooring for them. They place a simple order, and the carpet is delivered and installed immediately. The franchisor helps each dealer learn the ins and outs of the industry, practice the best sales tactics, and develop a keen marketing strategy for his area. And because franchisees are connected to a national name, they get better pricing than anyone.
For those who like to get their hands dirty, however, there is also great business opportunity with The Grout Doctor, the standard-setting name in the aftermarket grout repair and maintenance industry. Recognized by both Entrepreneur and Franchise Business Review as a leader in franchising, and more specifically low cost franchises, The Grout Doctor provides new franchisees with all the training necessary to succeed, equips them with both professional tools as well as products for sale to customers, and keeps in constant communication with each franchisee to ensure continued growth. And all of this costs a very minimal $20,000-35,000.
Business Consultancies
Under normal circumstances, business consultation is a rather successful industry because businesspeople everywhere are interested in making the most of their investment. Under tight economic conditions, that thirst for success becomes even more acute, as the danger of failure pushes businesses on. For that reason, business consultants remain in high demand. And one great example of this strong demand is for Padgett Business Services franchisees, who specialize in helping clients with their business finances.
Touted as one of the best accounting firms and franchise businesses in operation today, Padgett Business Services helps clients with payroll services, accounting, tax preparation, and a variety of other financial issues. And as franchisees help clients, the franchisor helps franchisees by providing a wide array of support, including help to continue educational pursuits. Though it costs more than some other franchises, Padgett Business Services still sports a relatively inexpensive price of only $89,000 or less.
Vending Distribution
By far one of the cheapest business opportunities available, vending is also one of the most cost-effective, lucrative, and consistent business possibilities. Widely accepted as a recession-resistant business, it's an easy-to-operate model that virtually anyone can profit from at a lesser cost than almost any other kind of operation.
Allstate Investment Group is a perfect example of all of this. Costing as low as $9000 initially, this franchise is capable of turning an annual profit of $170,000 for as little as 18 hours of work per week. Estimates say that the average vending franchise owner only works one hour a week for every machine that he operates, and in this industry, it's said that the average hour of work equates to an earning of just over $70. But with Allstate Investment Group, that potential earning increases because their machines are custom designed to carry both snacks and beverages, which is said to drastically increase sales potential.
Contrary to popular belief, however, vending is not restricted to food products. The Back Rubber, for instance, is a home business built on pay-per-use leather massage chairs: a profitable source of income for many. Located at malls and shopping centers around the country, these chairs offer passers-by the chance to retreat from the stresses of shopping for 15 minutes or so, all for only a few dollars. All franchisees have to do is find new locations for their chairs and make the weekly rounds to collect their earnings. It's simple, there's very little overhead, and it can cost as little as $7000 at the outset.
Brave Business
Of course, looking at a franchise list and acknowledging the plausibility of a business endeavor is easy enough, but stepping out and making the purchase, even if it's an inexpensive one, is a completely different ballgame. With a more complete understanding of how realistic profiting from a cheap franchise is, carefully analyze your financial status and decide if taking a business leap is logical for you right now. If it's not reasonable now, don't do it. But if it is, don't hesitate to put fears aside and step up to the plate.