The category of franchise that you might choose depends on several factors including your lifestyle preferences and level of initial investment. During our initial consultation, I’ll help you determine which concept is best suited for your particular situation.
1. Home Based Service
This franchise concept allows the franchisee to run the business entirely out of their home. The service they provide may have a business-to-business (B2B) or business-to-customer focus. In some cases, the service itself can be produced entirely from the home as well, but often the franchisee may have to go out into the community to deliver the service, and/or have employees or independent contractors that do so. These are typically owner/operator style businesses with a low initial investment and very little overhead.
2. Non-Home Based Service
This concept doesn’t require a retail storefront but cannot be run out of the home. Instead either the customers or the employees of the business need a centralized location from which to operate. Typically, these businesses require building a team of employees that operate in the community. These employees may be skilled, unskilled, full-time, part-time, use their own vehicle or have a vehicle provided. The office setting for these businesses is usually a business park, light industrial space or executive suite which keeps the initial investment, overhead, and risk low for the new franchisee. Some feature an owner/operator model while others use an executive ownership (manager-run) model. Many offer a choice, depending on the incoming franchisee’s situation and goals.
3. Service with Heavy Outbound Sales Requirement
If you’re a sales animal, this may be the franchise concept for you. The ability and willingness to cold call, knock on doors and not be discouraged when rejected 90% of the time is necessary. Many of these opportunities are B2B, and are usually white-collar types of businesses, though not entirely. They may take a little longer to ramp up initially because of the need to build the initial customer base.
4. Light Retail – Under $250K Initial Investment
This franchise concept is typically located within anchored strip mall shopping centers. Their footprint is usually 2,500 square feet or less and they have relatively low leasehold improvement and build-out costs. Some of the concepts are designed to have the franchisee or a key employee at the location all day while others are more of a showroom or base of operations that can be covered by an hourly employee while the franchisee is out working in the community. A few even allow for semi-absentee ownership where the unit is run by a manager and the franchisee may keep their full-time job. A number of these opportunities are also geared toward multi-unit ownership.
5. Large Retail - $250K+ Initial Investment
These types of franchises can be in a shopping center or standalone building and are often in the $400K+ total investment range. They are also usually a recognized brand name with an established franchisee base. At MyPerfectFranchise, we have targeted businesses for this category that will satisfy a candidate’s desire to build a business and/or have a recognizable name, while also having strong ROI numbers. There is also a trend in this category where established franchisors are featuring or facilitating conversion programs designed to recruit a franchisee who will take over an existing independent operation, providing them with an immediate customer base and cash flow.
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