It can cost millions of dollars to start up a new business. You have to develop a brand, install a business plan, start advertising, buy or rent a space, and create branded material to sell your product. One way to avoid many of these costs is to purchase a franchise with a company that’s already done the bulk of the work for you. Many franchises are still quite expensive, but there are some that you can start for as little as $50,000.
According to an Entrepreneur news report, there are many successful businesses you can start up for less than $50,000. This amount even includes the franchise fee and the initial costs for real estate, equipment, business licenses, operating capital, and supplies. It’s important to note that these businesses may have low startup costs, but become more expensive over time. Even so, it’s nice to know that there are a lot of great businesses that have low startup costs.
The top franchises with low startup costs include tax preparation company H&R Block, commercial cleaning companies such as Jan-Pro Franchising International, System4, Anago Cleaning Systems, Chem-Dry Carpet & Upholstery Cleaning and Vanguard Cleaning Systems, dance fitness companies such as Jazzercise, and travel agencies such as American Express Travel and CruiseOne. There are also property-management services, tutoring services, soccer programs, and insurance companies. Many of these companies need small office spaces and reasonable equipment purchases.
Many franchises listed in the report can start as low as $30,000, depending on the location of your business. If you are considering starting one of these franchises, it’s in your best interest to meet with an existing franchisee. Pick a lawyer’s brain about ongoing expenses, so that you can plan ahead. Low startup rates don’t always result in low management costs.
There are great opportunities out there for potential business owners, but all startups and franchises come with great financial risk. Make sure you understand your legal rights and options by reaching out to a New York business attorney who can help you plan for the future.