FBR-Low-Cost-Franchises-2017

SPECIAL REPORT: Top Low-Cost Franchises
“Be ready to commit 100%! Owning a franchise
does not mean you are owed success, you have
to be ready to earn it.”
FEATURED
Franchisee
• Scalability: If you aren’t buried in debt and
are making a good profit, you may well have
the funds needed to purchase additional
locations or territories. Based on our current
research, the average pre-tax income for
two of the most lucrative low-cost sectors
is $103,400 for Real Estate and $95,700 for
Business Services.
“Investing in a low-cost franchise is a
low-risk opportunity that will allow you
time for growth,” says Erin Patrick, Director
of Operations for Just Between Friends. “In
addition, you have the option and the ability
to purchase additional territories without
having to take out large loans and go into
debt that could take several years to pay
off.” Just Between Friends provides pop-up
consignment sales events that focus on child
and maternity items. 100% of its franchisees
work from home.
• Resilience: Since they typically do not to
require much overhead and staff, low-cost
franchises may fare better through challenging
economic times. This is especially true
if they provide non-optional services such
as senior and child care or automobile and
home maintenance.
• Remote Work Capabilities: The majority
of low-cost franchises are service businesses
that can be run out of a home office. Some
franchisees can run their business from anywhere,
including a beach while on a family
vacation, as long as there is Internet access.
WHAT TO CONSIDER BEFORE INVESTING
IN A LOW-COST FRANCHISE
Prior to investing in any franchise, it’s essential
to analyze startup costs, market demand for
the product or service, franchise fees, potential
revenue, and contract provisions. Other
factors to consider while choosing a franchise
are if it fits your interests and skill set as well as
franchisee satisfaction, profitability, training
and support, fees, and the number of successful
franchises.
• Support: “The best thing about a franchise
model is that it offers start-up processes, sales
tools, back office, lead opportunities, marketing
components, suppliers, resources and
so much more for one price. I didn’t have
to re-invent the wheel,” says Eddie Diaz of
Dream Vacations. “My Dream Vacations
franchise provides me with confidence, peace
of mind, a committed corporate headquarters
team behind it, innovative software, stellar
support and simply a group of like-minded
individuals all working toward the same
goals. Their support, engagement, and commitment
are outstanding. All these are key in
selecting the right franchise opportunity.”
“Before you make the decision to join a
franchise, speak with your family and/or
support system. Tell them you’re considering
owning a business and ask them what their
thoughts are about you being a business
owner. Without the support of your support
system, it will be more challenging to
succeed,” says Chuck Bongiovanni, CEO and
Founder of CarePatrol Franchise Systems.
“Be ready to commit 100%! Owning a franchise
does not mean you are owed success,
you have to be ready to earn it.” CarePatrol
helps seniors and their families in selecting
and transitioning into assisted-living and
independent-living homes, nursing homes,
and Dementia and Alzheimer’s memory care
facilities. About 90% of its franchisees work
from home.
• Culture: “Make sure the culture of the franchising
company aligns with your values and
lifestyle. Also research the level of ongoing
support provided by the franchisor,” says
Tom Hofacre, Creative Director at Town
Money Saver. “In addition, evaluate your
skills to make sure you’re able to succeed in
the industry in which the franchise operates.”
Town Money Saver is a monthly direct-mail
advertising flyer distributed to homes and
businesses.
Continued on page 10.
Susan Palenik
Cruise Planners,
An American Express
Travel Representative
Rahway, N.J.
Franchisee since Dec. 2009
What is it that you like best about owning your
franchise? Being in control of my own success.
I can work from anywhere at anytime.
How is it that you entered franchising? After
losing my job of nine years due to its being
outsourced, I wanted to create my own personal
destiny working in an industry that would give
me joy. I always had a passion for travel, so
when I researched Cruise Planners, knew it was a
perfect fit for me.
What have you found particularly beneficial
about being a franchisee. I didn’t have to over
think how to get my business of the ground or
worry about start-up costs. Cruise Planners is a
business in a box. My only job was and is to sell
because Cruise Planners simplified getting my
business off the ground with accounting, setting
it up, and handling marketing. I enjoy feeling part
of a business “family” the members of which,
my franchisor and fellow franchisees, help each
other succeed. My coach receives my calls and
always helps me come to the best decision for
my business and me. My peers provide guidance
and support.
What advice do you have when it comes
to achieving success as a Cruise Planners
franchisee? Plan your schedule around your
clients. My clients do not normally book a
vacation during normal business hours, so
I am available after 5pm and on weekends.
You have to be able to pick up a phone and build
a relationship. People have to know who you are,
trust you, and just plain like you for them to give
you a credit card number.
For more information about Cruise Planners,
An American Express Travel Representative,
please call (888) 582-2150 or visit
CruisePlannersFranchise.com.
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