Are you exploring low investment franchises to buy? Allow me to explain what a low cost or “cheap” franchise could actually mean.
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0:00 Who doesn’t want the lowest-investment franchise out there? Most people come to me wanting the cheapest franchise investment with the highest margins—all with the lowest time commitment. Well, when you find that unicorn, please let me know! All jokes aside, I could certainly create a list of low-investment franchises. What’s more important to me is helping educate you on what I hear when you say you want a low-investment business.
1:37 The truth about low cost franchises
In a franchise, money and time are inversely related. So, the lower investment of money, the higher investment of owner time commitment. The bigger the investment in the franchise, the lower the owner time commitment can typically be.
For example, when people say to me, “Kim, I want to keep my full-time job, but I want a home-based business, something I can do as a side hustle. And I only have nights and weekends to put in because I’ll be working full-time.” This scenario doesn’t actually exist in a franchise business because when you have a home-based business, typically be a low investment, YOU have to go out and find your customers. You’re waking up, cold calling, prospecting, driving activity every day because if you’re home-based, how is anybody going to find you? These low-investment, home-based businesses are businesses where owners raise their hand and say, I want to be a full-time owner.
3:49 How to use a low investment franchise opportunity
Sometimes, people need a low-investment business because this is where they’re starting from financially. Sometimes, the first investment you make is just the first investment. It doesn’t have to be the end-all business. It doesn’t have to be the dream business. If a business is built to be sold, why does this have to be the only thing you ever do or the last business decision you ever make? No, it’s the first business decision you’re making. If this is where you start, this is where you start.
5:07 Every franchise business starts at the beginning
If owning a business is all about finding customers, and you invest in a franchise with name-brand recognition so that the day you open, people are just coming into your stores, that’s the dream. But that’s the dream because, for all the years leading up to this moment with that brand, there were pioneering franchisees who educated the market about that brand and produced a consistent customer experience. That brand just didn’t open from day one, and the stores were busy. And eventually, it got to the build-it-and-they-will-come place in its growth.
6:21 How to have a franchise business you own and control
If the first franchise investment you make is one in which you learn how to get up every day and create a pipeline of activity, number one, you will always have a business that you own and control. When franchisees leave their marketing to the franchisor or anything other than their control, they never learn how to control their business because owning a business is all about finding customers. So, if you start out in these low-investment franchise opportunities, where you have to learn how to prospect and build a pipeline and follow through and build relationships, then you are learning from the ground up how to fully own your business.
7:18 The level of investment does NOT correlate with earnings potential
We talked about money and time being inversely related. That is not the way it is with the amount of money going in and the ability to return. If you can drive a prospecting plan, if you become the person who can build a sales team around you, or you can build a sales team around you right now, you have greater potential to build an unlimited business in these low-investment categories than in any other franchise opportunity out there.
I know you came to this video hoping that I would share the 10 best low-investment brands, but that’s not what The Daly Coach is here to do. I want to inspire your dream by educating you about what your money buys, your role, and the opportunity that you will have. The point of this video is to help you see exactly what your money buys. Don’t go looking for a cheap or low-investment franchise. Seek to understand what your money buys. I hope this video has inspired you to work with me because I want to be your Daly Coach.
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