In uncertain times such as these, a franchise is the perfect way to go into business without risking too much of your own money. Most franchises are already well established in their market, meaning that your chances of success are much higher than if you were to start a business from scratch. Franchising is always a great value option, but certain types of franchises tend to be especially well priced. Here are a few areas to consider if you’re looking for low-cost franchise opportunities in the UK.
With millions of the nation’s children missing school as a result of the coronavirus outbreak, many parents are looking to supplement their education with additional tutoring. A tutoring franchise allows you to take advantage of the home education boom in an affordable, low-risk way.
Home education franchises tend to be fairly low cost because there is very little equipment involved. All the necessary lesson plans and resources already exist and can be used multiple times. There are also very few overhead costs to worry about. You will be teaching in private homes so there is no need to rent or maintain your own premises. You will conduct the lessons yourself on a one on one basis and will usually travel between classes in your own car, meaning that staff and transport costs are also likely to be low.
As well as being low-cost franchises, home education businesses can be highly profitable. Their business model leaves plenty of room for expansion, as there will always be parents wanting to give their children a head start. During term time, children will need help to prepare for exams and, during the holidays, their parents will want to prepare them for the upcoming term. This means that a home education franchise can provide a year-round revenue stream.
Online food platforms
Online food ordering is one of the country’s fastest-growing sectors, and this will only continue as a result of the COVID-19 outbreak. With many restaurants closed for the last few months, ordering in has become a regular occurrence. Many customers now choose to order through an online food platform, allowing them to see multiple takeaway menus in one place. Some online food platforms are looking for franchisees, giving you a great chance to get involved in this booming area in a low-cost, low-risk way.
Investing in an online food franchise is far less risky than investing in a restaurant. Your business is spread over many restaurants, so your profits are not tied to the success of any particular one. The initial investment in these franchises also tends to be fairly low. As with a home tutoring franchise, you are not renting a premises or hiring staff. You are merely paying to use a pre-existing app or website. These will have already been trialled extensively, meaning that their interfaces will be designed to maximise profits.
Many franchises give you the opportunity to work from home. This is always a good option if you are looking to keep your costs down. Whatever sector you are working in, a home-based franchise will save you money by eliminating all of the expenses that come with renting a dedicated shop or office space. Home-based franchises also offer the advantage of flexibility as work can usually be tailored to fit in with other personal commitments.
There are many other low-cost franchises in the UK. From children’s fitness classes to outdoor catering companies, the list goes on and on. Whatever your passion, a franchise could be the first step towards securing your dream job.