Are you interested in starting your own business? And since you are reading this article, you are interested in cheap franchises under $1000 that you can start today.
Well, my idea with this article is to provide you with a bunch of incredibly good ideas and business franchises that you can start at a low price.
Running your own business is a dream come true to many Americans. A lot of people desire to work from home or have the freedom and flexibility to do whatever they want whenever they want it.
One thing that stops many people when deciding to start their own business is a lack of funds. We all fail to realize that starting a business is a lot more about the effort and action, and a lot less about how many funds you have next to your name.
When it comes to franchises, I consider them to be a great way to get into entrepreneurship. They are helluva better than launching a startup, which seems to be a hot thing nowadays.
Why are franchises better than startups, you might ask yourself. For the simple fact that it’s a tried and tested model, and that all of the hard work has already been done for you. There’s not much to figure out; and if you follow the model that someone else proved before you, you are gonna have it easy.
This guide will help you start your own home-based franchise in no time, with cost lower than $1000.
Why You Should Consider Buying a Franchise Under $1000
The benefits of running a franchise at a lower price, especially if it’s home-based, are endless. Removing work commutes every day will get you an extra hour or two, on average. Those hours can be used for something productive.
The good thing about being your own boss is that you choose the time you work and you don’t have to respond or justify your actions to anyone.
Another good thing about choosing a cheap franchise to start is that you have a lot of room to test and see if the business idea is going to work before you invest a larger amount of money.
If you build a home-based franchise, you’ll realize that the costs are low and that you will be saving a lot of money. No retail space or renting an office space, a lot of tax benefits. These are all huge pros of getting a franchise under $1000 and starting your dream life.
Everyone wants to escape the rat race, and while all of the benefits and pros that I mentioned above sound very nice, it isn’t all so good and easy.
Things You Must Consider When Running a Home Based Business
Or any business for that matter. It’s easy to look at the upsides when they all sound so pleasing, and people often forget that starting any business has a bunch of downsides as well.
The temptation to jump right in might be strong, but I am asking you to consider the following things before you do it.
Am I Suited to Work From Home?
It may sound ridiculous, but not all people are suited to work from home. Right from our birth, we are all being conditioned to fit into the system, without relying much on our own motivation or organizational skills. We expect everyone else to figure that stuff out.
Well running your own business, especially home based will have you going crazy at times. It will require a lot of effort and discipline to stay on track and not let yourself fall into the traps that working from home carries.
Can This Franchise Meet My Financial Goals?
Have you done any financial planning? Have you looked at how much tax you will need to pay, what other investments you may need to take? Do you know how long it will take you to reach profit and will the franchise under $1000 bring you enough profit to live the life you want?
These are all the questions you need to ask yourself. Let yourself ponder on it for a couple of days, write your answers down, and then think about them for some time again.
Making any rash decisions can break your business.
Does This Business Fit My Set of Skills and Talents?
Buying a franchise that’s not related to your set of skills and talents, or that you are not passionate about is gonna have you spinning in circles. Think twice about your talents and skills and whether they fit with the franchise you are looking to buy.
I am aware that many entrepreneurs are passionate about running the business, instead of being in one, and that’s completely fine.
But your interests and skills must align to a certain point with the franchise of your choice.
One thing that you have to remember is that most franchises offer training, so industry-specific knowledge will not be needed, but it helps if you have it.
Can You Open The Business at Your Home?
Depending on where you’re located, you will need to check with the authorities as a lot of countries and cities have zoning laws, and those define how buildings can be used in specific geographic placements.
Once you have answered these questions, you should be able to move on researching different low-cost franchises, and in this article, I am going to list a couple of those. I am only looking at those that can be started with minimal investment.
How to Research Low-Cost Franchise Opportunities
This is a crucial step you must take, and you should be looking to spend quite a bit of time to research all the opportunities and analyze them thoroughly.
The best way to do this is by looking at FDD, which is short for Franchise Disclosure Department. They will provide you with a list and specific information related to the franchise and help you make the right decision.
If I were in your shoes, I’d start by shortlisting which franchises are in your budget range, and then look at ones that seem interesting based on your skillset, talents, location and all the other defining factors.
What you must consider is the level of support you are getting from a franchise. You should be aware that the lower the financial entry is, the less support you will receive on the other end.
However, that doesn’t mean you shouldn’t have a list of questions to ask the franchisor. After all, without getting some of the most basic questions answered, the benefits of buying a franchise are significantly smaller.
Questions you should ask must be related to what kind of support and training is available, what tools and other investments you need, the fees and payments you can expect and similar.
My personal advice would be to hire legal help and make sure you have every detail covered and reviewed by a professional.
It doesn’t hurt to talk with as many franchises as you want. You could expect a decent amount of positive responses of people who are happy to share their advice, struggles and potential profitability.
That can give you a clear view of whether a specific franchise is a good option for you or not.
Keep in mind that every franchisor does his due diligence, and check everyone who is willing to buy their franchise. They will most likely do an employment history check, and ask you a bunch of questions to determine your skill level.
Once you have decided on a specific franchise, you should probably hire the help of a professional accountant and lawyer for advice on applying for a business license, forming an LLC or a corporation, and all the other relevant documentation.
This can be psychologically draining as most people have never dealt with opening their business and having someone to help can mean a lot.
I have also created a decent list of top 3 cheap franchises under $1000 that I recommend you buying.
Read on below.
3 Cheap Franchises Under $1000 Worth Buying
We are starting off a list with an amazing business and a franchise you can buy. This type of business has an unlimited upside.
Sweep Surge is all about helping local businesses get more customers and leads by running sweepstakes offers through email, social media, and text.
It’s really easy to start a franchise from home with SweepSurge. All you need is to buy the franchise, create the website, and then sell to local businesses.
This is an evergreen type of business that can generate you a lot of money. Local businesses should be looking to pay you a monthly fee to use your products. It’s one of those opportunities that are the ideal business model – set and forget.
This business can also be scaled and grown a lot, especially if you are in an area with a lot of businesses and a great community.
Sweep Surge you can start with an investment as low as $99.
Another franchise of the future-focused on the growing technology. AppCoiner is a platform that catalogs all of the newest apps for mobile phones and allows its users to get paid to try and use the apps.
As you probably know, reviews are a big part of running any successful business. Rarely anyone buys or downloads an app that doesn’t have a ton of positive reviews, and any app developers will be looking to use a platform to help boost their business.
You can start this business with an investment of $47.
The Six Figure Success Academy
As you might know, online courses have become increasingly popular in the last couple of years and they are not going anywhere.
These courses have become a primary way to learn and teach so much knowledge, and people will keep creating courses, while customers will keep buying them.
The Six Figure Success Academy is a system that helps you and teaches you how to interact with influencers in your market, and help you sell them webinar services. They offer you the platform and teaching to create webinars and sell them to course creators.
You can start this business for as low as $799.
We’ve come to the end of today’s article. I hope you have learned a ton about franchising, what franchises you can buy and start from home. There’s a lot more you could learn, but I’ve shown you the initial steps you need to take and best cheap franchises under $100 you can buy today.