How to Cut the cost of franchising

How to Cut the cost of franchising by Sandy Purewal It’s not uncommon for people to be put off by the price tag attached to owning a franchise.In reality, franchises come in all shapes and sizes to suit a range of different budgets and lifestyles. So no matter how deep your pockets are, there’s an opportunity out there for you.To help get you started, here are three ways you can be your own boss without breaking the bank:Work-from-home franchisesBenefits:Cut the cost of transport â€" there’s no need to shell out on your commute when your office is your living roomWardrobe worries will become a thing of the pastYou can avoid the cost of lunches, coffees and breakfasts by eating at homePerhaps the biggest saving no need rent out a space to work fromPart-time franchisesBenefits:More time to choose whether it’s worth moving into the role of full-time franchiseeOffers the opportunity to see how your investment could potentially pan outJust like working from home, you can remove the cost associated with ren ting and maintaining a businessAllows you to supplement your income as a franchisee, keep your current job and work on the franchise in your spare timeMobile and outdoor franchisesBenefits:No need to wait for your customer to come to you earn more by going straight to them, for example as a mobile coffee or gardening service franchisee.You can reduce the costs associated with renting a store as generally, mobile franchises are a much smaller investment.Tips to maximise your income potentialHere are some of our top tips to help maximise the potential income of your franchise:Create a watertight business plan so that you have a good understanding of how to keep your business on the path to profitCome up with a contingency plan to prepare for potential times of crisisKeep confident franchising is an industry with a high success rate, with 9 out of 10 UK franchises operating profitably*Ask your bank for help thanks to the tried-and-tested franchise business model, they’re more like ly to fund franchises compared to new businessesLook for government support, which is often available through start up grants.*British Franchise Association, 2014