Franchise ownership is a significant financial...
Franchises in Canada were once largely more expensive brick-and-mortar locations. Today, however, that isn't true. Innovation has led to many different types of franchise formats, and these have lower entry costs than many of the traditional models. If you are looking to enter a franchise at a lower investment level, there are more choices than you may think, including the options in the industries below.
Offering food on the go
Opening a restaurant is expensive and risky, but this doesn't mean you can't get into the food space if you are seeking a lower investment. Vending machines, for example, tend to have a small investment, and there are also food trucks, food delivery and even food stands.
Helping out homeowners
Home improvement and maintenance saw an upswing recently with so many people staying at home, and these types of services are often needed in normal times, too. From upgrades, repairs, landscaping and pool services to blind and flooring cleaning, there are a lot of lower-cost mobile franchises in this space.
Caring for furry friends
As noted by Narrative Research, at least half of all Canadian households contain a pet, and this number grew during the pandemic. There are many pet franchises that have mobile options, such as pet grooming, pet training and even pet sitting. Pet nutrition advice has also become a more in-demand service, and this is sometimes done without a brick-and-mortar spot.
Investing in the next generation
From enrichment activities such as STEM education and musical instrument instruction to babysitting and tutoring, there are a lot of in-home children's services out there to explore. Parents want the best for their kids, and there are many services they are looking for. This option can be a great fit if you love working with children or have an educational background.
Making people feel beautiful
Beauty franchises come in mobile formats in many areas, from makeup and hair at-home services to on-the-go spray tans. You will have many choices in this industry, so do your homework and go with the brand that ticks off all of your boxes for a business.
Keep in mind that a lower entry cost doesn't make your franchise less of a business. It will still require work and your attention to succeed. As always, do your research before joining any franchise system to ensure you've found the right fit and a stable brand you can grow with.