Thinking about buying a low cost franchise? Worried about the earning potential? Don’t worry –– it’s healthy to be skeptical. Many people looking to become business owners with a franchise assume that if an opportunity doesn’t cost much to start, it must mean there isn’t as much to make for one reason or another.
The truth is, many franchise owners turn a little into a lot every year. One of our very own franchise owners plans to do $1 million in sales in 2018 owning and managing his grout and tile franchise, The Groutsmith. Learn more about Mike Ketzner and his low cost high profit franchise here.
In general, turning a low cost franchise into a high profit business boils down to three essentials: doing your homework, learning and using the systems the franchisor lays out for you, and making smart investments in growth.
Mark Laughlin, a former owner of three low cost franchises (that he grew and sold for six-digit figures) says the key to low-cost franchise profitability is more about the franchise’s business model than the business itself. Specifically, he recommends new franchisees “find a business model that fits your life and your personality, not just your business goals.” Read more