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The biggest hurdle to starting a new business, for most people, is finding the money. You may have a tremendous amount of experience, motivation, and knowledge on your side, but you'll need to clear the financial roadblock before you can get started. With that in mind, looking at franchises under $100K can be exciting because this level of investment is far more attainable for most people than costlier ventures. So let's discuss some of the benefits of reducing the upfront cost of your new business.
Start Sooner
If you opt for a franchise that demands an initial cash investment of well more than $100K, you might have to wait for years to get started – if you are ever able to start at all. Waiting that long to open your business means the competitive landscape could change in that time, trends could fade, and more. With a lower barrier to entry, you can strike now while you are confident in your idea and how it fits into the market.
Consider a Part-Time Project
A big cash investment almost certainly means your new business will be a full-time endeavor. But what if you'd like to start gradually and work your way up while still maintaining employment or running another company? Lowering your investment may allow you to look at this new franchise as a part-time opportunity for the moment. Then, as time passes, you can see how the business performs and decide if you'd like to take the business to a higher level.
Still Enjoy Franchise Advantages
While you'll be investing less than $100K in one of these franchises, that doesn't mean you lose out on what makes franchises so attractive in the first place. You'll still benefit from the established brand name of a franchise business and the guidance that the franchise can provide based on their experience and knowledge of the market.
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