By purchasing a franchise, you can use the brand, operating procedures, and business model of an already successful company for a one-time fee and ongoing costs. In essence, it means you can buy a successful brand or business model if you’re stuck for an idea for a business or want one.
McDonald’s, Pizza Hut, Green Thumb, and many more are well-known franchises. Smaller franchise examples include Greenthumb, a company that provides lawn care and treatment services and has franchises throughout the nation.
Take a look at the franchises that are currently offered before conducting market research to determine whether a specific franchise brand or business model would succeed in your region before starting to consider franchising. As franchisees are unlikely to permit multiple franchises in the same market or location, be sure to research any existing franchises in your area.
Once you’ve chosen the franchises you want to invest in, it’s time to get in touch with the businesses to learn more about the terms they offer and the startup costs (paying particular attention to the ongoing fees). The opposite of a low-cost business idea, once you’ve decided on a franchise, is to invest a lot of money and resources in setting it up (location, personnel, and equipment).
The appeal of franchising is that you are investing in a brand or business model that has already achieved success and has a clear expansion strategy. There are cowboys in this market, so be wary of companies offering franchises where they haven’t themselves demonstrated the model’s viability.
22. Food Service
A catering business is a great small business idea if you enjoy cooking and can handle serving large crowds. You can start working from home and offer catering in the form of set buffets (with sandwiches and other things), then advance to more intricate catering services (such as hog roasts and formal dinners).
The initial equipment costs are relatively low if you start with basic catering services for customers because you’ll likely already have most of what you need at home. For events, you might need to hire help and buy portable tables and buffet supplies.
Make sure you have the appropriate catering insurance as well as all the necessary licenses for your food-based business, such as a hygiene certificate for your cooking facilities (food poisoning is a real potential threat with this type of business).
23. Business Development
Working as a freelance developer might be the ideal career choice for you if you feel comfortable cold-calling or emailing businesses to close sales and feel comfortable doing so with a reasonable amount of product knowledge.
There is a constant need for people who can find and close new clients and sales because the majority of small businesses struggle with poor sales as a result of a lack of understanding of the sales and marketing process.
You’ll need an email address, a good phone plan (ideally a commercial number), and a solid grasp of sales methodology to start. Straight Line Persuasion is a good resource in this regard. Additionally, you’ll need to be confident using the required marketing automation tools and a CRM. If you’re a good salesman with a great product or service, the sky is the limit in terms of what you can earn (remember to learn your product or service through and through). The majority of business developers will charge based on a success fee (percentage of any sales), which means if you’re successful you can charge whatever you want.
You literally have to sell what you’re selling to local businesses in order to set up meetings and close deals in order to reach clients. This is typically a very simple sale when you’re working solely on commission. You only get paid if you produce results for the client. You can register yourself on websites like PeoplePerHour to find quick, well-paying work To get things started with inbound marketing,
24. Snack/Coffee Stall
Few people avoid their daily cup of coffee or snack. In this line of work, you can purchase a coffee stand for a few hundred pounds and set it up in a popular area. These stands are common in big cities, and the markup on a cup of coffee is typically over 60%.
You’ll need the essential tools and barista training to get started (coffee machine, filters, wholesale coffee, wholesale snacks, vehicle). Initially, this business may be very mobile. From the back of a van, you can erect a coffee shop or move a stand around. In either case, you’ll also need to obtain the necessary insurance, catering licenses, and hygiene ratings (hot coffee burns are no joke).
You should scout and use a variety of locations at different times throughout the week to pitch at and maximize sales because this business has little to no upfront marketing costs because it is entirely dependent on foot traffic (such as city centers, business parks, industrial estates, etc.). To grow, keep in mind that you’ll be very dependent on repeat business, so concentrate on serving excellent coffee, delectable snacks, and excellent customer service (in London there is a snack, and coffee stalls that have long queues at lunchtime and others do not work for a reason).