Service franchises, such as NOVUS Glass, are a popular option for many entrepreneurs. They usually require a lower start-up cost than a retail franchise and some can function without the need for a brick and mortar location. They generally need fewer employees and many fulfill a consumer’s need (repairing, fixing, replacing), rather than a consumer’s oft-changing whim (this chicken meal or that one?). Another benefit is that you don’t need a large stock of supplies or a place to store them. If you are interested in buying a franchise, service franchises deserve a closer look.
First time business owners may not have a lot of capital to invest. While retail franchises may be your first thought when looking for your next venture, you should be aware of the additional expense of a retail location, such as:
- Site Selection Assistance
- First Mont’s Rent and Security Deposit
- Leasehold Improvement
- Store Design Consulting Services
- Furniture & Fixtures
- Initial Inventory & Supplies
A popular sandwich restaurant franchise lists an initial investment of between $190,000 to $500,000 (based on their 2017 FFD). In comparison, NOVUS lists an initial cost of $32,000, which includes the franchisee, fee, training, equipment, call center, marketing and software. You can go to the customer’s location (home or work) and fix their automobile window from your NOVUS van, no brick and mortar needed.
Another consideration in your franchise selection will be the number of employees needed. If you have management experience, this may not be an issue. But if managing young, inexperienced employees does not seem like something you want to do, a service franchise is certainly a better option. Many services franchises can begin with you as the owner/operator and you can add employees as the business grows. Because these employees will be making over minimum wage, you are more likely to have engaged and motivated people working for you.
Income can vary considerably in any franchise but the less you spend each day, the more money you get to keep. If your business fulfills a consumer’s needs (plumbing repair, carpet cleaning, driveway replacement), you have people actively looking for you and the services you provide.
For many would-be franchise owners, obtaining a work-life balance is important. In a service franchise, you have the opportunity to set your own schedule, one that works for you and your family (after a start-up period, which many involve many hours). A retail franchise, however, is usually open well into the evening, week days and weekends, and you will be on-call, even if you aren’t actively working. Unless you can afford to hire one or more managers, a service franchise may offer you a better balance when it comes to having an active life outside of work.
Buying a franchise, like any investment, requires diligent research. If you have lots of business experience and a considerable amount of money, a retail franchise may help you make the biggest splash. If you have limited business experience, like hands-on work, and want to start small, limiting your risk, consider a service franchise. To learn more about the NOVUS Glass franchise opportunity, go to www.novusfranchising.com or call 800-944-6811.Back