When comparing affordable franchises, knowing what you’re looking for is crucial. Complete Weddings + Events can help you explore the qualities that make these low-cost franchises an excellent long-term investment.
Low Investment, High Reward
Investing in affordable franchises can reap high rewards. A franchise with a low initial investment may be the answer if you’re looking for a business offering flexibility and low overhead. Many of these franchises don’t require large loans or arduous financing to get started. And they’re often home-based businesses with no inventory and limited employees. Having built-in support, proven processes, and training make a low-investment franchise attractive to many entrepreneurs.
Complete Weddings + Events is an example of an affordable franchise featuring no inventory and a low barrier to entry. We’re an all-in-one wedding and event planning franchise. Our franchise owners help their clients make memories by providing photography, videography, lighting, DJ services, coordination and photo booth. We customize and design service packages to meet wedding or event needs that can fit any budget. The franchising investment for a Complete Weddings + Events business starts at $56,820, which includes a discounted $40,000 initial franchise fee as part of an incentive program.
Qualities to Explore
Finding franchises under $100,000 that are right for you requires self-evaluation and research. Understanding your financial, lifestyle, and career goals is important to determine the right brand for your budget. Once you lay out your goals, take time to explore the five qualities that make an affordable franchise, such as Complete Weddings + Events, a valuable long-term investment.
- Industry. There are more than 753,770 franchises in the United States, spanning a wide variety of industries, including restaurants, home repair, personal services, and B2B opportunities. When you’re deciding which one of these franchises is right for you, it’s important to evaluate the industry. Is the market for the franchise’s goods and services in high demand? Is your franchise subject to the ups and downs of the economy? Complete Weddings + Events provides mobile entertainment services, which allows franchise owners to tap the multi-billion-dollar wedding industry. The wedding industry market is forecast to reach $414.2 billion by 2030, according to Allied Market Research. The ability to reach customers by planning milestone events gives our franchise owners the groundwork they need to meet their business goals.
- Track record. One of the benefits of owning a franchise is the ability to launch a business with a proven track record and a history of success. The franchisor has already spent copious time honing the processes and procedures to provide you with a turnkey solution. Complete Weddings + Events opened its doors in 1974 and has helped plan and execute more than 300,000 events. There are over 100 Complete Weddings + Events locations across the U.S. Every franchisor files a Franchise Disclosure Document (FDD) detailing the company’s financial performance and franchise agreement. The FDD provides you with the information you need to evaluate the opportunity and develop a solid business plan.
- Territory rights. As part of most franchise agreements, franchisees purchase the rights to operate a brand in a certain territory. When contemplating the right franchise, it’s important to pay close attention to the company’s territory stipulations. You’ll want to purchase a territory that fits the brand’s target demographic and is easily accessible from your home base. At Complete Weddings + Events, we typically break up our territories by counties surrounding a metro area of interest. Most of our franchise owners start with one territory and ramp up their business before pursuing expansion.
- Training and support. Selecting a franchisor with a strong training program to support your business is key. Having the backing of a company that consistently innovates and evolves the brand helps ensure your business stays relevant as demand shifts and consumer trends change. Complete Weddings + Events provides franchise owners with 36 hours of classroom training and 16 hours of on-the-job guidance to ensure they have the tools they need to launch their business.
- Royalties and marketing fees. Franchising allows you to operate a proven brand, but it does come at a cost. Make sure to research the fees associated with every franchise you’re exploring; the FDD lists all the fees and royalties. To avoid any surprises, it’s a good idea to have a franchise lawyer provide guidance before you sign a franchise agreement. The franchisor’s success depends on your ability to garner positive returns. Making sure you have the information you need to make an informed decision should be their top priority. Complete Weddings + Events charges a royalty fee of 8% of gross receipts, and our marketing fees are outlined in the FDD.
