Five Most Expensive Franchise Types
There are thousands of franchises in all type of industries, some of which can be started for as little as $25,000 and some of which require millions of dollars. Here are five of the most expensive industries for franchise businesses:
1. Hotels and motel franchises
Hotels and motels are generally the largest franchises and are far and away the most expensive. Hotel and motel franchises of all different price and quality levels cost a couple of million dollars to begin. The real estate is expensive to begin with, and then building out the hotel property costs a lot more property size. One of the most expensive franchises in this area may be the Doubletree by Hilton, which can cost upwards of $50 million to get started.
2. Restaurant franchises
Casual restaurants like TGI Fridays cost around $1 million to begin. A Denny's, for example, costs between $1 million to $2 million to start up.
3. Fast food franchises
While not all franchises in this category are very expensive, many of the biggest fast food names, such as McDonald's and Burger King charge higher franchise fees than some lesser-known chains for the universal power of their brand names.
4. Gas station/convenience store franchises
This category is dominated by large national names like 7-Eleven that cost about a million dollars. Only some locations have a gas station, but that addition significantly tacks on to the total costs.
5. Storage franchises
The massive commercial space necessary for a storage franchise is the biggest expense incurred
Overcoming Franchise Funding Fears
You want to dip your toe into the waters of business ownership and have decided to jump into a franchise. Maybe you’ve zeroed in on which franchise is right for you or perhaps you’re still exploring the options. Whatever you decide, you’ll need a way to finance the venture, and that can be intimidating. Getting a business loan can be tricky… even as the economy begins to heal. If you’ve got money, banks and credit unions will line up to loan you even more. If you don’t have money? Well, take heart—here are some alternative funding options that can put you at the helm of your own franchise:
Need For Speed: How To Win As The Sole Salesperson At Your Franchise Organization
If you’re the sole salesperson, and your lead sourcing strategy doesn’t currently include top franchise technology, we should talk. It’s not easy rolling solo, and here's how our tech can help.
