The fact is there are many choices when it comes to buying an online franchise. This large number of franchises and confusing information makes it hard to choose the right one, and it is not your fault. This brief guide covers criteria that work for you to help make an informed decision when it comes to choosing an online education franchise.
- 1 How to choose a good online franchise business
- 2 Qualities of good online franchise opportunities
How to choose a good online franchise business
The franchise should be recession-proof. Recent pandemic and public closures impacted consumer behavior significantly, and now people tend to do more of self-distancing and online.
YELP Economic Average (Yellow Pages) says:
…mentions of homeschooling are up 144% in reviews and 172% in searches, indicating a consumer demand for resources connected to children learning at home as parents look to supplement hybrid and virtual learning efforts…
As you can see, increased demand for supplement hybrid and online learning creates a favorable environment for starting educational (tutoring) business.
Furthermore, this high level of demand has been there already – more and more parents start using supplemental education to help their kids improve grades and cope with the increased demand for successful college admission and employment.
Qualities of good online franchise opportunities
Web-based franchise opportunities should work for you and not the other way around. Let’s have a look at these qualities.
Affordable online franchise for sale
Affordable franchise cost is in many instances a number one topic that many entrepreneurs look at first to buy an online business franchise.
Initial cost, including monthly royalty payments, should be supportive of the franchisee, not the only franchisor. Franchisors should truly have a partnership vision where both parties benefit from the relationship to grow into top online franchise status.
Victomind, an online rapid calculation program, has an initial fee of $20,000 for a standard setup. However, to truly demonstrate its partnership philosophy during these unprecedented times an initial fee for the online franchise was reduced not by 50% to $10,000. It was temporarily reduced by 75% to $5,000 to make it affordable to finally get to dream of having their own online business for many aspiring entrepreneurs. This is a chance to get an online franchise under 5k.
“Price is what you pay. Value is what you get.” – Warren Buffett
Pandemic and Recession-Proof
According to research by YELP Economic Average Report (Yellow Pages):
Among those with the highest rate of business closures are shopping and retail (27,663 closed businesses), restaurants (23,981 closed businesses), beauty (15,348 closed businesses) and fitness (5,589 closed businesses).
Previously, it was quite trendy to invest in franchises in one of the above categories and unfortunately, these were hit the hardest. Well, if you haven’t started, or think of diversifying your franchise portfolio then this fresh data from YELP should give you better insight.
Results-Oriented Internet Franchise
Satisfied customers expect and should get real results. You may have seen coaches that stood behind Olympic champions who ensured the maximum result. Likewise, Victomind uses the same principle and delivers real results via a teacher-based model to help franchisees get happy customers and recover franchise investment fast.
Return on Investment
Heavy initial franchise cost drags resources from franchisees and makes recovery of initial investment longer. Few people today want to venture into delayed profits business models. A good franchising model should offer low initial investment, affordable monthly royalties, and stable demand.
Increasing demand for online supplemental education together with VIctomind’s affordable initial fee appears to offer these qualities.
Fully Online Structure
This online business model comes handy in times of public closures when it is impossible to serve customers.
Allows Solo Start
The decision to start their own business may be one of the largest obstacles. But what happens when this obstacle is out of your way and you finally decide to move on? You may realize that you are the only one who is either passionate about starting a business, or lack resources to hire employees. Not many franchise models offer solopreneurship.
Luckily, for those who want to start solo Victomind offers the ability to run the entire business solo until expansion allows to hire staff. And you don’t have to be a math teacher or know math. Victomind focuses on the beginning (1 of 5) strand of Math – number literacy, and instructions are simple and clear.
Training and Support
Franchises should show details of the system and its capabilities. No one wants to buy a cat in the bag. Victomind YouTube instructional videos help potential franchisees learn more and see how the program works.