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Figuring out how to become wealthy involves creating a plan and sticking to it.
This advice comes from Idan Shpizear, who parlayed $3,000 into a $27 million business, 911 Restoration, which helps homeowners recover from water damage. He says that focusing on goals makes the difference between survival and success.
A lot of people jump straight to business but don’t have a vision or strategy and goals. If you go through this process every day, your life will change.
If you’re typically someone who likes to fly by the seat of your pants, it’s time to ditch that habit and take heed from self-made millionaires like Shpizear.
911 Restoration was founded in 2012 and specializes in mold inspection, water damage restoration, fire and sewage cleanup and more at its 220-plus locations. The brand climbed an impressive 60 rankings on the Franchise Times Top 400 to No. 298.
As the world experiences more fires, floods and natural disasters—a side effect of a changing climate—people are in need of disaster restoration services more than ever, so it’s no wonder companies in that category benefit. Plus, most if not all disaster restoration franchises were deemed “essential” during pandemic shutdowns, which helped the segment add more than $200 million in sales in 2020 to finish the year at $4.6 billion, an increase of 6.2 percent.
To help you find the best franchise opportunities, Seek Capital assembled a list of the top low-cost franchises. This list was generated based on several criteria. Factors include the minimum franchise fee, minimum initial investment, minimum net worth requirement and one-year and three-year change in the number of franchise units or establishments.
Other considerations include ongoing royalty fees and liquid cash requirements. To make the list, franchises had to have no negative one-year growth in number of units. Franchise data was sourced from Entrepreneur Franchise Hub and individual franchise websites when data was available.
Franchise.com promotes four fantastic restoration companies who help families and companies recover their losses from water and fire damage and help them get back on their feet:
Typically, the cash required to start one of these franchises ranges from $30,000 – $75,000 and includes these benefits: