These are some of the least expensive franchises you can buy

The beauty of owning a franchise is that it lets you open a business without developing it from scratch, but some franchises are more expensive than others. For example, well-established franchises like McDonald's go for top dollar: The fast-food giant requires potential franchisees to have a minimum of $500,000 of cash on hand, and there are other associated fees to consider, too.

Don't be discouraged, however, if you don't have half-a-million dollars in your back pocket to invest in a business. You can still start your own business, with one of these low-cost franchises, many of which are household names. GOBankingRates rounded up franchises that cost $200,000 or less in cash, according to Franchise Direct, a company that helps potential franchisees find business opportunities.

Click through to see the franchise openings, and learn success strategies for new entrepreneurs.

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