Many Americans have dreams of entering the business world but don’t know where to start. Not everyone can give up their job to work in a different industry. And those who don’t have the necessary experience may struggle to run a business. A franchise purchase could be the best option for them.
Franchises offer little risk. One of the most cited statistics is that 95 percent succeed while independent businesses fail. This statement is false. In fact, in 2005, the International Franchise Association (IFA), asked franchisees to stop using misleading statistics. Starting a business is risky, even for a new location.
Franchises aren’t always successful. According to IFA, 909,253 franchises provided 11 million jobs and contributed $278.6 Billion in payroll between 2001-2005, the latest year for which data is available.
According to FranchiseMart/Biz1Brokers, a business that matches prospects with franchise opportunities, franchises work best for people with some start-up money, but little or no business experience. Franchisees can benefit from the proven business model, training, and support of management to help them run their business. Franchises offer more exposure through national media campaigns and cost sharing, which can reduce overhead. Franchises provide greater security for the first-time entrepreneur, particularly in today’s uncertain economy.
Look for franchises that provide ongoing support and thorough training to potential franchisees. United Franchise Group, for example, has several franchises including Signarama and Billboard Connection. It also owns Plan Ahead Events, Embroid Me, and Plan Ahead Events. The mentorship program allows new franchisees to get the advice of experienced franchise owners. A solid brand, strong marketing, and a high success rate all indicate that a franchise is worthwhile.
Finding the right franchise is essential to your success. Anyone interested in buying a franchise business should consider businesses that fit their needs, personality traits, and budget.
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