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Posted on Jul 10, 2015

To Franchise or Not To Franchise?


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It seems like everyone wants to be an entrepreneur or start their own small business but some people seem to be wary of opening a franchise (check out Eli’s discussion on marketing being a “franchisee”). They want the challenge, the freedom of being their own boss, the opportunity to make something on their own. But, they don’t always understand the costs and risks of starting up their own business. A business is a major investment - so wouldn’t you want more security for your business? That’s just one place where franchising can give you an advantage over other “traditional” business routes.


It’s true, running your own business gives you incredible freedom and flexibility to take your business and your career in whatever direction you want. But, there is also a pretty substantial risk when taking on any business venture. In fact, depending on what estimates you look at, as many as 80% of all small businesses fail within their first five years. That’s a pretty high churn rate for something that’s a major investment both in terms of your time and your money. That’s where being a franchisee has a huge advantage. You still have the freedom and the flexibility, but you also have major support structure and a proven business model for success for you to fall back on.


Now I’ll be honest you don’t get the total freedom you get starting your business from scratch that you get from franchising. There are rules and regulations that you do need to follow to stay within the business model of your franchise. You might have to operate within a specific geographic region. But, those are in place so that you can take full advantage of the path to success that franchisees before you have shown works.


As you try to figure out what type of business venture is right for you think about the security and stability factor in your life. Making a major change in your career can be a great thing, but it can be even better when you have the support structure and proven path to success that you get as a franchisee.


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