by J S Shipman

Created on: June 17, 2008   Last Updated: June 19, 2008

Wow! 2008 is as great a time as any to own your own franchise. When you own your own franchise, you control your own salary and your business has instant name recognition. Income control and name recognition are exceedingly important during downturns in the economy.

Perhaps you've thought of starting your own business, but, then, you'll have to build name recognition. That's not impossible. Hilton did it. MacDonald's did it. You could, too. However, start-ups also have to go long periods without pay or have plenty of investors (or, risk their homes)while they build a customer base sufficient to start a salary. Opening a franchise business gives you a nearly instant customer base, so you can quickly build your business and profit. You might notice that once someone buys one franchise, he or she frequently buys a few others because they are making money.

Given the unpredictable state of the economy, having a working prototype or business model increases your chances of success. Recent Small Business Administration (SBA) statistics show, 66% of new employer establishments last around two years, while 44% survive four (or more) years. While these statistics represent an improvement (One used to hear that 50 percent of businesses fail in the first year and 95 percent fail within five years), if you want your business to succeed, a franchise gives you a head start.

You gain a set of entrepreneurial skills and marketing expertise, with a franchise. For example, you frequently comprehensive training and ongoing support, so, the learning curve decreased, mentoring is available, and fewer mistakes are made. You can mentor and be mentored by other successful business franchise owners.

Another plus for a franchise business in a weak economy is that franchises tend to assist with financing. In addition, the cost of buying products is lower for franchises because of volume discounts.

Food franchises are doing particularly well in this economy because people still have a need for entertainment like eating out and a meal at a franchise let's them afford that need, even in a bad economy.

All in all, there are many reasons that this year is a great year to own a franchise business: salary, name recognition, more chance of success, mentoring, and better finances.

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