by Dezarae Starnes

Created on: June 18, 2008   Last Updated: June 19, 2008

With the state of the present economy and college grads finding it more difficult to find a good job, it's natural for entrepreneurs to be leery of starting a new business. The good news is that owning your own business is just as safe today as it was ten years ago, but how do you know if you should start an original business or if you should purchase a franchise? If you decide to franchise, which genre of business should you go for? All the questions can seem rather daunting, but don't worry, we've got the answers.

First, owning your own franchise rather than your own original business means that you are buying a ready made business which has already been proven successful with a solid business model. A staggering 80% of new businesses yearly will fail, because most start-ups go with an original concept rather than the proven tried and true methods that a franchise offer.
Franchisees also save money on advertising, because the name of their business is already well known. Third, these smart entrepreneurs save a bundle on training, operating costs, and supplies, because the franchisor already knows what works and what doesn't work and has passed that information down to the franchisee. With this business model, the optimization phase has already been completed, you just need a hard worker to plug it in.
It's also possible to learn other tricks and tips associated with your specific franchise from other franchisees in your area or through franchisee mentoring programs.
Finally, according to the Small Business Association, most businesses fail due to poor management skills, which is much less of an issue for franchisees, because they're taking nearly all of their management cues from their franchisor who has passed down that tried and true business model.
Obviously, now you're convinced that a franchise is the right way to go, but with so many options to choose from, how do you know which provide a solid foundation and which are sure to fail? While it's true that McDonald's and Burger King franchises do very well, they're all over the place, and you will have to face competition, face the healthier food trends and worry a lot about location!
Perhaps a better idea is to lean towards a recent trend in franchising that centers around opening a business concerned with a healthy lifestyle, fitness, and proper in home medical care. This is certainly important to consider when you have a giant population of baby boomers reaching retirement age. The interesting bit is that fitness and health care businesses are not tied to the economy as much as other business franchises may be. If you need in home health care, or want to join a gym or training studio, you're likely to do it for your health, no matter how the economy is treating you. These two key factors are the biggest reasons we're seeing such a large increase in the number of new gyms, health spas, home health treatment centers, and Subway franchises opening.
While the franchise that you choose is very important to your success, it should also be a business that you're interested in and an industry that you're excited to work in, because after all, loving your job is key to long term success.

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