To Franchise or not to Franchise:

This is summer, 2008. And the current state of the economy weighs heavily on the minds of many people from all walks of life. Your family and friends say you must be out of your mind to seriously be thinking about starting up a franchise business. But, honestly, what matters most is the time you have to devote to your enterprise. It's very logical. The more focus you put into your business at the start, the better your chances of success, regardless of the state of the economy.

The sweet smell of success. Franchise businesses indicate start-up success rates ranging from 70% (by harshest critics and skeptics) to 95%; very impressive when compared to only 50%-70% success rates for other start-up business. That means there's a 20% to 45% better chance for your new business to succeed if it's a franchise.

Risk less. For any franchise to do well, there must be continued success of the individual franchisees. And franchise sellers know this. So, they are packaged with it in mind. Another major factor in the high success rate of franchises is due to previous experience. With a franchise business there's already proof of what works and what doesn't. It's been established beforehand. As a new owner of a franchise, you purchase the right to tap into the experience of others who have already worked out the kinks. Some franchises will even assist with the financing you need to get things up and running.

Less to learn less and learn while you earn. Help for every facet of the business is available from site selection to record keeping. Ongoing franchise mentors are available to provide new business owners with knowledge and support while they learn the tricks of the trade. Even if you have no prior experience at all, franchises can provide new franchisees with a training program in which to learn the entire operation and also about the industry. This translates to less learning more earning.

Letting it all hang out. Franchise businesses tap into name recognition and national advertising campaigns, either one of which can be the deciding factor for the future of a new business. Both together represent the 1-2 punch of successful marketing. Franchise owners have the luxury of pooling these and other costs, reaping the huge benefit of group discounts.

If you've got the desire to own and operate your own business and you're thinking franchise, this is a great time. "Just Do It!"

Learn more about this author, Judy Gold.
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