Fran-Link will be the first to tell you that running your own business is not a walk in the park. It takes time, dedication and business savvy among many other skills and traits. However, when you compare the success rates of start-up businesses versus franchises, the fact is that owning a franchise greatly improves your chances of running a successful business.
Why? Franchises have spent years developing and modifying their systems of doing business, and they pass that “trial and error” knowledge on to their franchisees.
With a start-up company, you are responsible for developing everything from scratch, including a business plan, marketing plan, operating procedures, establishing a customer base, establishing vendor relationships, just to name a few requirements. With a franchise you get a proven business model with documented processes and procedures based on years of experience.
Additionally, the ongoing support you’ll receive with an established franchisor is invaluable. You see, a franchisor cannot succeed and prosper unless his franchisees are doing the same. Therefore, there is built-in incentive for a franchisor to help you succeed by providing support when you need it.
As a franchisee you own your own business without being on your own.