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At one point or another, we have all heard of (and maybe even tried to attain) the “American Dream.” That is, owning a business, having a warm comfortable place to call home, a happy family, maybe a dog and achieving great success through hard work. For many, this remains more in the abstract than reality, because controlling their own destiny by starting a business is often hampered by one’s own fear.
Uncertainty, a daunting consequence of taking the path less traveled, seems to be getting in the way of individuals who aspire to become their own boss.
…owning a franchise has a 92% success ratio over the course of five years…
Owning a business is filled with complexities that often deter businessmen and women from ever leaving the corporate world. However, there is a solution. And, it’s one that offers a proven business model and more security than operating an independent business concept. Franchise ownership is quickly becoming America’s preferred way to start a business.
When you own a franchise, you operate a business at a much lower risk than as an independent. In today’s economy, the less risk the better. In fact, owning a franchise has a 92% success ratio over the course of five years, compared to that of a 23% success rate of an independent business (Franchising World). With a franchise, not only do you know what to expect in terms of costs and marketing, but your consumers know what to expect as well because of the established brand awareness.
Take for example a well-known auto care franchise. Consumers have grown to know and trust this business with their cars. When it comes time for their oil change, they are not going to risk taking their cars to an independent shop. They are going to head to your business, the brand they can trust to get the job done.
If you have a unique concept with trade secrets you may not want to share, then by all means, start your own brand. But, for the rest of the men and women out there who want to start their business without the stress of going at it alone, a franchise will offer a support system and recipe for success.
If owning a franchise is something you’ve been considering, take a few minutes and read the following articles for more about franchise success.
- Can You Live the Dream of Self-Employment As a Franchisee?
- Should You Purchase A Franchise?
- Franchise Success Story
Meg Schmitz is an independent consultant of FranChoice based in Morton Grove, Ill. Her free services aid individuals along their path to professional independence, while developing a plan to achieve personal lifestyle goals through franchise investments.