I’ve always kind of had an entrepreneurial spirit and am really tired of
working for someone else with so little say on what goes on. Rather than
starting my own business I have kind of been thinking about buying a
franchise. What’s your thought on staying where I am starting my own
business or buying into a franchise?
The Career Doctor responds:
There is most definitely an entrepreneurial trend emerging with younger job-seekers
and with disgruntled older workers who feel their companies have let them down
in one or more ways. The allure of being your own boss and running your own
company is powerful.
And owning a franchise is often a much less risky move into entrepreneurship than
starting a business from scratch. However while the success rate for franchise-owned businesses is significantly higher than for independent businesses no individual
franchise is guaranteed to succeed.
According to the International Franchise Association the estimated number of franchised
locations in the U.S. is at least 909253 in 75 industries employing almost 10 million
workers. More than 2500 companies offer franchising opportunities from fast food to security services.
In deciding whether franchising is right for you the key is conducting research. If you
like the idea of owning your own business and don’t mind having some decisions
dictated from the corporate headquarters the franchising might be a good choice for you.
Once you’ve made that decision you’ ll need to examine how much you can afford to
invest; initial franchise fees can range from $1000 to more than $200000 — and
that’ s just the fee and does not include all the other start-up costs you’ ll face.
You’ll also want to think long and hard about the type of business that interests you
most that best fits your lifestyle. (For example if you re a fitness buff then perhaps
a fitness franchise would make sense.)
Finally there are a number of pros and cons to franchising — too numerous to mention
here but worth your time to research.
Read more about the potential of owning a franchise in this article published on Quintessential Careers:
and Cons: Is Franchising Right for You?