It’s no secret – buying a franchise is expensive and requires a large up-front investment. There’s a wide range in cost for franchises, from tens of thousands to more than a million dollars, and it’s unlikely that potential franchisees have that kind of cash lying around.
Franchising has been one of the most important sectors of the global economy for decades, so it’s no wonder why so many Americans choose to go down that road in order to free themselves from the shackles of their nine-to-five job. According to the International Franchise Association’s 2017 report, the last few years have seen limited, but steady growth, a trend they project to continue this year.
Franchising is an enticing option for many potential entrepreneurs who want to experience the dream of business ownership but don’t have the resources or know-how to start from scratch.
Opening a new business is a major risk. There’s no guarantee that you’ll be successful. If you’ve got your eye on running your own business, but are wary of taking on the risks of business ownership without support, franchising could be a good path for you.
When you buy a franchise, you have the support and branding of the franchisor, which reduces some of the risks associated with new businesses. Still, there are risks in starting any business, even franchises. Be on the look-out for the following red flags as you evaluate franchises to invest in.
Thinking about buying a franchise in 2017? If the idea of owning a franchise just popped up on your radar, it’s not a decision to be taken lightly. Read on to gain some insight into the steps you’ll likely need to take before committing.
With January approaching quickly, our thoughts often turn to making resolutions for the upcoming year. When you think of resolutions, you probably think of the common ones that you can apply to your personal life. But, as a franchise owner, there are ways you can set up resolutions to grow your business. The best part about the following resolutions is that they are not likely to be tossed aside by February. Putting them in place now will position you for success throughout the year.