Clare writes:
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 909,253 in 75 industries, employing almost 10 million workers. More than 2,500 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 $1,000 to more than $200,000 — 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:
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