One of the best quotes I have ever read about franchising is this; Owning a franchise allows you to go into business for yourself, but not by yourself. That quotes sums up very concisely the number 1 advantage of buying and operating a franchise, which is the fact that although youll be in business for yourself youll have the support of a proven company (and their system) behind you tohelp and guide you along your business path.
A franchise, by definition, is the right to market a specific companys goods (or services) to the public, usually within a specific territory or location. Typically the company (franchisor) receives a fee for ongoing support and thus has a vested interest in making sure that the franchisee is successful. In other words, its in the best interest of the mother company that the baby companies live long and prosper because if they do everybody wins.
The concept of franchising dates back to the mid-1800s when the inventor Isaac Singer invented the 1st sewing machine. Mr. Singer realized that, in order to really sell a LOT of machines, he would need help from people who had a vested interest in selling them. Thus he began to sell licenses to people in other areas of the US and also provided training so that they would become experts, like he was, on how to run and maintain the machines. This was the very first franchise and was extremely successful. Singer sewing machines would go on to become the biggest sewing machine brand in the world.
Today franchises lead the way in business, with 1 in every 12 new businesses a franchise. There are franchises for practically everything, from taxes (Liberty Tax Service) to tires (Goodyear Tire shops) to food (McDonalds, Chipotle Grill, Menchies frozen yogurt et al) and even medical services (Doctors Care). The reason; they have a much higher rate of success than single, stand-alone businesses. In fact, the US Chamber of Commerce found that 97% of new franchises were still in operation after 5 years.
If youre looking for a business opportunity a franchise is thus a very dependable, highly successful route to take. If youre interested in more info click onto one of our other articles and do your due diligence before making any decisions. Enjoy!