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Why the Franchise Industry Continues to Thrive
Written by: Michael HemenwayArticle Overview: The Franchise business is thriving at present and will continue to boom in future. This area of business helps newcomers to gain from the experience of seasoned players. Furthermore, the field has higher rate of success and there’s enough franchise opportunities to please anyone looking forward to buy a franchise.
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Why the Franchise Industry Continues to Thrive
With an economic recession gripping the United States, it’s quite natural to wonder about the feasibility of your plan of starting a franchise business. So, if you are in such a position, then the following points can help you to understand why franchising is a good choice of investment, even during a slow economic condition. May be that will clear the air regarding your decision of buying a franchise.
• The franchise industry welcomes both novices and experienced people in the business by pairing them with franchisors who are expert in their respective fields and are eager to transfer their knowledge. So, unlike a stand-alone businessman, a franchisee, even if he is new in this field, doesn’t have to suffer much in this arena.
• The prime thing about franchise business is that there’s always a business model for the franchisees to follow when they are starting a franchise. On the other hand, if they had gone for their own business, it could have taken years to come up with a viable business model.
• The fact that franchising has more than 90% success rate, makes the industry quite sought-after field among people looking forward to start a franchise.
• Since failure rate of franchise businesses is very low, people get loans easily when they submit a plan to finance a franchise. On the other hand, a novice with a business plan to start-up a stand-alone business will need great charisma to make the bankers trust him.
• The sheer number of franchise opportunities also makes the industry quite an attractive field among people who have become bored of corporate America. They can inevitably find a franchise business for sale offer that matches their dream and fits their pocket.
• The consumers have become more brand-conscious than before even for maid services, handyman services or pet care. Franchisors join the industry after establishing themselves among their customers. That, in turn, makes their franchise business for sale offers quite lucrative opportunities among people who want to start a business.
• There are various lenders like the SBA-backed lenders particularly for the small business franchise industry. Many franchisors themselves are pre-approved for SBA loans, which, in turn, make it easy for the prospective franchisees to get funding for their project.
• Many franchises are home-based business opportunities, which attract talented homemakers who cannot work outside the home for some reason or other.
• Moreover, there are franchise opportunities that are part-time, which enables people, who buy a franchise of such kind, continue their other job as well. Even absentee franchisees are being allowed now by many franchisors.
• The franchisee is guided by the franchisor at every step. From providing initial training to offering on-going support in every department – the franchisor is always there with the franchisee. The franchisees can call up the franchisor in time of requirement. What’ more, since the franchisor has learned form his mistake and perfected the system, it can solve most of the franchisees’ problem from its own experience. But, in a stand-alone business, the new player has to learn everything from the scratch.
Article Tags: business for sale, buying a franchise, charisma, corporate america, economic condition, economic recession, failure rate, franchise business, franchise businesses, franchise industry, franchise opportunities, franchisee, franchisees, handyman services, lucrative opportunities, maid services, pet care, sheer number, success rate, viable business model
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About the Author: Michael Hemenway RSS for Michael's articles - Visit Michael's website Founder/CEO of brandEXPANSION the only firm of its kind serving all aspects of franchising. With our industry background and successful franchise units established around the world, we have a time tested strategy to assist you in locating, developing, advertising, marketing and executing the optimal franchisor and franchisee strategy. brandEXPANSION brings over a dozen years of hands on experience in the field. This gives us an insider’s perspective on the business of franchising, which is an invaluable asset in supporting your objectives. We simplify the franchise experience by providing on going consulting and support designed to deliver the most profitable franchise investment you can attain. brandEXPANSION has placed franchise units in over 1000 locations nationwide. This includes the strategy and writing of franchise documents, over 600 franchise real estate locations selected, over 200 construction projects completed and over 250 proven franchise companies currently represented. The company also operates the leading franchise-industry social networking site, http://www.FranchiseUltraLounge.com. Click here to visit Michael's website No Matter the Economy Some Franchise Categories Continue to Grow Qualities to Look for in a Franchisor Asking the Right Questions Before Beginning a Franchise Translate Your Current Job Skills to Franchise Ownership Ways to Obtain Financing to Buy a Franchise |
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