Franchising–the process by which successful chain-businesses allow entrepreneurs to open up new locations using the brand name and all the company’s industry secrets–is one of the most popular and important ways that Americans manage to work for themselves.
What makes franchising so special? It is a unique opportunity for up and coming entrepreneurs to use a tried and tested business model. This leads to a much higher success rate. In fact, 90% of franchise operations are in business for more than ten years–whereas 80% of new small businesses fail within the first 18 months.
Because of the stellar potential that franchising offers, it is increasingly common across the United States. In fact, The Wall Street Journal reports that there are over 37,000 franchise units in California alone! That same study went on to report a few other insightful statistics, showing that franchisees form a fascinating group with diverse levels of education, age, and income.
The study also noted that multi-unit franchise operators now own over half of all franchise units. This marks a notable change from the past, when franchisors tended to prefer single-unit owners. Nowadays, traditional limits have been taken away, and franchisees are able to invest and expand to become true empire builders if they desire which helps them diversify and build upon their own portfolio of investments. This is attracting a new level of talent and ambition to the world of franchising.
For individuals who believe that franchising may be the right opportunity for them, working with a franchising consultant is an important first step towards selecting an appropriate industry and deciding upon a company. Here at Franchise Logic, we believe in empowering entrepreneurs and helping to create informed buyers, which is why we offer free consultations for anyone who is serious about purchasing a franchise. Contact Careyann Golliver today for more information on building a business that will last you a lifetime. Visit www.franchise-logic.com or call 303.359.4021 today.