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Franchising has been a successful path to business ownership for hundreds of thousands of people. Is it the right choice for you?
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Many people think that owning a franchise means paying a fee, then sitting back while someone else makes the decisions, builds the business, hires the people, and sells the products and services, while the franchisee simply collects the money. It does not work that way. Successful franchisees work hard. You should be prepared to work hard, too. Most people do not understand that franchising is not a business, but rather a system for marketing and selling products and services. It is extremely important for prospective franchisees to evaluate the franchisor’s system before investing any money.
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National statistics show that the success rate of franchise businesses is 94% after five years, compared to 10% for independent businesses start-ups that rely on their own business systems. Franchise opportunities may be safer than other forms of independent start-up businesses, but that doesn’t mean that franchising comes with guarantees. Franchising requires an active, thinking business leader who can stay organized, make decisions and build and operate a business, with the franchisor’s training, support and guidance.
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