Franchise ownership has been lifechanging for many American families and something to give thanks for during the holidays.
As the fall holiday of Thanksgiving approaches there is good reason to give thanks for franchising. Many entrepreneurs have greatly benefitted from their relationships with their franchisors. If you review some of the large franchisors who have been in business for last the few decades you will see a trail of franchisee millionaires in their wake. Some of the older franchise systems have literally created thousands of millionaires who were lucky enough to “get in early” in their development curves; certainly we assume these lucky franchisees are giving thanks this month.
There are many statistics on the success rate of franchises and while they vary slightly depending on the source, there is plenty of concrete data clearly illustrating the high success rate of franchise systems. Franchisees have a far better success rate having joined forces with experienced franchisors compared with the average independent business that forged their entrepreneurial path on their own.
It makes common sense…if a qualified individual brings work ethic, a matching skill set, strong personnel, passion, and a financial injection into a strong franchise system with marketing strategies, detailed training, comprehensive support systems, ongoing research and development, industry experience, and solid vendor relations, wouldn’t the sum of their combined attributes be a winning combination?!
While some of the more established, older franchise systems may not have territories remaining or have prohibitive waiting lists, there are many strong franchise systems that have begun in the last five or ten years and are viable franchise brands with open territories who are currently looking for strong franchise partners.
So, if you are a franchise prospect currently looking for a franchise partner, start with something you have a true passion for and then evaluate if you have the skill set required to be successful in that type of franchise company. If the answers look promising continue with your due diligence until you find the best match and you might be sitting at Thanksgiving dinner next year giving thanks for Franchising!
By: MJ Alto
