Less than 12% of businesses in North America are franchised, but they account for over 43% of all North American retail sales – more than four times their share in dollars!

In a recent study, statistics showed that the 67% of those surveyed said that today’s American Dream is to own your own business. Although, many dream of the independence of being their own boss, they don’t know where to begin or how to go about it. For many, franchising is the right choice. Franchise owners enjoy the advantages of owning a small business in addition to receiving the brand recognition ongoing guidance, support, camaraderie and other benefits franchises provide. The following are some of benefits of owning a franchise:       Site selection, lease negotiation and building layout   Franchisors often provide a professional site evaluation and can help negotiate a lease in the best interest of the franchise member. In addition, franchisors provide a standard design and building layout, thus eliminating many start-up problems.       Training and business expertise   Franchisors provide business systems that have been tested and will train you on what you need to know to start and run the business. They know what works and what doesn't, helping you to avoid expensive start-up mistakes. It is not necessary to have previous knowledge in a particular area to be an effective business owner.       Financing   Often the franchisor can assist in acquiring certain financing that an independent business owner might find difficult or impossible to acquire. The franchisor can identify sources for financing equipment, fixtures and other items.       Brand identity   Franchisors provide the new owner with brand recognition and identity in the marketplace. This identity reduces the time needed to educate potential customers on available goods and services and provides a competitive advantage over independent operations.       Accelerated start-up   Many franchises offer existing businesses for sale often providing new franchise owners with an account base, equipment and trained staff. If existing businesses are not available in your desired market, many franchisors are interested in opening new businesses to expand their territory. In either case, systemized initial marketing programs, combined with a standard opening plan of action are often implemented to ensure your business gets off on the right foot.       Ongoing Support   Depending on the franchise company and levels of support they offer, you’ll have ongoing marketing, technology and operational support to keep up and grow with changing times and market conditions.       Interaction and Networking Among Franchise Members   The real benefit of franchising is sharing ideas with others who share similar experiences. Learning from each other’s experiences is often the most valuable form of training. They are not competitors, but allies that share a common goal.       Exit Strategy   Typically franchises sell quicker than an independent business and for higher value due to the name recognition. Some franchises help their franchisees market their business, find a suitable purchaser and negotiate the deal until it is sold.           NEXT > Benefits of Belonging

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