We all know that buying a franchise is a great way to start a new business. Yes its true that the initial cost of a franchise is generally more than any non-franchised new business. It makes sense that a franchisor would need to be rewarded, both initially and on an ongoing basis, for their training, assistance, consultation, and guidance. And, remember, the franchisor is allowing you to use their proven business model for your own personal gain.
But generally, in the long run a franchise can be much less costly to start and grow than a non-franchised business due to operating efficiencies, defined processes, and the advertising clout that the franchise name carries. Furthermore, many studies have shown that the success rate of a new franchise five years down the road will far exceed that of any new non-franchised business.
So even though franchises are a great way to start a new business, there is still that level of uncertainty that hovers over any new business venture. Is it really worth taking the risk?
Yes if you have the following six characteristics:
1) Time. If you thought you were working a lot of hours at your regular 40 hour per week...
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