Your Complete Guide to Opening a Franchise

Jun 17, 2020

Your Complete Guide to Opening a Franchise

America has always had a love affair with entrepreneurs. From Henry Ford to Steve Jobs to Beyoncé, it’s hard not to admire individuals who ferociously chase their dreams and create a legacy in the process. These successful business owners epitomize so many of the principles we most value.

Some observers, however, claim that franchise owners don’t qualify as true business owners. The argument says that someone who buys a franchise isn’t creating anything unique. Instead, they’re merely stepping into a proverbial canoe that someone else built and then paddling it around the lake.

This claim is foolish because franchises are businesses, thus making anyone who owns one a card-carrying “business owner.” 

“A franchise owner is of course a business owner,” says franchising expert Fiona Simpson. “They have bought into the franchise brand because they are looking for the challenge of running their own business and are ready to embrace the demands and responsibilities that that involves. A great franchisee will be passionate and determined, disciplined and organized and of course a franchisee has taken a financial risk by investing in the franchise.”

Yes, franchise owners have plenty of skin in the game. And buying into an established brand and using that equity to propel your personal goals isn’t lazy—it’s brilliant. Did you know that the survival rate for franchises is higher than for businesses that are started independently? This impressive stat is likely due to franchise advantages such as top-notch training, established supply chains, national marketing, discounts from collective buying, and an established customer base. It’s no wonder there are more than 750,000 franchise locations in the United States alone.

About the Author

Grant Olsen

Grant Olsen

Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." He has a B.A. in English from Brigham Young University.

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