As a franchise consultant, I get this question regularly from candidates trying to decide if they should explore entrepreneurship through franchising or try opening an independent business. Traditionally, franchises have been considered safer bets than startups because franchise businesses offer unmatched levels of support along with proven business models of success.
However, do a search of success rates for franchise business vs. independent startups and you’ll get a wide range of answers, none of which can be considered conclusive. However, a recent study posted on entrepreneur.com revealing why small businesses generally fail confirms what I’ve believed all along:
Take a good look at your life right now. Odds are, it’s going to look very different in a decade. Change will come for everyone, but preparing for change is what separates those who create the life they want and those who exist in whatever life creates for them.
Which person will you be?
Kevin Brauer of St. Louis, Missouri, for over two decades spent 110 nights per year on the road as a sales manager for various corporations. In 2013, he decided he’d had enough. His sons were growing up without having their father around. He was ready to be home more often, take greater control of his life and explore the possibility of small business ownership.
Beauty is booming and more than ever, the franchise industry is catching on with terrific new concepts. The Health & Wellness category annually generates $60 billion in revenue, offers many concepts in the low-cost service industry and generates lots of repeat business.
Visit enough franchise consultant websites and you’ll see plenty of language explaining that our services are free. No risk, no obligation…just pick up the phone!
That’s true, but that doesn’t mean that candidates don’t make an investment when working with a franchise consultant. It just means that investment isn’t a financial one.
How do you know you’re ready to be your own boss?
The message isn’t going to come from your friends. It’s not going to come from a spouse, a parent or a sibling. It’s not going to come from a co-worker, a motivational speaker, or a business consultant.
The only person that will know is you. You just need to listen to your own thoughts.