Talk on the Street
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Talk on the Street
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Franchise business models offer a great opportunity for entrepreneurs and business owners to build a successful business without unnecessary risk.
Starting a business from scratch can be a risk many entrepreneurs like to dream about but aren’t will to take. Considering the failure rates of small businesses in America, it is easy to see why.
Small Business in America
According to the U.S. Small Business Administration (SBA), approximately one third of all small businesses don’t last past the first two years and about half don’t last past the first five years, while approximately only one third survive past 10 years.
While these statistics are far from the business myth that 50 percent of small businesses fail within the first year and 95 percent don’t last two years, the SBA statistics are still something to be considered, especially for those who dream of starting their own business.
Lack of planning, poor management, insufficient capital and failure to define the target market and customer are some of the most common reasons why small businesses fail, no matter the industry.
“A reputable franchise business model offers the entrepreneur three very significant aspects of business that a start-up does not have,” says Derek Cafferata, CEO of All State Franchise Finders. “Established operating systems, brand recognition and ongoing support.”
Established Operating Systems
As a franchisee, one is able to take advantage of established systems that have identified the target market, offer a clear business plan and offer an operating history that has been honed over time.
Day-to-day management and running of the business is set out within the franchise framework which has been tried and tested and has had proven success. This takes much of the headache of setup away from the franchisee, freeing them up to focus on growing their business.
A huge advantage for the franchisee over a start-up owner is established brand recognition. A franchisee has the peace of mind that their brand is already known to some degree by their target market.
Establishing brand recognition can be an expensive and difficult task when beginning from scratch. Taking advantage of regional, national and, potentially, international brand recognition takes a huge weight off a new business owner.
“The aspect of ongoing support is probably the biggest factor that drives potential business owners to buy into an established and successful franchise opportunity,” says Derek. “Whether you want to be hands on with day-to-day running of the business or you want to manage the business from afar, with management staff in place, ongoing support is a vital aspect that start-ups simply don’t have access to.”
No matter what your experience, background or goals are, a strong franchise business model offers some significant benefits for the entrepreneur.
Proper selection of the right franchise model to suit your specific financial, career and personal goals will only help to increase the likelihood of future business success.
With more than 30 years’ experience in the franchising industry, All State Franchise Finders, based in Fort Worth, Texas help potential business owners navigate the process of selecting and purchasing a franchise. For further information about a potential franchise opportunity, contact the team at All State Franchise Finders by calling 1-800-544-2161 or visit allstateff.com today.