To franchise or to start up a business on your own; that’s the question. Of course, we at SOS Franchising believe franchising is the way to go. Here are some key reasons we believe that to be true:
The franchisor is an established business who licenses to the franchisee the right to use the business name, programs/training/procedures/products and services. The franchisor offers training, support, marketing, competitive pricing on inventory and expertise in its industry which it passes on to the franchisee.
Franchising has become an attractive option for many. According to Statista, in 2022, it is estimated that there will be some 792,000 franchise establishments in the United States, outputting some 827 billion U.S. dollars and employing 8.5 million people. Franchises see higher success rates than individual start-ups. The Bureau of Labor Statistics reports that about 20% of independent businesses close after two years. In contrast, franchise consulting firm FranNet reports that 92% of franchisees were still going strong after two years.
About 65% of all franchise owners are men. However, female franchise ownership jumped by 38% over the past decade, and of all new franchises opened in the last two years, 32% are owned by women.
With the help of the franchisor, the franchisee can select the optimum location for their new business and is awarded a territory of their own which limits competition from other franchisees.
Along with dedication, self-discipline and a commitment to opening a new business, and with the franchisor’s support, the learning curve to starting up a company is lessened considerably. Franchises have step-by-step procedures to getting started. When a franchisee follows those steps, they ensure a greater chance at success. It takes time to get your new business off the ground and you have to be committed to dedicating that time and following the proven steps to get there.
When opening a franchise, you become a member of a family of other franchisees with common goals and challenges. You have resources of people who know the struggles that come from opening your particular type of business. They become an important resource of real-world knowledge that is specific to the industry and business you are opening.
When considering opening a business, you have to be a people person. If that is not you, get someone on your team who enjoys talking to others. There are many resources you can find from others and being able to communicate is a must. The most rewarding part of your new-found career is the satisfaction of building a business and seeing the results of your hard work.
SOS Franchising, the parent company of Success On The Spectrum, has extensive training for new franchisees and an operations manual that has all of the information you will need to be successful in your business.
Success On The Spectrum is the only Center-based ABA Therapy franchise serving children with autism. Our goals and aspirations are to be a key player in the creation of best practice guidelines for the industry. All of our efforts to that end help make our franchisees the best place for children to receive the help they need to lead productive and fulfilled lives.
Contact us today to learn how you can be a Franchisee in this growing segment of the Heathcare sector.
Franchising in the U.S. – statistics & facts | Statista
Top Franchises for Women | Franchise Business Review
Entrepreneurship and the U.S. Economy (bls.gov)