Franchise vs. Start-up?
Yep, we’re stuck in the middle of tough financial times, but that doesn’t mean you have to sideline your dreams of becoming an entrepreneur. Women who yearn for the freedom of managing their own businesses may want to consider franchising.
Some experts project the franchise industry will bring in $24 billion more this year than last. Additionally, over 90 percent of franchises remain in business after five years as opposed to only 23 percent of independent businesses.
“The saying you’ll hear over and over in the franchise world is that owning a franchise means you’re in business for yourself, but not by yourself,” Tracy Stapp, Special Projects Editor at Entrepreneur tells PINK. “Going the franchise route rather than starting a business from scratch means that you’ll have the franchise company to support you with training, technology, advertising, advice and more.”
To get started, answer a few preliminary questions, such as whether your business will satisfy a growing trend.
The SBA offers a printable worksheet with personal assessment checklists and franchising facts.
Finally, if you’re ready to take the plunge, Blue MauMau, an online community for franchisees, offers a list of brands with highest-owner satisfaction.
Bonus PINK Link: Here are a few more tips for navigating the deep waters of franchise ownership, such as the important details you should get from your franchiser right from the start.
By Jennifer Gambrell
“The woman who can create her own job is
the woman who will win fame and fortune.” Amelia Earhart
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