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4 Ways Franchise Ownership Minimizes Business Risk
StartupNation
administrator Posts: 625 Site Admin
4 Ways Franchise Ownership Minimizes Business Risk
Many individuals interested in pursuing entrepreneurship often choose to become franchisees in order to minimize risk in operating a business.
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Comments
Yes, franchising has its benefits.
I would also like to throw in the option of taking a really hard look at the industry you are considering joining and see if you can shadow or research intensely the business model. How about getting an entry level job in a competitive business and learning the ropes? THEN start your own business rather than entering the industry within a franchise.
With business so competitive now a days, and margins so slim, you would be better off to learn the ropes from a competitor and start your own business WITHOUT the restrictions of a franchise agreement and the 5-8% royalty fee.
You can be much more flexible about your ideas and agile with direction of your business without the franchise restrictions, and you get to keep the 5% royalty fee for your own business development.
Thank you for sharing it with us!