YOU DO THIS ON YOU OWN?
Can I do It by Myself?
You can try, but the
odds of success are against you.
"Success" is a
subjective term. A Gallup Organization study on
franchise owner’s and attitudes towards their franchise
experience revealed that more than nine of ten franchise
owners stated that they considered their franchise to be
somewhat or very successful. Two of three respondents
said that they would not have been successful if they
tried to open the same business on their own. The
franchising system is designed to provide a formula for
operating a successful business. Unavoidable business
mistakes have been worked out of the system through
experience and the franchisor is available to assist
when new challenges arise. The Small Business
Administration says most businesses fail from lack of
management skills. With a franchised business, your
franchisor should be eager to help you overcome
problems. Your hard work and the franchisor's expertise
spell a strong partnership.
The mutually beneficial
relationship that exists between franchisors and
franchisees makes franchising unique in the world of
business. It provides entrepreneurs with an affordable
means of accelerating expansion, achieving development
goals more quickly than might otherwise be the case and
with far less risk. Similarly, franchisees have a head
start because of the support provided by the franchise
system. Franchising is, literally, being in business for
yourself but not by yourself. Whether it's accounting
and financing, advertising and public relations,
personnel management, purchasing or inventory control,
franchisors are there to provide "hands on," one-to-one
assistance. While franchising does provide
opportunities, it does not create miracles. Franchisees
combine knowledge and resources with entrepreneurial
drive and spirit to form a business relationship unique
to franchising. Franchising is a field of expanding
economic opportunity in which each and every person can
play a part based on talent, initiative, and dedication.
One of the reasons that
many franchises have been so successful is that, in
franchising, a business synergy is created. Franchisees
brought together under one trademark can achieve things
that as individual business people they could not do.
Group advertising, buying power and the sharing of ideas
are some examples of what can happen.