While entrepreneurs take pride in creating their own business from scratch, buying a franchise is a profitable alternative, according to Entrepreneur.com. Rather than assume the risks of creating a business where all the risk is assumed by the owner, buying a franchise presents greater financial security and potentially quicker profits.
Franchisees are responsible to pay fees to the parent company, however, they can operate without rigors of creating a business model or original marketing efforts. Rather, franchise owners have the benefit of established campaigns as well as reliable inventory suppliers.
“You pay fees, but in exchange you receive a complete system to operate the business successfully so you don’t have to waste time and money guessing about what you should be doing in order to be successful,” writes Jeff Elgin, CEO of FranChoice, for Entrepreneur magazine.
Currently, there are approximately 400,000 franchises in 75 different sectors in the United States, with the total value forecast to exceed $868.3 billion dollars, the International Franchise Association reports.
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