SCORE Small Business Blog

Franchise: Purchase Factor #3
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Continued, Top 5 Buying Factors when Purchasing a Franchise

Today, we will cover SUCCESS and FITTING YOUR IMAGE.

Most people get into franchising to be successful. They usually have a dream and are trying to fulfill that dream. Success is in the eyes of the beholder and it means different thing to different people.

In fact, according to the U.S. Department of Commerce, 95 percent of franchises are still in business after five years. Compare that to less than half of traditional start-ups are reportedly still in business five years later. Due to the high satisfaction ratings, it is not surprising that nearly two-thirds (65 percent) of the franchise owners said they would purchase the same franchise again.

As you can see, most feel that they are successful but you have to determine what success means to you. Your next step is determine the franchisees in the franchise that you are researching are achieving the goals that you would set for yourself and living the lifestyle that you would like to lead.

If you find that only the top franchisees are successful in your mind, then take the advice of putting the franchise to the side and start looking at others. Chances are you are not going to be the top franchisee in that system. I certainly hope you are, but it is better to be conservative and play it safe.

Remember, define success and make sure the franchisees are achieving the success that you have defined for yourself.

Jania Bailey, Guest Blogger
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Discussion (1) Comment

  1. Interesting fact that 95 percent of franchises are still in business after five years.

    I believe that if the franchise provides the right support required to launch the business, it would have the chance of becoming more successful than if you were going it alone.

    Amanda
    Coaching for career, business and personal success

 

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