Opening your own small business is the basis
of the American success story and is the
best way to join the ranks of the super rich,
but not every business is a success -- in
fact, a majority of them fail. Opening a
small business is, then, a very risky proposition
-- whose risks are rooted in the fundamental
differences between the 9 to 5 job that most
new entrepreneurs are trying to get away
from.
Stability, low-risk, a place to go to every
day, a health plan, working for a known company
-- just a few of the benefits that most workers
welcome in exchange for knowing that unless
they rise to the very top of their company,
their chances of amassing anything remotely
like a personal fortune are, well, remote.
That's why the entrepreneur -- the person
that wants to make the decisions and live
and die by those decisions -- gets out and
starts their own business.
But is there a middle ground between the
low risk, low gain job and the high risk,
high gain small business? Yes, and it's called
'Franchising.'
Franchising is built on the concept that
some of the "intellectual property"
of a large company that can help guarantee
your success (although there really isn't
any guarantee) can be shared with you for
a fee. By buying into a franchise, you often
get training, marketing, procedures and other
services to set up your business -- or rather,
someone else's business that you finance
and put in or arrange the labor for.
Just like striking out on your
own isn't
for everyone, neither is franchising.
Franchising
often involves a lot of rules
and regulations
so that you do business their
way. After
all, you are an extension of
their business
and they don't want you spoiling
their reputation.
But for people with a strong
business desire
who are short on experience running
their
own company, a franchise can
be just the
right thing. And once you've
learned the
rules of business, you will be
better prepared
to strike out on your own. |
