If you’re starting off a business yourself, especially if you have little prior experience with running a company, a franchise is often a good idea. The idea of paying royalties and an upfront investment to a parent company can, at first, seem like a bad deal.
However, there’s a reason that many successful business people choose this path. Did you know that 44% of businesses fail by their third year? When you join a franchise, you become part of a network that has a vested interest in making sure you succeed in the longterm. They don’t make a profit if you don’t. You also benefit from branding. It’s tough to build up a reputation for your business, and one bad experience can taint the local perception. Buying into a brand name gives you instant clout.
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