For many, “the American Dream” is more than just living with your friends/family on a free land and owning your own home. While they value those elements as much as anyone, for them the pinnacle of achieving that dream is “being their own boss” and sailing the broad waters of America’s free market economy as an entrepreneur, with a business to run and a product/service to run. of value to offer.
As for the best way to become your own boss, many have found that buying a franchise unit has many advantages over other options. Franchisees often fail less than their non-franchised counterparts, and the franchise space is consistently growing faster than the overall economy.
With that being said, how do you decide which franchise brand to invest in? And what are the benefits of being your own boss as a franchise owner?
1. You have the freedom to choose “a winner”
The first benefit of running a franchise is that you have a wide selection of top growing brands before you, and it’s up to you to do your research and identify which franchise you prefer to invest in.
Take Pretzelmaker as an example. First, it’s favored simply because it’s a quick-service food franchise, which is a high-yield market sector. Second, specialty gourmet pretzels are rapidly gaining popularity. And among pretzel franchise opportunities, Pretzelmaker dwarfs its competitors, being ranked in the “Top 500” by both Entrepreneur Magazine and techno in recent years.
As your own boss, you can decide what opportunity looks best for you and best suits your interests and cultivated management skills.
2. Financing is easier to get as a franchisee
First, the initial investment required for restaurant franchises is usually relatively low, and especially with smaller specialty outlets like Pretzelmaker. But franchises are generally easier to start because the franchise often helps you with financing, or at least uses its “leverage” with banks and lenders to help you get approved for a loan that’s big enough. large and has favorable conditions. In addition, less traditional “private equity” loans are often available and are often perfect for the financial needs of franchisees.
3. Franchises are simpler and safer to open
Sure, you want to be your own boss, but you also want to minimize risk and reduce unnecessary complexity. Franchises accommodate you on both counts. Most franchises can get it right in most places. There are some restrictions, of course, but you can largely choose your own site.
Pretzel franchise opportunities, for example, are considered viable anywhere 60,000 or more people live within a 10-mile radius, giving you plenty of options. And franchising streamlines startup, so it’s essentially a turnkey operation with pre-existing, proven protocols to guide you every step of the way.