Franchising plays a significant role in the US economy.
Franchising is a business and legal model that fosters and even accelerates the multi-unit expansion of successful businesses.
Franchises account for more than 10% of all businesses in the US.
Franchised businesses generate over $1.0 trillion in sales.
Franchised businesses provide over 6.3 million jobs with over $125 billion in annual payroll.
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Franchising works but is it right for you?
Are franchised businesses more successful than independent businesses?
What will matter for you – when you consider the purchase of a franchise?
In the March, 2014 Franchise Study: “Franchise Success Statistics and Factors…” National Franchise Lawyer Charles N. Internicola evaluates the “95% Franchise Success Myth”, the history and current state of franchise success statistics, the value of franchise success statistics, and he reveals to “franchise buyers” the truth about franchising and the “micro” economic and business factors that franchise buyers must focus on.
The March, 2014 Franchise Study is now available to the public at Franchisee University (link below).
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Because, according to the study, industry trends and statistics about “franchise success” may be misleading and do more harm than good for individual franchise buyers.
Historically, franchise success statistics have been characterized by misinterpreted surveys (giving rise to the 95% Franchise Success Myth), generalized and potentially misleading industry trends focused on “macro” economic and business factors, action taken, a warning by the International Franchise Association, US Small Business Administration findings, and the limited but continued misuse of franchise success statistics by a small minority of franchisors.
Ultimately, franchise success rates are unreliable, create a false sense of security and are irrelevant to the individual franchise buyer.
Learn about what Charles N. Internicola refers to as the important “micro” economic and business factors that franchise buyers need to be aware of by visiting Franchisee University and by reading the March, 2014 Franchise Study: “Franchise Success Statistics and Factors”.
READY TO ACCESS FRANCHISEE UNIVERSITY? Continue Reading Steps 4 – 5.
To succeed franchise buyers must avoid industry statistics (they create a false sense of security).
Franchise Buyers must focus on specific “micro” economic and business factors, including the individual franchise buyers:
Legal factors unique to your franchise agreement including protected territory, royalty obligations and mandated sources of supply;
Reserve capital to fund and maintain the franchise business during start-up phase;
Factors specific to the franchisor including the franchisor’s management team and track record;,/p>
Other factors unique to the particular franchisor and franchise buyer.
Learn more about these factors at Franchisee University, read the March, 2014 Franchise Study “Franchise Success Statistics and Factors…”.
READY TO ACCESS FRANCHISEE UNIVERSITY? Continue Reading Step 5.
Before buying a franchise, learn about the franchisor/franchisee relationship, what franchising is all about, mistakes to avoid and the factors to look out for that will increase your chances for success.
Franchisee University is a Complimentary Program that includes:
* Franchisee University is not a “real” university but it is based on industry studies, practical information and principals established in Charles N. Internicola’s franchise study “Franchise Success Statistics and Factors”. Franchisee University is all about facilitating franchise growth and success through informative videos and resources. Franchisee University is all about accountability by franchisors and franchisees alike and unlike “real” universities, the information provided by Franchisee University is based on real world experience and advice that can be applied immediately. Hey, it is also free, which is definitely unlike “real universities” with their bloated tuition.
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