Not all business people interested in a marketing career will do their best work in the corporate marketing world. Some will do better pursuing a more risky path to success by starting their own company in hopes of making it big financially (e.g., have the company go public) or making a big contribution to society (e.g., starting a highly respected non-profit organization). However, for those with an entrepreneurial spirit and who are not ready to accept the risks associated with starting their own business, there is another option – becoming a franchise owner.
A few months ago, we discussed issues with buying a franchise and, in particular, why one should be cautious when making the decision to invest. And a few years ago, we discussed troubling situations that exist in some franchisee-franchisor relationships. However, this story from Franchise Times takes on a more positive approach to franchising (this should not be a surprise since this is a franchising industry magazine!).
The story discusses franchise opportunities that are available for a relatively small investment (less than $100,000) and it reports on a market research firm’s ranking of the top 100 low-cost franchises. While the full list of top franchises is not provided, the story does name a number of franchise operations appearing on the list. Additionally, the story shares experiences from several professionals who have purchased these low-cost franchises.
Overall, the information presented in this story supports what we discussed back in August, namely, when purchasing a franchise it is wise to spend a significant amount of time and energy fully evaluating the franchisor, the industry and the likely customer before making the franchise investment decision.