Do franchises ever provide true success?
Franchises – a French word meaning “freedom from servitude” – implies that the dream of being financially independent can come true. Just pay a fee and sign the papers and you become the proud owner of your very own business. Yes, you are the boss, you make the decisions, and you get the earnings. Someone else has done all the groundwork, solved the anticipated problems, and is sharing their knowledge and experience with you.
However, thousands of franchisees have lost their life savings and their companies. The innocent purchaser realizes after-the-fact that he has no real choices about how the business will be run.
The rules and procedures that go with the “Name Brand” dictates every tiny aspect of how the business is to be run – color schemes, what is sold and who you buy it from, hours to be open, type of employees to hire and exactly how to train the employees. The innocent purchaser now has a new boss who is a hard task-master. This new boss comes in the form of detailed manuals that must be followed.
Do franchises ever provide true success? Of course, they do! There are thousands of happy, successful franchise owners. However, if they are happy it is because they ‘did their homework’ before signing on the dotted line or putting money out. During the 1980s there were hundreds of fraudulent get- rich-quick franchise dreams available, which, because they weren’t all legitimate, gave franchises a bad name. By 1979 the Federal Trade Commission began requiring complete disclosure of all pertinent information pertaining to a franchise business.
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