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The numbers tell the story. In 2018, there were more than 759,000 franchises in the United States alone, employing more than 9 million people.
That’s because buying a franchise presents the opportunity to enter an existing, tried-and-tested business model where the franchisee pays an initial fee to the franchisor, along with continued royalties. From large, fast-food chains to convenience stores, opportunities to own part of a widespread or popular brand abound.
But these opportunities can be nuanced—buying a franchise comes with benefits and drawbacks. While it may present a good opportunity for some, it might not be the best answer for every hopeful entrepreneur. It’s best to weigh the advantages and disadvantages of each unique option and individual situation.
Do you think there’s a franchise in your future? Buying a franchise is like buying any other kind of business in that you have to study and investigate the opportunities. Then, given your options, life circumstances, and available resources and time, you might decide a franchise is right for you—or choose another, more flexible business opportunity, such as Healthy YOU Vending.