Considering Starting a Business? Franchising Has a Greater Chance of Success Says The Entrepreneur's Source
SOURCE: The Entrepreneur's Source
Jul 01, 2010 09:59 ET
SOUTHBURY, CT--(Marketwire - July 1, 2010) - With business ownership on the rise, investing in a proven process and system can be the difference between success and failure for a business, according to The Entrepreneur's Source (TES). With franchising, typically multiple franchisees have proven over and over again that the business concept is successful, according to Brian Miller, COO and President of The Entrepreneur's Source. A prospective franchisee weighing the benefits of starting their own business or investing in a franchise will often see how franchising has a far greater chance of success in the long term.
"When you invest in a franchise, you purchase a defined road map or plan to follow to be successful," said Miller. "And, when franchisees commit to following the system, most will find success," Miller added.
According to SCORE, Counselors to America's small businesses, out of every 100 independently-owned small businesses, 90 percent will fail within ten years because:
* 78 percent lack a solid business plan;
* 73 percent are being overly optimistic about sales;
* 77 percent are not pricing their products and services properly;
* 70 percent don't recognize or ignore their weaknesses and don't seek help.
"Business investment can be risky. However, with a franchise there is a track record to assess and review prior to investment," said Miller. "Whether the information comes from the franchisor or franchisees that you talk with during your research stage, sales data is available and measureable," Miller added.
Another benefit of franchise investment is that the pricing of products and services has already been set and tested and is working in various markets. And, as part of a family of businesses, a franchisee can draw on a broad network of both fellow franchisees to provide support and a franchisor who offers training and counsel as the business gets off the ground.
The business coaches of TES specialize in helping individuals explore whether business ownership is a viable career alternative. They also help existing franchised businesses increase their profits through implementing various rapid impact strategies offering guidance on sales management, market and business planning, exiting a business or expanding operations, all with the ultimate goal of helping business owners achieve tangible, long-lasting success.
To learn more about The Entrepreneur's Source, please visit www.entrepreneurssource.com.
About The Entrepreneur's Source®
The Entrepreneur's Source is North America's leading career and franchise Business Coaching Company dedicated to the entrepreneur with more than 230 offices in the United States, Canada and the UK. With its unique E-Source Coach Advantage and partnership with E-Myth Worldwide®, TES offers a full range of services to individuals seeking alternate career options and to franchise businesses looking to increase performance. Today, E-Source dominates the $1.5 billion dollar Business Coaching/Consulting franchise market in North America. For additional information about The Entrepreneur's Source go to www.EntrepreneursSource.com.
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