You’ve decided to stop DREAMING about opening your own business, and you’re now determined to actually DO IT.  Wow, launching out on your own - that’s an awesome decision!  So, the thought process finally shifts from “if/why” to “HOW” to open a business……and that starts with this quintessential question: Should I join a Franchise, or launch my own Independent Business? Hey, I’m the Franchise Coach, so you know which way I’m going with this! But still, for the sake of your financial survival, check out my 10 Reasons to Opt For A Franchise, and let me know if you agree:

1. Franchises Minimize Risk. Risk-of-Failure is usually what keeps most of us locked in our Joe-Jobs. A Franchise greatly reduces the risk because it provides you with a proven Brand and business formula. It’s a fact that Franchises are far more successful than Independents after 5 years. With an Independent, you’re simply out there with no map, no support and “no net”.
2. Franchises Have Stronger Brands. Operating with a strong, constantly updated Brand is the hallmark of a successful Franchise. Independents seldom have the time, experience or market research to maximize their Brand. That why Independents are always vulnerable to strong competitors moving into the market.
3. Franchises Provide A Proven, Turnkey Business. Franchisees start out with a comprehensive “roadmap” for running their business which includes thorough Training prior to opening and on an on-going basis.  Independents have to ”fin for themselves” and are forced to work out all marketing, operations and administrative issues/problems as they arise.
4. Franchises Negotiate Better Prices. Here’s the sad truth: Independents will seldom get respect when sourcing product for their business. That’s because suppliers reserve their best support (and prices) for large group buyers, like Franchises.
5. Franchises Continuously Fine-Tune the Business. Franchises are constantly re-discovering and re-inventing the Brand to keep their Franchisees successful long-term. The Independent is hard pressed to continually research the market and develop new products, graphics, technologies and marketing programs to keep their business fresh and competitive.
6. Franchises Provide Strong Local Marketing Support. Franchises are committed to local marketing, and can often pool resources from Franchisees to develop effective, local advertising programs. Independents stand alone, and their funds won’t buy any significant marketing.
7. Franchise Know How to Open Your Business. Going with a Franchise gives you a proven road map for designing, building, equipping and permitting your store/business. This saves you many of the hassles, mistakes, cost overruns, and supplier problems that can cripple the Independent before they even open.
8. Franchises Provide You With A Community. With a Franchise, you feel the power of the Group, and receive a steady flow of encouragement, coaching, training and best practices. The Independent has to stay self-motivated which is hard to do.
9. Franchises Are Easier to Finance. With the lower risk factor, banks are simply more willing to lend money to a Franchise than an unproven, Independent. And in this tight credit market, that’s a big deal!
10. Franchises Are Easier to Sell. Eventually, many small business owners choose to move on, and here’s the deal: Selling a successful Franchise will be easier and more lucrative than selling an Independent.  Buyers know that Independents are riskier, and they know that they are all alone in navigating the business to remain competitive.

When considering any business venture, most of us focus on two things: Minimizing risk and maximizing returns. The research is very clear that going with a Franchise will empower you to achieve BOTH goals better than pioneering an Independent business. Yes, there there is the matter of ongoing royalty that must be paid under the Franchising formula, and those costs should be carefully considered to make sure your financial projections work. But from a Big-Picture perspective, I recommend that you view those Franchise costs as “insurance premiums” towards your long-term success.

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.