There are a growing number of people who are finding viable and attractive business paths in franchsing, according to the cover story, Franchise Enterprise, in the February edition of The Costco Connection. In fact, according to the International Franchising Association (IFA), there are more than 760,000 U.S. businesses that generate $1.5 trillion annually and supply one out of seven jobs. With impressive numbers like these, it’s hard for a smart entrepreneur to pass up the idea of franchising a medical staffing company or a medical transcription service.
Aside from sharing the success and failure stories from business owners who have decided to franchise, the article shares some of the advantages and drawbacks of opening a franchise.
Of the many cited advantages, the Small Business Administration (SBA) points out that “franchising is an attractive choice for many entrepreneurs because it eliminates the painstaking work of starting a business from scratch. When you buy a franchise, your new venture comes with systems in place to help run it, including marketing, accounting, and business training and coaching on how to retain employees.”
However, franchising also has some not so tempting drawbacks. The biggest disadvantage–Although you are the owner, you don’t control your business. Business owners have to follow the processes and procedures without variation and contracts usually last for a whopping 10 years or longer.
So the bottom line is whether you are looking for a way to grow your nurse staffing agency or increase the profits of your medical transcription service, franchising involves an element of risk, so make sure to do your homework.
Check out the article here: Franchise Enterprise.