Justin Buzzi
Entrepreneur • CEO & Founder of Get Up And Go Kayaking • OBJ 40 Under 40 • UCF Entrepreneurial Knight Award • Entrepreneur Mag Top Emerging Franchise • Speaker • Get Up And Scale Podcast • now franchising!
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The average failure rate of a franchised brand is 17% (or the inverse, franchises have an 83% success rate). Over 60% of 'normal' businesses fail (only 40% success rate).Day 2 of 'reasons why I love franchising':Reduced Risk of Failure: With the support system provided by a franchisor, the chances of franchised business failure are generally much lower compared to starting a new business independently. The franchisor’s interest in the franchisees’ success often translates to substantial structural and operational support. I often feel like a full time business consultant to all of my franchisees. We are in this together and if they succeed, I succeed. All of the learnings, trials, tribulations, short comings, successes, ideas, executions, get used across the brand to make us all stronger and this should inherently reduce the risk of failure. The stat I shared at the beginning of this post was from a great recent episode of The Wolf of Franchises podcast by Patrick Buckley.
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Chase Allen
Data Engineer | Founder @ Pipelinx.io
4mo
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I also think it helps that most franchises have net worth minimums and all prospective franchisees go through a certain level of vetting. Any Joe Schmo can start a business and fail. Not everyone gets to be a franchise owner. But I agree - the reason to buy a franchise is mostly due to the systems, processes, and branding already built by the franchisor.
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