Nearly half of all Americans dream of being their own boss, but they often spend years thinking about it rather than making the leap, according to research by UPS. Beverly Walthour asserts this reluctance comes from fear. Franchising could be the answer.
Franchising mitigates risk. Franchisors provide budding entrepreneurs with a clear, successful business formula and instant name recognition. Research from the International Franchise Association shows more than 75% of those polled have a favorable view of community-owned franchise businesses. This bodes well for franchisees, given the growing consumer trend toward supporting local businesses (Gail Goodman, CEO of Constant Contact).
“Strong economic fundamentals and a boost from the tax reform and favorable regulatory environment support the expected above-trend growth in 2018…Franchise output growth is expected to outpace overall growth in the United States and will account for about 3 percent of the GDP.” (Franchise Business Economic Outlook for 2018)
The most recent Kauffman Index shows new entrepreneurship continues to increase in the U.S., and the number of businesses surviving longer than 5 years is at the highest level since the Great Recession.
“Ohio is the best state in America to launch a startup,” according to Peter Lane Taylor. In fact, three of the top 25 metropolitan areas for entrepreneurial activity are located in Ohio (Kauffman Index).
Some factors that contribute to that are “the lower cost of living…but more importantly, Ohio has great cities to live with exciting, vibrant, diverse cultures. We also have smart hard working people with a loyal work ethic,” according to Rick Langdale, a venture capitalist in the Buckeye State.
Similarly, Colombus-based venture capitalist Kvamme says, “The Midwest, and Ohio in particular, has always had three things going for it in terms of business climate: a cheap, close supply of energy, access to transportation, and a highly trained workforce.”
In addition, the business and political culture of Ohio promotes entrepreneurship. For example, The University of Dayton offers an innovative degree in entrepreneurship, and the city is home to The Entrepreneur’s Center, which received $6 million last year from the state to support local startups.
Throughout the state, the Small Business Association (SBA), in partnership with the Ohio Developmental Services Agency, operates 28 Small Business Development Centers in Ohio. (Small Business & Entrepreneurship in Ohio)
Another MidAmerican, metropolitan area showing a sharp increase in entrepreneurship is Carmel-Indianapolis, ranked #10 in the nation. (Kauffman Index) The biggest and best reasons to be an Indianapolis entrepreneur, according to Launch Indy, is the incredible growth potential. The economy is rising, the city is growing and the technology is improving.
Why FranNet MidAmerica?
Entrepreneurship requires assessing information about a market, as well as navigating means for securing funding. Within the franchise industry, there are franchisors from a variety of other industries. All of this information can be overwhelming and prevents people from pursuing their dreams.
At FranNet MidAmerica, our experts have been working and serving others in all aspects of business. As FranNet franchise consultants, we use proven, proprietary procedures to match people with the right business opportunities to meet their personal, professional, and financial goals. We know the industry, and we know the area. We’re from here, we live here, and we’re entrenched in the entrepreneurial community here. Let us help you on your journey to small business owner.
There’s no better time than right now to take advantage of our free consulting services. Take our personal assessment and see if franchising is right for you.