It is no secret that prospective self-starters become far more likely to succeed when they partner up with a franchise system. This has been known by members of franchise families across America for decades, and is the reason why there are so many happy franchisees in NJ today.
However, some people have not had access to the data that backs up these claims about how big of a boost franchise families can provide. Read on for an explanation of the quantitative and qualitative data that will help you understand the success rates for franchisees in NJ, and help you make the best business decision for your family and future.
The hard figures – Quantitative Data Evidencing Franchise Success
Survey, anecdotal, and economic analytical data all points to the value of franchise systems for those looking to start their own business in America. With our guidance, franchise system membership was correlated with business success and survivability, with over 90% of FranNet placements remaining open and active after two years in the industry according to survey data collective between 2006 and 2010. Even after the recession of 2008, 85% of these businesses were still active and profitable at the 5-year mark. Contrasting these statistics with those taken from our northern neighbors at Industry Canada reports, we see that small businesses in the Western world had a 49% mortality rate during this same recessional period. The U.S. Small Business Administration and the U.S Department of Commerce show a significant decrease in the failure rate for franchised businesses when compared to other start-ups.
This kind of data is hard to comprehend for those on the outside looking in. After all, when people unfamiliar with franchising systems hear the word “franchise,” their minds often jump immediately to the phrase “franchising fees.” Franchising fees are usually paid to cover the costs of entry, collective branding, training, and more, but to people trying to stretch savings and start their own business, they can look like more debt! The first few years after opening are tough enough on a new business they think, so why add to their problems by forking out a franchising fee when they could try doing everything themselves?
And yet, franchisees in NJ are enjoying great business success. How do we qualify the quantitative results provided by the franchise systems?
Qualifying the Franchise System Advantage
At FranNet NJ NYC, we have seen countless business newcomers transform into some of the most successful franchisees in NJ. We know the true nature of the value of the franchise system, and are happy to share it with passionate self-starters who are just waiting for the right opportunities!
When compared to independent business models, the franchise system is superior in terms of the security, support, and streamlined start-up benefits that are made available.
Joining with a franchise family connects your business to an established brand name that helps boost business, and lets you hit the ground running by eliminating the need for a “cold period” as your unknown business is introduced to the market and trust is gained. Though this value is tough to quantify in a broad sense, franchise members feel and appreciate it every single day.
Franchisees in NJ also gets access to a proven “manual” or “roadmap” to success. Franchise partners will provide training and coaching to help you excel in your chosen field. IT franchise, dental tool repair franchises, and fitness franchises are examples of business models that need refined training programs and must operate according to concrete market standards. Joining with a franchise gives you access to these protocols and pieces of information, eliminating the need for a “trial by fire,” and levelling out the learning curve so that newcomers can compete with industry veterans.
Franchisees in NJ know the true value of franchise system success rates, and you can too! If you have ever been curious about the franchise system, and would like to explore our professional networks to see if anything matches your unique personality and preference, then visit http://www.franchise-njnyc.com/ today!