In 2005, Shira Boss-Bicak wrote an article for The New York Times about the stigma associated with owning a franchise and why there really shouldn’t be one at all. Owning a franchise allows you to operate as an entrepreneur under a reliable and established brand. Oftentimes, owning a franchise comes with many perks, including the fact that your business may already have credibility in your area. Your business is likely able to kick off sooner, and you can focus on how to optimize the franchise to earn even more and get returns on your investment.
The main stigma associated with franchises is that the business name may lack prestige or possibly seems low-brow. However, if we look at the earning potential and popularity of the franchise, we should squash any taint to franchise ownership. The worthwhileness of owning a franchise is clear if business ownership is something you desire.
The article cites many influential people about their thoughts on franchise ownership and the stigmas associated with starting this business venture. Most of the mentioned people quote that while this social stigma remains apparent, there should be no reason for one. There are many benefits associated with franchise ownership, and as with many other areas of life, you should decide what is best for you and not for someone else.
Owning a franchise allows you to have your own business without the risks associated with starting from scratch. You can also more quickly expand your business. Owning multiple locations can provide you with salary opportunities that could outearn even the most prestigious positions. With time, work, and a business mindset, franchise ownership could be the career of your dreams. You could have the chance to create your own hours and business schedule without climbing the corporate ladder.
America’s youth is interested in franchise ownership. Top business schools are adding electives in the franchise ownership subject matter. Understanding the insights of franchise ownerships and the perks associated with this type of entrepreneurship may decrease the stigmas associated with the business. But ultimately, if you are happy and making a living that satisfies you, what other people think should not affect your business decisions. The author, Boss-Bicak reminds us to stick to our business mindsets and hard work to achieve the career of our destiny.
The lack of status that sometimes follows the franchise ownership realm is becoming reversed. The rising financial requirements to own certain franchise brands are rising, making ownership a more exclusive venture. Many franchisees are owning and operating multiple franchises which dramatically increases their earning potential. The article sites Dunkin Donuts as one of the franchises that have a rising financial bar.
However, if you still find yourself embarrassed about owning a franchise, this business may not be for you. You want to feel good about your life’s work. On the other hand, if you’ve always wanted to operate your own business without the risks associated with a new business, then franchise ownership may be for you. Click here to read the complete New York Times article for more insight on the topic and exclusive interviews.